• Report: #422865

Complaint Review: HomEq Servicing

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  • Submitted: Wed, February 11, 2009
  • Updated: Sat, December 19, 2009

  • Reported By:Somewhere California
HomEq Servicing
, California U.S.A.

HomEq Servicing HomEq Modification... and inside look from a current employee. California

*Consumer Comment: employee of Homeq

*Consumer Suggestion: WHO WROTE GROW UP?

*Consumer Comment: Short sale listings

*UPDATE EX-employee responds: GROW UP!!

*UPDATE Employee: Me 2

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Want a HomEq modification? Yes, I am a current employee. Yea me! Why am I doing this? Because I unlike many of my co-workers want to help you out! Don't reply back with negative comments b/c I'm only here to help and giving you the information needed. Take it or leave it because I don't have to do this. And if you don't send in everything I am tell you here the mod will be denied. Follow it closely. I can't make a guarantee you'll get a MOD, not every home can be saved. But this will get you in the right direction. If there are two people on the loan, send their info. too. But to be safe, if your spouse isn't on the loan, send theirs are well.

1) Write a hardship letter explaining why you want/need a modification. Now if you flat out can't afford the property its not worth your time. Example: House payment is $1500. Total household income is $3000. Total expenses including the mortgage are $4500, you're over spending your means and you need to short sale the property or find some way to cut that deficit.

2) Last years w-2 or 1099.

3) 2 most current pay stubs or bank statements proving income. Ex: January and February. Not June and November!

4) Declarations page of home owners/flood/fire insurance. If we escrow your account you don't have to send it in.

5) Recent tax bill showing property taxes are paid. If we escrow your taxes you don't have to send it in.

6) Fax all that to 866-554-5325, this goes to the HomEq Modification department!

7) Call back in 1 week after you fax the documents to make sure they are all received and documented. KEY STEP!!!

8) Ask if its been assigned to a processor. The agent might say something like "Well you're not qualified". Tell them to look in MSP (program we use), type in LMT3 and your loan # and see if your file has been placed with a processor. Now, just because it might be assigned doesn't guarantee you're getting a MOD. Again, not all loans can be modified.

9) VERY IMPORTANT. If you are offered a MOD or going through the process, everything is time sensitive. And its not X amount of days from received, its X amount of days from date on the letter. FAX EVERYTHING!

10) If you are contacted by a processor, get their first and last name and try to get their direct phone #, not their extension. Extensions don't work. With their first and last name you can email them directly. Example: Your processor is Jane Smith, their email would be jane.smith@homeq.com.

11) The modification will have escrow, its required and your monthly payment might increase after a mod. HOWEVER, it includes property taxes and insurance. Also, if 2-3 months after you get a MOD your payment increases... its because of escrow and we have nothing to do with that. Either your insurance or county/city tax office didn't send us all the info at time of agreement. However it must be paid. I'm sorry but its true. You would have to dispute w/ your local tax / insurance office.

12) VERY IMPORTANT: When talking to the mod specialist/processor. Make sure any monthly payments, late charges, other fees, and corporate advance fees are capitalized and put on the back of the loan to bring your account current and get it in writing.

13) Once those fees have been put on the back of the loan make your payments on time. Why? Because even with a MOD, we will still call you on the 2nd!

14) Get set up on the automatic payment plan where it withdraws from your checking account on the same date every month. Its free, its efficient and easy. Set it up for the 1st or 16th. We wont call you!

15) If you are going through a MOD, don't go on a spending spree. That 60" Vizio Plasma can wait! Take that money, and start an emergency house fund. Why? Have you ever got sick and missed work? Just because you missed work doesn't mean you don't have to pay! So don't call saying you missed work and can't pay what can we do... we'll tell you you're due for a payment, dig into savings! Just being honest.

Hope this helps! Again, Not every loan can be modified. Sometimes you do have to be 3 months behind to be ran through DEALL another program we use only for accounts that are 3 months behind. It doesn't matter if you have a fixed or adjustable rate. Also, DON'T hire a third party company to get you a loan mod. All they do is take your money to do what I just told you to do.

I wish I could give you my name, the location i work and or a # and email address however if traced back to me I be accused of insubordination and possibly terminated and the economy sucks so I need the job!

Current employee
Somewhere, California
U.S.A.

Click here to read other Rip Off Reports on HomeQ

This report was posted on Ripoff Report on 02/11/2009 09:45 AM and is a permanent record located here: http://www.ripoffreport.com/r/HomEq-Servicing/California/HomEq-Servicing-HomEq-Modification-and-inside-look-from-a-current-employee-California-422865. 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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REBUTTALS & REPLIES:
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Updates & Rebuttals

#1 Consumer Comment

employee of Homeq

AUTHOR: jose - (United States of America)

thank you for your report,is very helpul,i just don't know in the sample of your report the income required is gross or net,i have a payment trial with homeq and i don't know what is going to be after the 3 payment trial, my total monthly income is $2050 after taxes(net pay) and my total monthly expenses are $2396 with mortage included,as u see i have a monthly deficit of $346, Is this defict may disqualifyme? thanks for all your time.
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#2 Consumer Suggestion

WHO WROTE GROW UP?

AUTHOR: Cr8z4halloween - (U.S.A.)

WHATS THE POINT OF THE GROW UP COMMENT? I THINK THAT PERSON GAVE INFORMATIVE INFORMATION FOR THOSE WHO ARE IN TROUBLE. SHAME ON THAT PERSON WHO WROTE GROW UP. I HOPE YOU LOSE YOUR JOB AND NEED HELP AND NO ONE GIVES IT TO YOU. LUCKILY WE ARE NOT ONE OF THE MANY WHO CANT PAYU THEIR MORTGAGE AND THEIR BILLS. WE LIVE A HAPPY AND COMFORTABLE LIFE AND THANK GOD THIS RECESSION IS NOT HURTING US. EVEN SO I WOULD NEVER WANT TO SEE ANYONE NOT BE ABLE TO KEEP THEIR HOME AND IF I WERE IN THEIR SHOES I DONT THINK I WOULD APPRECIATE BEING SPOKEN TO LIKE THAT. SHOULDNT EVERYONE BE TRYING TO HELP OTHERS???TO ANYONE THAT NEEDS HELP, A RELATIVE OF MINE WORKS FOR OUR STATE. THERE IS SUCH A THING CALLED HERO LOANS AND HEMAP LOANS. LOOK THEM UP THE STATE CAN HELP. IF YOU ARE BEHIND ON YOUR PAYMENTS THE STATE CAN PAY ALL YOUR BACK PAYMENTS IF YOU QUALIFY AND CATCH YOU UP SOME EVEN DONT HAVE TO BE PAID BACK....JUST GOOGLE HEMAP LOAN AND HERO LOAN....ITS A SHAME SOME PEOPLE HAVE TO BE COMPLETE MORONS. ALL I CAN SAY IS KARMA AND WHAT GOES AROUND COMES AROUND. WAIT AND SEE. GOOD LUCK TO ALL WHO ARE STRUGGLING AND I DO HOPE THIS HELPED...
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#3 Consumer Comment

Short sale listings

AUTHOR: Christina - (U.S.A.)

Please tell me how HomEq handles short sale! I have a listing in Turlock california, I submitted an offer on this home, and HomEq to my surprise gave an approval in less than 30 days! They gave me less than 30 days to close. After 4 days from the approval, the Buyers for this offer approval decided not to go foward with the purchase. In a week I was able to find another Buyer to purchase the home for the same approval price and all the same terms. When I called HomEq to let them know that the previus buyers where not buying the home, but I had another qualified Buyer that would buy with all the same terms and could close in 3 weeks. HomEq gave another approval with a increase of $7,000 to the net ( Payoff to HomEq). When I asked why they had increased the net, I was told because they wanted to! I was told by HomeEq that I could give up some of my commission! This is a $200,000 purchase, the commission wouldn't cover the difference. I now have a problem the current buyer doesn't want to pay more for the home, the sellers, they dont have any money. Is this common practice to increase the pay-off in a span of 10 days! Please let me know if there's anything that I can do have HomEq honor the first approval!
Thank You. Christina
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#4 UPDATE EX-employee responds

GROW UP!!

AUTHOR: Wow, Your Crazy - (U.S.A.)

All I have to say is that I can not believe that you would post something like this on line.
I bet they had you sign a conditionality agreement when you were hired. This just goes to show you that you are nothing but a little kid who does not get it. Grow Up!!

As busy as they are I bet you get to work O.T don't you? With the money they pay you, you have the guts to post this about the company that puts food on the table.

Get a life and move on if you don't like working there.

p.s. good luck ever becoming a manager, you have no ides has things work do you?
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#5 UPDATE Employee

Me 2

AUTHOR: Noneya' - (U.S.A.)

I'm also an employee at homeq. Ive actually learned a few things from you. Thanks :)
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