HomEq Still Scared but Happy with HomEq Right Now North Highlands California

Okay, I also was a victim of a very very bad loan. As smart as I pride myself to be, I didn't see what they did with my loan before signing on the dotted line. I ended up in a horrible situation - 5 months behind on my mortgage, notice of default in hand, and two denied remod's. Needless to say, I was scared and very dissapointed in myself, our government for not monitoring what Loan Brokers were doing, and HomEq for their lack of willingness to work with me.

I wasn't asking them to reduce the prinicipal, just lower my interest rate and allow me to resume making payments at an affordable amount. I did have a reduction in income, but still have a job which shows stability for the future. This means that they most likely would not face a foreclosure with me in the future and I could fulfill my committment to them - of course not at the original terms, but they would get their money from me. THEY SAID NO, NO AND NO!!! I was completely floored that they would want another house in Foreclosure??? I just didn't get it.

Well, I got to researching and learned who my investor's were and that they were in a class action lawsuit with HomEq for scheisty loans, and I knew that mine was one of those. I wrote HomEq a letter explaining this to them and that I was requesting the original loan docs that they had on file - by law they have to respond to your request and provide you with the docs. I explained in the letter that I would be having a forensic review of my docs and strongly considering joining the class action lawsuit.

Guess what happened next! They contacted me within a couple of weeks stating that "things have changed on their end" and they are willing to review my case again and it looked good for a loan mod. Uncertain about what the class action lawsuit could truly do for me and how long it would take to resolve the issue with a forensic analysis, I asked them to draw up the docs and email them to me for review.

I was originally in a 9.25% interest loan that adjusted up to 10% which totally knocked my payment out of range. They agreed to dropping the interest rate down to 5.1% for 5 years (to be reviewed at that time) and forgive the past due, penalty, etc. This has save me almost 800.00 per month over what my original payment was. I signed the docs in January and made my new monthly payment February 1, 2009.

HomEq has helped me save my home. Although, I was very frustrated and stressed out over the dealings with HomEq, I can't deny the fact that I'm happy with the end result.

It's still a little scary to think what will happen in 5 years, but I hope that things are better then and I will be able to refinance.

What's the moral to my story? Well, I guess, you can't give up. You have to be your advocate, know how to research, and as scary as it may be, be prepared for the worse, but hope for the best.

Good luck to everyone! I wish I didnt' have to work full-time plus or I would love to help everyone achieve the same result that I did.

Scared homeowner
Sacramento, California
U.S.A.