FirstPlus hold a second mortgage on my house. This loan was sold to them from another lender. I have been trying to get a subordination agreement from FirstPlus so I can refinance my first mortgage at a lower rate.

 First Complaint

 I called FirstPlus to ask for a subordination agreement; this initial call should have tipped me off to what I was dealing with. The automated answering machine gave me a choice of "checking on the status of an existing subordination agreement", "initiating a subordination agreement", etc. I selected initiate and sat on hold for about 45 minutes waiting to talk to someone. I finally spoke to a representative at which time I was told the requirements would be faxed to the number I provided within the hour.

 The next day, I had not received the fax so I called them to check on it. Again, I sat on hold for about 20 minutes. I was told that they had a 48hr turn around time on getting the requirements faxed. I said thank you and waited another day.

 Another day passed and I still had not received the requirements. I called again. This time, after sitting on hold for about 30 minutes I picked up another phone and began dialing other numbers and options until I got a person. They, in turn gave me a number that got me a person in the subordination department directly. I hung up the first telephone, which was still on hold. The lady I spoke with was actually quite friendly, she looked at her computer and saw that 48 hours had passed and said she would take care of it for me. While I waited on the telephone, she used her computer to fax the requirements. This amazed me, why had not the first person I talked with two days ago done this. What's up with this 48hr turn around time on pushing a button on a computer to send the info?

 Second Complaint

 Several days after FirstPlus received the information they needed for the subordination agreement; I called them to check on the status of them sending me the agreement. I was told they had no turn around time on getting this agreement to me. I asked them what this meant. It means they have no idea how long it is going to take them to get this agreement to me. They are just so overwhelmed with requests for subordination agreements, they can't even begin to hazard a guess as to how long it might take.

 I have tried to speak to a supervisor in the subordination department but can't. I have left messages on their voice mail and none of my calls have been returned.

 Third Complaint

 $300 Yes, that's right. It is costing me three hundred dollars to get this subordination agreement from FirstPlus. The average loan company charges $75 - $125 to get this agreement and they get it to you in several days. It takes about 2 minutes, if that, for someone to print out a subordination agreement from a computer. It took about 30 seconds for someone to send the subordination requirements to me. Rounding this up to a total of 3 minutes, they are going to spend working on my subordination agreement equates to an hourly rate $6,000/hr. They must need this money to pay their telephone bills for keeping people on hold for hours and hours on end.

 I have not received the subordination agreement as of yet and I am days away from losing the interest rate of 6.5% which was locked in on the refinancing. I will update this site as new developments happen.

If you have any personal experiences with FirstPlus Financial, I would love to post them at this site as well. Email me at [email protected]