Franklin Credit Management Corporation???

Hey all you short sale superstars. First off, I want to thank you all for your great information and informative posts/tips. I am working with this company for the release of a 2nd lien on a CA property. I have already retained the first from our friends at BofA, and I thought that was bad. This company has been extremely difficult to work with! After sending my clients package in four different times (as of course they never received it the first 3 times, and fourth time around they were missing a document or two, although technology and fax confirmations confirm receipt). They have come back 3 times already and have denied this sale, with no counter. I have yet to speak with my negotiater, although several vm have been left. The good news is that the client has agreed to sign a promissory note, although not for the full amount. I have been unsuccessful with my online searches to locate information or tips regarding dealings with these folks, and the few things I have found indicate that these guys don't really like to cooperate in the ss process. Additionally, I have not found anything on this site regarding dealings with them either. The current 2nd is for $176K, with $70K of that as cash out. Client has not made any payments on the loan for almost 12 months, as she lost her job over a year ago. Does anybody have any information or tips they can share regarding dealings with them? Please help, and I thank you all in advance for any tips you can give me!

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Comment by Suzanne Mata on August 29, 2011 at 8:06pm
Hi there, I was finally able to get Franklin to approve the short sale.  The first gave them $6000 payoff.  The approval letter stated that they had the right to pursue the homeowner for the difference later on, but this was a purchase money loan and the homeowner was protected by California Civil Code.  My seller signed the approval letter since he was protected.  Per Franklin they do not participate in HAFA.  At first they told me that they wanted 10% payoff, then they wanted 50%.  That bank and investor is nothing but a joke, waste of time.  Keep at it Tracy.  Do not give up.  Get it approved and closed. 
Comment by Tracy Hatchell on August 29, 2011 at 11:15am
OMG!!! You guys give me no hope!! Have a HAFA approved first with Chase and Franklin Credit want 25% up front at closing of $50,494 owed on the principle amount which is over $12,164. My client took a cut in pay this year in order to keep her job and now has found a better job in another state so had to short sale due to declining market here.Franklin saw with everything submitted that she has NO money in teh bank and is actually in the negative and absolutely no assets!! They are driving me insane. Manager was even a bigger jerk when he said too bad, she either pays it even if it is my commission going to them to make it work along with a promissory not at closing which we all know that HAFA will NOT allow. The manager even said too bad we will seek litigation after I told him if it forecloses Franklin Credit will get ZERO! So I told him I thought that he make an stupid statement by stating that he would rather Franklin pay an attorney to seek litigation against my client but we all know that is just a piece of paper and they still get NOTHING! How ridiculous. JUST take the $6000 that Chase is giving and lets call it a day!!! I called the CEO and his office is now working on it so hopefully I will get it worked out!!! These kind of banks are the reason we have so many foreclosure sales that are just utterly driving down the property values even more!!!!
Comment by jj suri on April 28, 2011 at 2:06pm

Suzanne:  It sounds like you have had the unfortunate experience of running into these folks!  As you probably noticed, I posted this over a year ago, and received only one other response.  Fortunately, I was able to get this ss approved and closed in 4/10, after much back and forth with a manger at Franklin.  Based on the 1 success story I was able to find online after much scouring of the net, I actually called the realtor and spoke with her.  Initially I went in starting at 5% of the balance, in addition to the $3K from BofA.  After being rejected numerous times, or no response, I finally spoke with a manager.  They agreed to settle on 10% of the original balance at close, in additon to the $3K from first, and the seller had to sign a promissory note for $10K over 5yrs.  At the end, seller did not want to sign note, or bring in any money for that matter!  Both myself and buyer agent ended up giving buyer credit from our comissions in order to get the deal done, with buyer bringing in a small chunck, and seller signing note (after a family intervention).  I am happy to have this experience in my past, and would definitely think twice about working with this company again.  By the way, I beleive Franklin was purchased by HNB and all notes/servicing transferred to them.  You may want to try to speak with Sharon Ratton, who was the same manager that the other agent had spoke with over a year prior.  Good luck to you and God Bless! 

Comment by Suzanne Mata on April 28, 2011 at 12:02pm
I have one right now where the 1st is giving Franklin 10% of the balance and they have declined it.  They are looking for a 50% payoff.  It's a purchase money loan in CA.  The investor is Huntington National Bank.  I am trying to get in direct contact with the investor.  I really think it is Franklin that is declining and not the investor.  JJ and Rhonda how did yours end up? 
Comment by jj suri on February 26, 2010 at 1:59pm
Thanks Rhonda for sharing your experience. It sems that many agents have been lucky in not having to cross paths with this servicer! Unfortunately, I dont think my client has the money to bring to the table. I spoke with another agent who was successful in retaining an approval from them. They wanted 10% of the outstanding balance at closing plus the money being offered by the first. Unfortunately, the buyer walked when they heard this, but she is working with a new buyer now who is willing to bring those funds in! The sad fact is that this company has taken the TARP funds, and is one of the lenders/servicers signed up for the HAMP effective in April. Thanks again for your input. Any others who can chime in and share their experiences would be greatly appreciated.
Comment by Rhonda Burgess on February 26, 2010 at 8:05am
Don't bet on the promissory note working either. Franklin Credit Mgmt killed a short sale of mine. The 2nd lien was for $25000. Litton, the 1st lien, agreed to give them $3000 and they would not take it. My client agreed to signing a promissory note for the ENTIRE balance of approx $22000 plus the $3000 cash at closing (after going back and forth for about 4 weeks) and Franklin still said no. The buyer walked and the property was foreclosed on.


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