• Report: #343822

Complaint Review: HomEq Servicing Corp.

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  • Submitted: Tue, June 24, 2008
  • Updated: Wed, June 25, 2008

  • Reported By:Carmerl New York
HomEq Servicing Corp.
P.O. Box 13716 Sacramento, California U.S.A.

HomEq Servicing Corp. Beware of there Good Intension's: Escrow scam Sacramento California

*Consumer Comment: Escrow

*Consumer Comment: Escrow

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Boy.... I wished I had found out about your website a lot sooner!

My nightmare began in September 2005. I received a notice that my mortgage account had been transferred to HomEq Servicing Corp and that the servicing of my account would not affected the terms or condition of the financing agreement...HAH!

Sometime in December 2005 I got a call from a HomEq customer service representative. He began by tell me how HomEq was was happy to be servicing my account and had some good news for me. It seemed that there was an excess amout in my escrow account and that they wanted to help me save money by reducing my monthly payments by a little over $250.00. I say.... that was really some good news.... or was it?! I can't believe how naive I was.

The first indication that something was wrong, was when in December 2005, I got a statement from that Tax Reciever's Office stating that the School Tax for 2005 had not been paid! That's funny....the taxes were due in September, right about the time the I got the notice from the HomEq. I call HomEq regarding the matter and they assured me that they would look into this oversight on their part. I was really glad that they were going to take care of the problem...... Right!!!

I continued to call all the way through March 2006. Every time I called I got someone who was not aware of the problems I as going through. No one could tell me why this was happening. The taxes were finally paid in April 2006. But the nightmare was just getting started. I recieved a call from one of the managers of the HomEq Tax Department stating the the problem was that there was a shortage in my escow! The reason was that my taxes were near $14,000.00 and they had not adjusted my escrow account properly.

As hard it was to keep my composure.... I proceeded to inform the rep. of the call recieved in Dec. 05 and that my taxes were not $14,000.00 but infact $8,600.00 and that they have made a serious mistake. They did not agree with what I had to say. They refused to believe that indeed made the mistake. After submitting several copies of my tax statements, they finally
agreed that they had made an error while handling my escrow account.

Now that problem was identified... they had to adjust my montlhy payments in order to fix the problem. The new adjustment would require that I would pay nearly $3,300.00. Now this is where the chills ran down my spine.

They claimed that I was short a little over $8.000 and they wanted me to make payment for 12 months until I cought up. Lets see.... that an increase of about $1,200.00 a month. What to do??

After several weeks of going back an forth on the matter, I had no choice but to now pay close $2,600.00 a month. This has caused me to live week by week. My credit has taken a dive and now I am facing an increase on my intrest rate like alot of us are. This would bring me closer to that $3,000.00 payment. And the possibility of getting a refinance is harder and harder everyday that goes by.

Can anyone tell me how is it the companies like these can go on with these preditory practices? Has anyone filed a class action law suite? Can anyone help? Does anyone care?

Anonymous New Yorker
Carmerl, New York
U.S.A.

This report was posted on Ripoff Report on 06/24/2008 05:05 PM and is a permanent record located here: http://www.ripoffreport.com/r/HomEq-Servicing-Corp/Sacramento-California-95853/HomEq-Servicing-Corp-Beware-of-there-Good-Intensions-Escrow-scam-Sacramento-California-343822. 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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0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Escrow

AUTHOR: Whut? - (U.S.A.)

My loan transferred to HomEq in November 2006 and I was sent a check for too much money in my escrow, a few months later I got a statement that my escrow didn't have enough money to pay my taxes and the shortfall amount was to repay for 12 months!
Come to find out(and yes I did the research too) my old mortgage company did not pay my taxes due before my loan went to Homeq but I had a statement that said it was paid, the tax office did not receive any money from Countrywide at all, Homeq sent me a copy of my payment history from Countrywide that "supposedly" showed they paid my taxes and my taxes ould be due in March 2007(but no money came out of my escrow) that was why I got a check for too much money...then the amount they said my taxes would be when I got my loan was way too little so my payment went up higher.
I called Homeq and told them I could not make that high of payment, they gave me a hardship spread and now I pay what I am short for 36 months which is very managable for me.
Maybe you should ask for a hardship?
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#2 Consumer Comment

Escrow

AUTHOR: Whut? - (U.S.A.)

My loan transferred to HomEq in November 2006 and I was sent a check for too much money in my escrow, a few months later I got a statement that my escrow didn't have enough money to pay my taxes and the shortfall amount was to repay for 12 months!
Come to find out(and yes I did the research too) my old mortgage company did not pay my taxes due before my loan went to Homeq but I had a statement that said it was paid, the tax office did not receive any money from Countrywide at all, Homeq sent me a copy of my payment history from Countrywide that "supposedly" showed they paid my taxes and my taxes ould be due in March 2007(but no money came out of my escrow) that was why I got a check for too much money...then the amount they said my taxes would be when I got my loan was way too little so my payment went up higher.
I called Homeq and told them I could not make that high of payment, they gave me a hardship spread and now I pay what I am short for 36 months which is very managable for me.
Maybe you should ask for a hardship?
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