- Report: #307275
Report - Rebuttal - Arbitrate
Complaint Review: HOMECOMINGS FINANCIAL - GMAC
HOMECOMINGS FINANCIAL - GMACwww.homecomings.com Waterloo, Iowa U.S.A.
HOMECOMINGS FINANCIAL - GMAC Will not help with a mortgage modifiation Waterloo Iowa
*UPDATE Employee: Help with home
*Consumer Comment: This is a scam
*Consumer Comment: Keep your money
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Well, the Homecomings called me yesterday...they asked where the payment was. I told them that we obviously are not stupid people, but, we are "house poor" and that over 1/2 of our monthly income goes to our house payment. And that we are ready to just walk and pay cash for a foreclosed home in the same neighborhood. to the tune of 1/2 of what we currently owe Homecomings! At this time they were ready to "work" with us, on keeping our home! I was told to fill out a Financial Package and fax it over. They say it will take 7-10 days to get back to us with a work out package. Has anyone been through this with Homecomings and if so...what was the final outcome?
We have been told by Homecomings, just over 3 months ago, that because of the housing slump, we owe more on our home than what we could sell it it for. No suprise there! They aslo told us that even if we had a million dollars in the bank, that if your credit is not "A" credit, that you might as well forget about a loan modification with them, especially if we cannot come up with the difference in the value of our home and the closing and title costs to the tune of $40,000 + at closing! So, in the meantime we are confused. Do we pay what we can and just send it? Do we save the amount that should be paid into a seperate account, just in case they want to work with us now? Or do we just let them take the house?
Susan from michigan
This report was posted on Ripoff Report on 02/08/2008 09:15 AM and is a permanent record located here: http://www.ripoffreport.com/r/HOMECOMINGS-FINANCIAL-GMAC/Waterloo-Iowa-50704-0205/HOMECOMINGS-FINANCIAL-GMAC-Will-not-help-with-a-mortgage-modifiation-Waterloo-Iowa-307275. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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