URGENT BofA 1st - 2nd lien Franklin Credit - need advice to negotiate the payoff
Does anyone have a formal complaint letter or any suggestion to send to Franklin Credit 2ND LIEN HOLDER to the escalation team.
In doing research and talking to several lenders - 2nd liens if they do not participate in HAFA than the most they will get is 6% of the balance owing.
This articles sites Franklin Credit and their management doing exactly what is happening on this file.
http://www.businessweek.com/news/2012-07-23/home-sales-held-hostage...
Home Sales Held Hostage by Junior Lien Holders: Mortgages
Franklin Credit -Negotiator said they do not participate in HAFA, they will NOT put a counter in writing, they only give a verbal confirmation.
The highest amount BofA will offer is 6% of the unpaid principal and they want 20% of the unpaid principal On a house approved at 69,000 with a balance of $59,000 on the 2nd Franklin Credit wants of $11,804? 5 offers have walked and this is the last offer bank of america will consider otherwise they will foreclose.
As always appreciate the support and advice. Thanks
Replies to This Discussion
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Permalink Reply by Rachael Babinchak on
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Someone somewhere on this or a couple forums suggested taking it EXTREME! Complaints filed with FDIC, Office of the Comptroller of Currency, Local Congressman and State Senators, any body of government in power that regular banking, finance, etc.
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