Report: Home Eq

Reported By: (North Arlington New Jersey)

Home Eq ripoff deceptive company victimized many consumers Sacremento California

... You have NOT been sold out...do I hear "bait and switch"?

1Author 1Consumer 0Employee

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Home Eq

4837 Watt Avenue, North Highlands, CA 95660
Sacremento California 95853
U.S.A.
Phone: 877-867-7378
Web Address:

Category: Mortgage Companies

Submitted: Thursday, June 12, 2003

Last posting: Thursday, June 12, 2003

Home Eq added charges to our account for attorney reviews. Home Eq does not post to the accounts properly. Your principal payment never goes down. They are complete rip off artists. I would like to find a different bank and I'm afraid the payoff amount will be a fortune.

First Union sold our mortgage to them. What steps can I take to recover the fradulent charges they charged me? When we had credit card debt and went into bankrupcty for a 1 year and 1/2, they tried to collect from the court and we paid them promptly.

When we paid all our credit debts, they charged our account for their lawyers for our bankruptcy. What did they need lawyers for? We were paying them on time Our other mortgage company never did that. They were very good. Home Eq is not. They are scrupulous and full of unfair business practices. If I can help others, I would love to.

Sincerely,
Barbara Van Eenennaam

Barbara & john
North Arlington, New Jersey
U.S.A.

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Consumer Comment

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You have NOT been sold out...do I hear "bait and switch"?

Robin - Waldron (U.S.A.)

SUBMITTED: Thursday, June 12, 2003 POSTED: Thursday, June 12, 2003

First Union did NOT sell your mortgage to HomEq; they simply transferred your mortgage to their very own non-bank subsidary! Undoubtedly, all mortgages taken out with First Union wind up with HomEq eventually, but they do not tell you that up front, do they? It is a sweet scam.... for the bank!

Search these reports and you will find the whole story posted about Fist Union/Wachovia and HomEq.

Many large banks have developed these non-bank subsidiaries for the purpose of avoiding so much Federal oversight; there is only one reason for that move and I don't think I need to spell it out!

You might search under Fairbanks and Ocwen as well for some ideas about where Federal complaints can be filed. The mortgage industry is in a mess; even Freddie Mac and Fannie Mae are under fire.

Good luck to you in your search for truth and justice since both are in short supply in Corporate America these days!

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