Has anyone dealt with Franklin Credit in New Jersey. I have a widower who lost his job six months after his wife died of cancer. He spent all of his savings trying to keep his house because his son was still in high school. Two years later we are now in a short sale. I have a qualified buyer and the lender on the first( Wachovia) has already given me approval and an extension to deal with Franklin. One of the "sweet" negotiators at Franklin told me last week that if they agreed to the short sale it would be rewarding the seller, even though they do not have MI and now due to bill 458 that passed and was signed by Gov. Brown July 15th they can no longer ask for a promissory note or go after a judgement.
I really can't see how my client is being rewarded. He is loosing his house that he put opver 20% down when he bought it. He has paid his payments for years and Franklin was getting 11%.
Can anyone shed some light on how to get through to these people?
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I am currently working with them in regards to a short sale in California, they are holding the 2nd lien and are demanding a pay off of at least 90% of the principal balance in order to release. I am not one for horror stories but this one is turning out to be that way.