• Report: #303775

Complaint Review: Homeq Servicing Corporation

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  • Submitted: Sunday, January 27, 2008
  • Last Posting: Friday, February 29, 2008
  • Reported By: — Alexandria Kentucky
Homeq Servicing Corporation
Po Box 13716 Sacramento California 95853-3716 U.S.A.

Homeq Servicing Corporation Raised intrest and fees Sacramento California


1Author 0Consumer 1Employee/Owner

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My intrest and payments were raised so high that I couldn't pay any more and it only got worse from there. I was hit with insurance from them and many other charges after I got behind, that I had to sell, before foclosure.

In less than a year my payments went from 1,400.00 to 2,200. And then they said they had other charges. For me to catch up I needed to pay 2,800.00 for 6 months. I sold and they charged me 14,000.00 intrest from Jan. thru May of 07.

Charley
Alexandria, Kentucky
U.S.A.

This report was posted on Ripoff Report on 1/27/2008 11:25:04 AM and is a permanent record located here: http://www.ripoffreport.com/mortgage-companies/homeq-servicing-corp/homeq-servicing-corporation-ra-e747p.htm.

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REBUTTALS & REPLIES:
1Author 0Consumer 1Employee/Owner
Updates & Rebuttals

#1 Ex-Employee

Adjustable Rate Mortgages

AUTHOR: Homeq Knowledge - New York (U.S.A.)

SUBMITTED: Friday, February 29, 2008

As stated before, HomEq does not control you interest payments. They just follow the terms that were agreed to by you and your lender when you took out the loan.

The way your interest is calculated:

LIBOR Index Interest Rate (what you hear about on the news)

is added to:

Margin Interest Rate (which you can see in your original loan documents)

Example:

LIBOR = 4.5%

Margin = 6.75 %

Your interest rate could be 11.25%

Perhaps the reason you were charged so much interest when you sold is because you had a prepayment penalty on your original loan documents.
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