Hello Everyone, 

My client's 2nd mortgage for approximately 100,000 was transferred to Franklin Credit in October of 2012.

I've submitted two requests for lesser payoffs of first, 4,000 and then 8,000, both of which were denied within a month of each other.

While I do applaud their speediness, I am perplexed at their lack of anaylsis for this situation.

Purchase price is 900,000

BAC is writing of 523k and some change

2nd - offered 8,500 (continually denies)

3rd - offered 3,000

HOA lien - 12,000

Despite all the liens and the fact they have only owned the debt for 3 months, they refuse to work with me.

I am going to file a complain with the OCC and send copies to the FDIC, Attorney General, Jerry Brown and state senators.

Would anyone else like to join me in doing this?  If so, please email me or attach your complaint with loan number.  I'm frustrated at the manner in which these jr lien holders prey on our clients!

Jessica Griffith

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well, they are under no obligation to do a short sale.  probably because a second lien (HELOC) is not extinguished in a foreclosure. Yes, they lose rights to the property, but their debt is consumer debt, and so they can and will pursue the borrower and even get a judgment. The borrower must be showing some income or assets to make Franklin beleieve that this is a reasonable course of action for them.  Sorry, but your complaint is baseless.  Better yet, find out what they WILL accept.  Probably a large cash contribution.

www.josephalfe.com

I believe I forgot to mention, the debt has been discharged in bankruptcy.

Then they are completely out of their mind.  They cannot collect anything if the deal falls through. Zero, so send a copy of the sellers discharge and call their bluff.  They still do not have to agree though.

Hey everyone - I know this is an old post - but I am in desperation here - and I am ALWAYS the one that EVERYONE comes to for help and lender contacts! :)

Has anyone been able to get in touch with anyone at Franklin Credit that knows what they are doing? Because CLEARLY the people answering the phones - calling themselves negotiators have NO CLUE. Need help asap ...

We have a Sale date Thursday and they just declined my file (they are actually going to go through with a FC as the 2nd lienholder). They never even had an appraisal completed (or a BPO for that matter - so I assume they are using Zillow?!) and are claiming they actually "have equity" ... oh my goodness - I literally feel like  I am on Short sale candid camera at this point....

HELP!

TIffany Abbiate 619-8899-7207

[email protected]

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