What a horrible experience it has been to buy my first house thank you Flag Star for that. They will do anything to benefit themselves and make your life miserable. So many things that I find hard to believe are even legal. It was an FHA loan so we did a few repairs sent them proof, they had "their inspector" come out and look at it all seemed well. Until it was time to give us our repair escrow money back (which by the way the whole process took forever so I hope they enjoyed getting all the interest from OUR repair escrow) We are only getting half our money back and the other half is going into "principle" When I bought the house I had to add another $2000 of my own money into the cost for the repair escrow..we did the god damn repairs and because we spent less than $2000 on repairs we don't get it all back?!?! SCAM ARTISTS!! Basically I'm losing $1000 cash which I need to do the work I WANT on the house. I don't want the money in "principle" I need it back!! They are rude on the phone and play shady games..both during and after the house purchasing process. Most banks suck in general but Flag Star is the worst to go through for anything!! Watch your backs..read the fine print, they will do ANYTHING to make money and make you lose money. It's almost like one big game to them and they don't play fair. Just don't do anything with Flag Star they need to be shut down. They don't need more customers. They need to not exist. Really wish I would have gone with another bank. Greedy, selfish, money hungry people. I literally HATE Flag Star. I hope karma bites them in the butt one day.
Like many people, a year or so ago our family experienced a decrease in income. Thank goodness we had paid our mortgage on time for 9 years. So, under the fabulous HARP program - designed to help homeowners in stress to keep their homes - Flagstar began the refinance process with us. THEY LED US ON FOR MONTHS, knowing we desperately wanted to keep our home. Basically they would tell us they had everything ready, a low interest rate and a clear to close, but then they would find an excuse to drag it out another month, MONTH AFTER MONTH AFTER MONTH AFTER MONTH. After riding this emotional roller coaster ride, they finally bled us out, and we had no other option than to let the house go. This is a very DISHONEST bank, I highly recommend you steer clear of them.
I had water in my basement in December of 2013. Since that time I have paid over $14,000 to contractors for repair work that has been done. The insurance company issued a check of $5000 to cover part of the damage done at that time, which needed to be endorsed by FLAGSTAR to deposit the funds. Despite issuing appropriate paperwork detailing the work that has been done, I waited 3 months to get any sort of reimbursement. When the check finally came it was only for half of the original $5000 and it was made out to the contractor. Upon following up with Flagstar they told me that an inspection needs to be done on the property to ensure the work has been done so that the check can be made out to me. I understand the protocols for this madness, but I feel that since there has been appropriate invoices for paid work, contractor licenses, etc. submitted they would have understood that the work has been completed and therefore communicated the appropriate steps at that time. Poor communication and poor customer service.