I need a Loan Modification

Most mortgage companies can do a modification....be persistent and don't wait for them to get back to you...you need to pursue the mortgage company and document every point of contact with them so that you can prove that you have been proactive in trying to work out a solution other than foreclosure.

While not ideal, you may want to consider taking in a renter to help cover the mortgage payment. It's a short term solution and may allow you to keep your home.

I'm with Homeq and started calling them 6 months ago when I first got into trouble. I only get paid once a month, on the last day of the month. I started slipping farther and farther behind, reaching the point where I'd have to pay last months mortgage with the paycheck I'd receive on the last day of the month (just missing the 30 day late.) HomeQ wouldn't do anything to help until I reached 30 days late. Then, all of a sudden, I "qualified for a loan modification." I've thrown in the towel waiting for the approval (going on 90 days now), just got the default letter and am wondering which will come first, the loan mod or the foreclosure.

We are with Countrywide and they did the same thing to us. We were due for our September payment and knowing we couldn't make it by the 30 day mark, I faxed in a hardship letter...etc on the 24th. they said that we had to be 3 months behind for any payment plan due to having an FHA loan and they would have paperwork to us in two weeks. Now, we have waited 4 months for paperwork, are 5 months behind, and just received our work out papers stating our mortgage will nearly DOUBLE for six months. All becuase they didn't get things done in two weeks for a one or two month payment arrangement. Now it's stretched into a nine month plan that we cannot afford. Good luck!

Just a follow up....Still waiting from HomeQ. I was told that I'd have an answer by Thanksgiving, then the first week of December, then before Christmas, then.....

I am sorry to hear that guys. I also have Homeq and they are telling me that my loan cannot be modified period. That is interesting how all of a sudden after you are late they are willing to do a modification. I hope they help you guys before its too late.

I have my mortgage with Homeq at
6.25%. Am I able to refinance with Homeq at a lower rate if it is available, or do they offer an interest only mortgage that I can switch to without any fees? I currently own my house with my ex partner and I want to buy him out in the near future. He is supposed to be paying me money toward the mortgage, but has not contributed in 4 years. I see no reason why I should be paying down the equity in the house myself, so I would prefer an interest only mortgage for the time being until I buy out his part of the house.

I wish I could tell you. They wouldn't even talk to me until I was over 30 days late on the mortgage. With that 30 day late ding on my credit report, I couldn't refi with any other lender.

2/10/08 update - After my millionth call to HomeQ, I was verbally told that they would drop the rate on my interest only loan from 9.9% to 8.9%, saving a WHOPPING 298 dollars a month off off a 4500 dollar mortgage..... Anyone want a house??

Ya know?
You people make me sick.
If you could not afford the house you're in or you wanted to get rich quick and did not make the 40% in 6 months you were relying on-too freakin' bad.
You expect hand outs and "give me this" and "give me that".
If you are adults you should make good choices not stupid ones that rely on " wishful thinking" and " premonitions".20% of your income-MAX for a house payment.
YOU got yourself into this mess--- YOU and only you. Deal with it. You're probably the same people that have 8 credit cards with 15K debt and are wondering what to do.
I'm sorry but this mess YOU have put the country in is ridiculous and I'm sick of it.

On behalf on the half million families struggling through this crisis, I'd like the thank you for your witty and constructive comments. There’s nothing quite like a self righteous genius coming onto a website designed to help people in foreclosure situations and have him kick you when you’re down. After this, feel free to yell at a paraplegic for your increased health insurance premiums. Anyway, you're subtly drawn conclusions have certainly helped solve my ALL OF MY problems. I'm sure when others read your insightful comments, they will feel as blessed as I do.
20%...Deal with it…WOW!!! If only we had had your little nuggets of wisdom earlier, this nation could have avoided this whole mess.
I particularly enjoy a total random stranger passing judgment on me without knowing the details because I don’t quite feel bad enough as it is. But at least you're sick of it. You're feeling are all that really matter to me.

I'm not impressed Brad...do you work for HomeQ or are you just a child surffing the web to kill time? I work full time, no car pmts, less than 5K in credit cards and have had many mortgages with great companies. Three large companies closed down in this area and people lost their jobs. These people had put several years into these jobs and into their homes. Do you even have a job or a home, Brad. Grow up and read the news. Not all mortgage companies are crooks...do some more research before you make a "rediculous" comment.

We have our loan with Homeq -- we were told they are NOT a mortgage company simply a debt collector. On a letter we got from they it states Wells Fargo owns our mortgage. After 2 months of getting no where i am not fighting with Wells Fargo also. I need to find a way out of this loan period!

Our loan also lists Wells Fargo as the creditor/owner of the loan and when you call them they say they have no record of the mortgage. But on letters from Homeq, Wells Fargo is the owner. When calling Wells Fargo they said that you have to deal with Homeq. Note: Wells Fargo reps. are better to deal with, so keep trying and ask for a loan modification through them or call your state govermment OFIS, Office of Financial and Insurance Services...they can help with dealing with lending issues.

Unfortunately, I'm on the same boat. I have been trying to refinance but the market is just a mess right now and my equity decreased. I have been trying to deal with HomEq for months so see if they could do a loan modification. Months ago their answer was a big "NO." About 2 months they told me that I needed to wait for them to install a new system that was going to allow them to make modifications. A week ago I called to see if the new "system" was installed. Now, they are saying that I do not qualify for a modification because my investor is not allowing it. Now, I'm trying to get the investor's contact info and it is just taking forever...a million faxes and a million phone calls. No luck yet. I really don't know what else to do.

HomeQ does not and will not help anyone. We got a letter that said the same thing, "not qualified for a loan modification" and that was after we were told to write letters for hardship, etc. We have plenty of equity, but they also messed up our credit with their bogus charges. We have done everything that they tell you to do that has been on the news and even through the state. There is going to be alot of empty homes and no one is going to be able to get mortgages, so in the end "HomeQ" loses by not working with the mortgage holders. There seems to be no brains in that organization and nobody in the government will take the time to look into their business. There will be a class action suit against them and I will be sure to be included with all of my documentation and records. They have all the control, but not for long.

I would like to be included in the class action suit as well. I called OFIS, like you suggested, but they gave me another number to file a complaint against HomEq. Also, I've called the OCC, Federal Reserve Board, Federal Trade Commission, HUD, Office of Financial Regulation, Neighborwork...I will not stop. I'm not going to let them take my property without a fight! Please let me know how I can be included in the class action and if you have sugestions as to other agencies should contact. Thanks.

I too have tried to get a modification on my loan with Homeq. They refused. I don't want to lose my home as I worked very hadr as a single mother to get it. I stupily signed the loan docs thinking I would be ale to handle the payments but was laid off of work. I make my payments late every month and no one will touch me regarding a refinance. Pleasse if anyone can help me, let me know. Also, if there is going to be a class action suit. I want to be a part of it as well.

Have any of you tried the FHA secure loan? If you have not been late on anything for 6 months prior to your rate adjusting you can still refinance. You can e-mail me for more info. For some it may be too late, sorry.
Ya know? BRAD YOU ARE AN IDIOT. I am a mortgage consultant and I have had people in my office who did all the right things, they pay all their bills on time (including their mortgage), 700 scores but they still can refinance because they house won't appraise for the price of the mortgage. Is that their fault as well? There are people who lost their jobs. Do you realize that the whole country is in a declining market. You are obviously not as educated as you thing you are

HomEQ services my home loan too! I bought my home 22 months ago only because I was told I could easily refinance before the 2 year ARM was up. Now that the market is down, my home is apprasing at a lower dollar amount than what I bought it for. My mortgage payment is due to increase from $2494.00 per month to $3160.00 per month. That's almost a $600.00 increase. What can I do to avoid this situation? I have been on time with all payments since buying. Would FHA approve me if I am upside down on my home loan? Please help me out with as much information as possible. Thanks in advance. Brad get a life!

Hello whom it may concern!
i am a loan officer working for New Destiny Real Estate & Loans, I am trying to find out name and fax # of a officer incharge of the collection department. we have client name Mr. sodhi singh Loan # 0323073866 he is behind on his mortgage payment, I think we can help him to save the property from going to forecloused upon, we need your assistant in the matter, you may call me on cell (209)622-6568 office (209)338-5200 fax(209)579-9729 thanks for your Help.

HomEQ Servising handles my home mortgage also. I bought my home 19
months ago with an interest rate of 9.9%. My 2 year ARM will be up in Dec. 2008. With the real estate market down, I find myself with an upside down mortgage now. I'm a retired person. For the September '08 statement HomEQ sent a notice/message stating that my Adjustable Rate Mortgage (ARM) loan has an interest rate and payment that change periodically in accordance with my loan documents. The next monthly payment amount change is effective
01/01/09 and to contact Customer
Service IF I FELT UNABLE TO MEET THE NEW TERMS AS OUTLINED. The Customer Service Representative will be happy to assist me with possible solutions.

I'm planning to contact HomEQ as
soon as possible. I don't want to
lose/sell my home, as I stated before I'm a retired person. I've been paying on time and I have not been charged a late fee once. Now, I know the change in payment it's going to be a lot, big time. If I wait and do nothing until Jan. 2009, I know I will fall back on my payments and will never catch up. As I'm reading these posts, HomEQ takes their sweet time to respond to anything, In addition, I might not qualified like some of these people here. My question is:
Is it better to start proceedings now, or shall I wait until Jan. 2009 ? If HomEQ cannot help me
with a loan modification, what are
my chances with FHA secure loan ?
Please help me out with as much information. Thank you so much !

I also have a mortgage with HomeEq and would like to get in on this class action suit. They have the worst customer service and do nothing but ruin your credit ratings instead of helping.

As for Brad, I think you've posted everywhere there is a question or complaint about HomeEq.

We hard working people are sick of you as well.

so has anyone had a great experience with Homeq with a loan modification

I last posted on August 20, 2008.

I've been searching for a solution
to my mortgage problem. As I stated
before HomEQ is Servicing and handles my mortgage. I'm a retired person and since I'm on fixed income, I've always managed to make my payments on time with no late fees for 20 months.

After I posted here on August, I contacted HomEQ again. I spoke with a male rep. this time and he stated that my mortgage would PROBABLY increase 2%. To wait 'til Nov. for a notification letter from HomEQ to find out how much the reset on interest would be for Jan. 2009. These are PROBABILITIES ONLY. The rep.could not reassure me of anything.

Since then, for the September mortgage payment, due to a financial set back, I was able to pay the larger mortgage only, the second smaller mortgage was not paid. I notified HomEQ immediately of the problem. Now I'm behind one payment with late fees. Is this going to ruin my possibilities of
a MODIFICATION OR LOWER PAYMENTS ?

I've contacted HUD, and I have a telephonic appoint. on the last week of Sept. On a personal view, how does HUD work ? Has anyone gone to HUD? I don't know, I feel very despondent and it looks like everything is going downhill. I feel like foreclosure it's coming my way and there's nothing I could do about it. And I'm not ready for that.

Any information given it's very much appreciated. Thank You.

Homeq tells me that they can't do a modification. That it can be done by the lending institution but they won't give contact info for the institution. They gave a fax # only and when I faxed a request to be contacted or to send me contact info so that I may call them, no reply is forthcoming. Does anybody know whether this is true and how I can get the lending institution/bank if at all there is any? Thanks.

If this new bill passes giving the judges the power to modify Mortgages you will see a major change in all the banks attitudes toward modifing loans. The last thing they will want is an outsider deciding what rate and principal reduction you are entiled to. In most cases the banks do not have the manpower to handle all these Modifications. Remember 95% of all Mortgages are written by brokers and bankers. The banks need to hire these out of work Loan Officers to help with this process.

How do I get qualified for a loan modification? It does it automatically for you! Most people are in a 2 year ARM meaning that after 2 years from you taking out the loan it had the possibility of adjusting. The interest rate is based off the 6 month libor. Its basically a "prime" rate similar to credit cards. If interest rates rise the libor will rise and well if its time for adjustment it could rise. HomEq doesn't pick and choose which ones to rise, they have no say in it, it just happens. Also, arms were designed for you to make your payments on time every month to build your credit score. Well, we can understand a month here and a month there being late or even 30 days late... it happens. But if you're constantly 30... 60 or even 90 days late what is in it for HomEq to modify your loan? You apparently haven't shown any responsibility toward your mortgage so why put in the time to help you if you didn't want to help yourself. The into or 2 year fixed rate is the lowest it will go. Now in some mods the investor (the bank that gave you the money)may allow us to lower the interest rate IF you have shown you can make the payments on time. Look people, if we could do a modification and make your interest 1% we would but we can. The investors hire use to service their loans and we have a contractual agreement to them to service the loans the way they want, no if ands or buts, our hands are tied. I would give everyone a mod... even fixed rate people which can really only refinance. However, we wont know what mod program you are qualified for if you are qualified until 1 month in before it will adjust. Just ask them if you have Code Q on your account. If you don't have code Q then you haven't been qualified "yet" it could still come. You have to understand... we are doing 3000 modifications a month we cant do everyone at one time, we just don't have the man power for that. When you are qualified and have code Q, R, S, M and you fax in all the requested info, it will take 5-10 days to be assigned a specialist and then they have to work on it. the specialist WILL call you and you NEED to answer. I don't care if you can't get calls at work.. tell your boss its to save your home! As said before that dept. does 3000 mods/ mo. so when you get your chance to talk to the rep... you best answer! and one thing when if you do a mod.. you taxes and h/o insurance will be added to the payment to keep those on track as well. Now once you get your mod. that is a last resort. its a one and done deal. you don't get another. thats the best deal we can get you qualified for! If you come six months later and say you can afford this payment then you do need to sell the property b/c we've given you a better deal then any bank could give right now!

When an agent wants to update your "financial information" DO IT!!! It allows the agent and other departments to see your situation and yes.. even the mod dept. Don't inflate your income b/c then we'll see you could have a huge surplus (extra cash after income and expenses) and say there is a non issue. Don't down play your earnings either b/c then the agent will say you need to get a job, cash the 401k or short sale the home. Also be honest and to the penny with your bills it does help! We can't defer a payment. Why? Well again its the investors we work for, they don't allow it! We can't lower the payment for 6 months to get you on your feet why? Well that's also a form of deferment, all you would be doing is putting the difference on the back end, again we aren't allowed to do that. Now if you were in the path of a hurricane and it wiped out your lively hood then we might be able to work with the investor for you to help you!

We only service the loans, we don't refinance.

We didn't "give" you this loan, YOU signed the loan agreement, should have read the docs.

We don't want your home. Why? Its a liability on our books b/c we have to keep it up so it can sell. So yes we want YOU to say in your home.

We can't change your due date b/c of pay schedule. Why? Contract with investor!!! Only way to change due date is to refinance.

We aren't going to pay this for you!

We do have a same day payment cut off time. This means that if you call in, send a money gram or western union or whatever after. 6pm est, 5pm cent, 4pm mnt and 3pm pst. then you're late. Yes, even if its say 6:01pm on Oct 16th and you've been on hold for 10 min. Thats not our problem. We try to get to you as fast as we can and yes we really do! You have a grace period, thats what its for. If you couldn't get your payment in by then, its not our fault, you had 15 days and then all day to get your mortgage payment it. its not our fault. those cut off times are so payments that were made on time that day could be processed! If you call in at 6:05pm we CAN NOT back date it, change the time or even take the payment for that day. It would have to go to the next business day.

As for mean/rude/nasty agents... just hang up on them and call back. Maybe you'll get me. I've received 3.. yes THREE customer compliments in september that have gone to corporate office!I will listen, I will be nice as long as you don't yell. If you start to yell at an agent they shut off and I will too. be nice, try to be understanding of their position.. but if they are mean... just hang up and call back or ask to be transferred to another agent or a supervisor and you must tell them why you want to be transferred. The super asks why and if we don't have a strong case.. he/she wont accept the call. they have their own sup. call to make and their own admin. work to do.

Remember, treat the agent how you want to be treated. The calls are monitored and are reviewed. If the agent tells you a lie, it will be caught given they monitor that call. Each agent gets 8-10 monitors a month.

And if I can make one more suggestion. If you do update financial information and you have a surplus of only $200 its hard to get you on a repayment plan. You need at least $500 surplus for it to go easily. If you pay from the 17th - 31st of every month. Ask about the inside the month repayment plan and you want one month added to pay 1 month for you. It helps build credit back up. Brings you current and pays yes.. PAYS a month for you, that way you don't have to come up w/ 2 payments in 2 days! Yes, repayment plans do increase the payment for the life of the plan but it will be within your surplus. We like to make them as short as possible to get you on track faster.

If you have any question just ask the agent. And if you don't fully understand be patient it can get confusing or just ask for a supervisor. Although I will tell you, sometimes they aren't as lenient as the agents are... just as a warning.

When an agent asks you questions why you're late.. its standard practice on every call and we must ask it.. we hate it but we have to. We also have the disclosure but by law must read it so please just bare with us on that. And please, when we do ask why you're late. Please be honest and truthful. I don't want a woman telling me her husband died tuesday and then I call on monday for her and he answers the phone.. yeah.. be honest!!!

After a 3-month-long failed attempt at refinance, HomeQ tells me they may be able to modifiy our ARM to a reasonable fixed interest rate, but there is a "restriction" on it by the investor (wells-fargo)that they need to lift. I have not been able to get contact info from homeq to do this. Phone calls and faxes are not returned, as the foreclosure clock keeps ticking. Is there any legal recourse?

I might have a chance at a loan mod but home eq asked for a percentage down to start. 4,500.00 that is all i have left after not paying mortgage for 6 months. I'm done paying other bills and ready for foreclosure, after all this now they are ready to modify. if i give them this money "it's not garanteed" i would still need to proove that my bills really are what i told them in a conversation i had with the lady 2wks ago. i'm not sure if i could trust them. anyone in the same boat???

I am with GMAC - a peice of crap mortgage company. i have been asking them for help because i had a big pay cut from 600.00 a week to 300 a week and i also had a baby and now im going to be out of work for another 12 weeks for sure due to an emergency surgery. i ask gmac to do a loan modification and they told me no not to pay my bills and they would consider it but probably not because i have never been late i explained to them in a hardship letter that i dont know if i can even go back to work and i also showed them my bills and what i make showing them there is a loss of money at the end of the month they said they dont care to stop paying my bills or if i cant afford it they will do a short sale.. all im asking for is help i taked to mortgage modification center and they want me to pay 3000.00 while im in my hard ship to get a modification on my home i need help and i dont know how any of this works and if our mortgage company is allowed to talk to use like that or what can i get a modification even thow i havent been late and cant afford it anymore please help

For all the people experiencing frustration with their lenders, I strongly suggest you become very persistent -- calling daily or hiring a lawyer. I know it seems crazy to have to pay a lawyer $3000 when you are having financial difficulties. However, the lawyers can't work for everyone for free. I know someone that used to do the loan mods free and the clients (borrowers) agreed to pay after she obtained the mod approval. The majority of the time, the borrower wouldn't pay. They got their mod so they didn't care anymore. She had to stop doing the mods. Knowing that, I will not do one unless I'm paid upfront.

To TERESA GARCIA- I am in the exact same boat. I found myself wondering what would make HomeQ think I could afford this down payment when I cant afford to make my monthly payments. Good luck I hope you are able to keep your home.