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Central Mortgage Company

Little Rock, AR

Steve of San Francisco, CA March 10, 2010

This mortgage company is the worst in the nation, I advice anyone looking for a mortgage loan not to go with them, they are continue to find ways to deny people Loan modification under the Obama make home a affordable program, to start the process you have to request an application which could take up to 3 months to arrive, they try every tactic they could think off to stall the process and make it not happen. On the other hand other companies have their mod.

Application posted on their web pages to download, they do not know how to read Income tax or financial documents, and extremely rude as a matter of fact dealing with them is a hardship of its own. Over all they will tell you if you get denied under the Obama program you cannot re apply, and they are trying to regulate the government already regulated program to meet their own interest. They never answer the phone or return calls. And overall caused me to default on my mortgage. I am seeking other people who are having similar problems with this mortgage company and would like to join us to file a joint lawsuit against this Company.

Florence of Dorchester, MA January 6, 2010

My Mortgage from Downey Savings Bank was sold to Central Mortgage company, In all the 19 years i have owned my house this company is the worst. They do not help me as a valued customer,I wanted to refinance my mortgage from an adjustable rate to a fixed rate after I learnt from another brokerage who explained this adjustable rate to me, the first person from downey was young eager to get rich easy got a fool which is me and talk me into this thing,

My mortgage payment goes every year also my principal, i tried to refinance to a fixed rate with another bank could not do it because of the high penalty fee central charged if i payed off the balance too early. of course i am stuck and my mortgage is now 1980, i am now behind in my mortgage asked help from central for a fixed rate, thats all i needed i got a letter from them saying tha between 2010 -2012 i will pay 1350 i for get the rate, but that quote did not include my insurance and property tax,

then in 2012- 2014 i would pay 1600+ also with the same as before, then in 2014 to the end of the mortgage i would pay almost 2000 with a fixed rate of 6%. I personally did not feel this was right so I tried with a modification loan specialist who said they could help me, i had to pay them a months mortgage of 1980.00 I was told not to pay the mortgage while the negotation was going on i save my mortgage,

i am now behind in my mortgage of 11,000.00. I have run ins with them different ocassions and ftnd them to be lacking in dealing with customers, everyone tends to tell you differently

their service is unacceptable and something needs to be done. People are loosing their houses and i dont think they care, i am doing a short sale on my house after living in it for 19 years I owe more than its worth, I started from a 290,00 refinance and i am now owing 333,000.00

eileen of san jose, , CA October 27, 2009

I am in receipt of the 2nd letter from Central Mortgage Co. regarding my home hazard insurance on the property at Brentwood, CA which has a loan with them. On receipt of the 1st letter while they stated that they need a copy of my renewed hazard home insurance policy, in response, I called AAA which is my insurance company, they told me that they have sent one copy already to the Central Mortgage Co. and they will send it again upon my request.

This 2nd letter was received yesterday informing me that they got an insurance coverage for me, coverage for 219,354, not including contents or liability and the premium is 3360.24. There is no name nor contact info. of the Insurance company in the letter. I have paying insurance premiums for quite some years, but never seen such a high rate of premium, I wonder what kind of insurance business is this? This type of letter is not the first time, it seems every year, at the time of my renewal of hazard insurance of this property, this Central Mortgage Co. will send me a letter informing me that they are covering my hazard insurance with an insurance policy of theirs.

Today I got a representative from AAA contacting The Central Mortgage Co. in 3 way phone calling, and found out that the renewed declaration has been sent to this Central Mortgage Co. 4 times, and the person on the line (Javier)from the Central Mortgage still requests AAA to fax a copy to him. I wonder why the mailings for correspondences have no effect for business communication with this Central Mortgage Co.? Why they are in such manner of doing the business to make the consumers take the great efforts to contact them via the consumer's insurance company or they will just to replace the existing hazard insurance policy on their doing?

I write this letter because I feel this is a unreasonable hassle to me as a consumer, I did not acquire the loan from this Central Mortgage Co. the Downey Savings sold to them because my loan portfolio is good for the investment. Yet, to me, that I feel I am abused by their such a business practice attempting to replace my existing hazard insurance on the property with a unusual high premium and without information of an insurance company. If the letter was lost on the way or misdelivered, and never reach me, then I will be damaged without my doing, since in my mind that this insurance coverage has been taken care of as usual.

Brian of Chandler, AZ July 19, 2008

I have been trying to make payments on an investment property, via my accountant but have been refused. I also registered online, only to be told that I can not make payments. I then called the 24 hour automated payment system, only to be disconnected because they are closed. I would like to call on Saturday, but the out going message stated the they are closed due to an all employee meeting. In the meantime, I am racking up late fees and possible credit violations.

I believe this company is intenally making it difficult to pay, so they can incur more revenue via late fee penalties. This is the third time this has happened to me this year. I have occurred approximately 400 in late fees Year To Date

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