Do I have the right to demand a loan modification form Homecomings?

Darian,
We have the same situation. We have gone to an attorney about them. I stayed on hold an hour last night. They are of no help. Our ARM will top out at 16.88% and they said they will not help.

My loan went from $3,200 to almost 6,000 per month! I was told it is the highest ever seen. And that does not include ANOTHER $2000.00+ for tax and insurance ON TOP of that per month.

I get the same repetitive comment, "it's in review."

Where is the relief??? Interest rates have come down but we are being held hostage in our own home!?

There's got to be another way....

I am current on my payments and have never been late; but Instead of paying my mortgage payment to the bank I want to "post bond" -or- find another way to keep them from the payment until the make some kind of amicable decision.

What can I do w/o hurting my credit????

Thanks and G-d bless all of you with your unfortunate circumstances.

As long as you meet there conditions, they should work with you!

Mark

I have been laid off due to Down sizing and found another job $10,500.00 less a year. I am a single mom how has worked very hard to live in a nice house and bring my child up in a good home. HomeComings will only do a repay plan with me but my payments go up???? If I can not afford what I have now how can I afford a higher amount? I asked about interset only and they said they can not do anything for me. I hate HomeComings as they are not a friendly place to do business with.

With ALL this talk from the Government and the candidates running for office at present , all of them Republicans and Democrats you would think that someone The President, Congress, The Senate , Local Officials in hard hit areas would do something to reason with Homecomings Financial .
All the people I have mentioned are talking up a storm about people losing their homes and people whose unemployment insurance has run out but none of them seem to be making any progress at all. None of them seem to realize the fact that people are in serious trouble now and cannot afford to wait another month or two or more for someone to send them some help.
Even the banks for the most part are slow to respond when people need so much help and they need it yesterday not next month or from a New President Congress or Senate.
The Government should be investigating Companies like Homecomings Financial for what I assume they are just as guilty as many other for the mess many people are in these days( Hungry Mortgage Brokers. They should be going through or at least have a number people could call to have their personally situations investigated to uncover illegal practices by Banks and Mortgages when making their loans.
I think a better way of getting some attention to their problems would be to contact their loacl government representatives ( Congressmen, Assemblymen and Senators ) in regards to the difficulty they are having with Homecomings Financial. This may prove much more fruitful in the way of getting some much needed help then staying on hold for hours at a time and being jerked around by Homecomings Financial.
Most of the people I know in my State who are in trouble have been financed by them and a lot of Banks have bought their mortgages because of the attract high rates that they charge other institutions must look to them to buy their loans. Let's face it with the rates they are charging people there is plenty of room in there for them to make a deal to sell their mortgages to another Bank or Finance Company especially if you are a good payer and NOT behine in your payments.
I do NOT understand why they continually insist that people be late first before they will even talk to them ?
I feel for ALL these trouble folks , I really do and I hope and pray I do not join their ranks anytime soon.
God Bless You All !!

I don't know if anyone knows this or not; but I feel like they need to know. Did you know that "Homecomings Financial" has had "mass tort" lawsuits thrown at them for "padding their pockets" and the people did win? The reason why I know this is because it happened to me with them. And from reading above, apparently they are still getting away with it. The attorney that handle my case (I was stationed in Iraq at the time)was out of the state of Washington; but I also found another one in Birmingham, Alabama that also does the "mass tort" on this just recently for a friend of mine. If you don't believe me just go to "google - Homecomings Financial Lawsuits" that should pull it up. I am one for the "little people", because I am that such person, and I hate seeing someone get "scammed" by these bigger companies playing with a person's life. I would also recheck my mortgage documents if I were you, to see if they are actually what you thought you signed for.

I do not understand why homecoming financial is so obviously uninterested in the ongoing mortgage problem. Most of the people I know , myself included, have problems with their mortgages and although they are trying to make payments it is becoming more and more difficult to do so.
Most of them also have Homecoming Financial as their mortgage holder.
Many many of us have tried repeatededly to contact Homecoming for some relief only to have our calls and pleas for some relief to be left on hold and discourage people from even attempting to get relief. It is impossible to deal with them. They are the worst Company I have ever had to deal with.
I believe they and the mortgage brokers have doctored my paperwork to get me approved even though they knew I should have been disapproved as I have been told by so many now. I am sure of it now after I look over my papers.
They simply told me nothing to worry about just sign here and here and I trusted them. Only later to find they filled in many things I never told them and were untrue to get me approved.
Now I wish as though I would have been disapproved and I would not be in this mess. I had a low income but a very good credit rating . Now my income is even lower as they raised my rates and my credit is no longer as good as it was and I am afraid as hard as I worked all these years to get such a good rating it will all be lost after one deal with Homecoming Financial.
I was told their appraisals were way to high and they doctored paperwork to make people eligible for a mortgage when they otherwise would not be aaproved by another institution. Homecoming approved many people knowing they would find it difficult if not impossible to make the payment especially after they adjusted as soon as 3 months into their loans.
Ibelieve they knew exactly what they were doing too. It was all in the interest of greed and not in helping people realize their dreams all turned to nightmares now.
I had two mortgages they gave me , a first and a second. They sold the second to Bank of America who did work with me on that one but without Homecomings help on the larger first mortgage and the increased rates which will go up even more soon, I am now on my way to being two months late.
Many, many people I know all with Homecoming are in the same mess now . People that want desperately to keep their homes and continue paying a more affordable payment.
Homecoming is simply ignoring them all and I believe they cheated many many of these people if not all of them from day one.
Looks as if their game backfired on them now but truly at the expense of so many good hardworking people.
Homecoming should be investigated along with the mortgage brokers and appraisers working with them and brought to justice by the laws created to protect people against such practices. People who fell victim to Homecoming Financial and their people only because they wanted a home for their families to live in.
Now I have heard many condo associations are in trouble as well as they have 20 to 30 percent of their apartments being foreclosed or already foreclosed and no one paying common charges putting the condo associations in default of their bills as well and not having enough funds to keep properties up due to lack of or non payment of common charges. Many of these condos are owned by banks who have foreclosed but are not paying common charges as owners should and do.
They are bringing more and more people down now even though those people are current and paying both thier mortgages and common charges.
This mess only seems to get worse and worse not better !!
No one seems to be doing anything but talking about this seriously grave problem icluding our elected officials. Talk is just talk and it solves no problems only fuels the situation at hand.
People need action now , immediate action, and Companies like Homecoming need to be thoroughly investigated now !!

I was reviewing my Homecomings mortgage account and noticed a fee of $13.95 a month for misc insurance. I contacted homecomeings and they stated that it was for additional fire insurance I purchased. I DID NOT! There is another monthly fee of $2.00 titled "miscellaneous" that goes unexplained. Additionally I was being charged $15.00 to make my payment on line for at least the first 6 months that I had this loan. I would like to join a class action law suit based on this information. A second issue also exists that I hope you can help me with. The Loan I agreed to was a 30 year fixed conventional. While signing loan docs one and only one of the pages said "interest only" all the other pages said "30 year fixed conventional". We questioned the Notary reviewing the forms and she called our morgage guy and he said it was a typo and that a replacement page would be sent out the next day,but to go ahead and sign all docs to close the loan. We did, no replacement page ever came. We now have a 30 year interest only loan for the same monthly payment that the 30 year fixed conventional loan for for. PLEASE HELP!

It appears that I am not alone with my displeasure for Homecomings services. Our situation is similar to the ones I've been reading. We started with another mortgage company (Aegis Mortgage) and our mortgage was sold to Homcomings. Initially we thought everything would be ok, taking out a 3/30 ARM. We mistakenly thought that we could refinance before the rate adjusted after getting some of our debt under control. Unfortunatly things did not go as planned and we fell behind on our mortgage. We managed to scrimp and save and pay the 15 thousand dollars to get us current. Only to find out that the next payment was one week later for another 2,000. I called several times and finally got a hold of an operator that took down some information and told me that we would probably qualify for a loan modification.

Not only did I not receive a response from Homecomings they did a review of our taxes and found us delinquent with them as well. So they financed the taxes and boosted our monthly payment by $1000. With the additional expense we have not been able to make a single payment "on time" to Homecomings and continue to rack up an additional $100.00 servicing fee each month. So we are now $1,100 worse off and our ARM hasn't started to adjust yet.

We did receive a notice in the mail from Homecomings financial that a week from the notice they would have "two days" that loan modification specialists would be in the area. That would have been ok if the phone number supplied to us to make the appointment wasn't attached to someones cell phone that told us the mailbox was full.

When I did manage to leave a message it was too late to make an appointment for that day. Still I would have expected some kind of a callback.

All my wife and two kids want is to keep our house. We are not looking to invest in real estate or own several homes. We just want our house with a reasonable payment going to both the principal and interest.

Oh, forgot to mention all of the cash we've shelled out is on the interest only portion of the loan.

So I hope the Homecomings execs sleep well at night in their fancy homes after their expensive parties earned by the blood, sweat and tears of the hard working honest american just trying to provide for their families.

Reading all of this scares me now. We had financial problems with our loan from Homecomings. We were supposed to have gone in to forclosure in January of 2008 but we received a stay of proceedings. Which I assumed was because of all the financial mess the country is in now. Anyhow we received a letter by fedex on sat stating they want to do a loan modification and we had to have 1149 by the 28th of this month, to take advantage of the offer. This came out of the blue with no contact from them other than a mortgage workout form that came about 1 week prior. Which by the way we never filled out because we thought is was a joke. Since they haven't contacted us in over 6 month with only 1 letter in that time which came from them saying the property was abandoned. So we are having an attorney go through these new modifications as we speak to see if we are just better of to file bankruptcy or actually go ahead with this modification and their are no hidden fees or interest rate traps. Also our interest rate went up from 7.6% to almost 15% in a matter of 2 years. This is looking like a temporary bandaid in this financial crisis and Im afraid a lot of people will fall for this modification looking for it as a way out. Please have a lawyer look over your papers and know what you are getting into.

Good luck