• Report: #14942

Complaint Review: HOMEq Servicing Corporation

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  • Submitted: Saturday, February 23, 2002
  • Last Posting: Sunday, March 03, 2002
  • Reported By: —
HOMEq Servicing Corporation
P.O. Box 13716 Sacramento California 95853-3716 U.S.A.

HOMEq Servicing Corporation ripoff ..Principal Amount is STILL THE SAME after Three Years!!!


1Author 1Consumer 0Employee/Owner

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In 1999, we took out a second mortgage to pay down high-interest credit cards. We only wanted $25,000, but the loan representative insisted that we needed to borrow $35,000 in order to add more equity to our home. When we signed the loan papers, we were dealing with Integrated Capital. Within (30) days, we were dealing with The Money Store. About (6) to (8) months later, we were dealing with HOMEQ.

Three months ago, I noticed that the principal had only gone down $27.00. How could this be? We never missed a payment, nor were we every late. In (36) months, this is all we get towards the principal? Even my car loan went down $8,000 in the last (2 1/2) years! We are definetly refinancing, and will NEVER deal with HOMEQ again!

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This report was posted on Ripoff Report on 2/23/2002 12:00:00 AM and is a permanent record located here: http://www.ripoffreport.com/financial-services/homeq-servicing-corp/homeq-servicing-corporation-ri-ceadd.htm.

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REBUTTALS & REPLIES:
1Author 1Consumer 0Employee/Owner
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#1 Consumer Suggestion

You MUST understand the loan you have.

AUTHOR: Paul - San Diego ()

SUBMITTED: Saturday, March 02, 2002

I am not an employee, nor a supporter or Homeq (I have never had a loan with them, but am looking into it)...but I must take their side on this issue. The truth of the matter is that at the beginning of most mortgage loans interest is paid at first, and after the interest is taken care of, the principle will begin to come off. You signed a loan that states a set number of months to pay off the loan, my suggestion is to pay as the contract states and at the end of that time period you will have paid off your loan. Of the motgage loans in the past, I have seen this practice on most if not all of them, and personally, it doesnt matter to me as long as it works out the same in the end.
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