Homecoming Financial GMAC Company Homecomings Financial should be named Homecomings Predatory Lenders INC. Louisville Kentucky

My sister and I bought a home to remodel and sell and got a homecomings mortgage. When the market tanked 6 months into the mortgage we were forced to rent the house out for barely enough to cover our payments. Then our renter moved (because they could rent a brand new house cheaper in this market). Since then we have been unsuccessful renting the house out because, of course, nobody wants to rent a house that has a great big for sale sign in front of it! We are unable to make the payments without a renter now because my sisters husband is a contractor who is not working now due to the market.

My point, When I FINALLY talked with a live person after calling more than 30 times only to be put on hold and then cut off after 15 minutes, they said "you must be at least 30 days delinquint in order for us to even discuss a loan modification with you". And, I could barely understand the person I was talking to because the accent was so heavy. She was also very rude. Wow....why even try to be proactive huh? So, 30 days passes and I don't make a payment (I'm 45 and thats the first time in my life I've been late on any payment) and they finally told me what information they needed from me and after going through all of it on the phone (another 30 calls before getting a live person) she said "you don't have enough income to qualify for a loan modification" DUH!!!!! when I pressed her for information about why that is the policy and what the options were she hung up on me.

The bottom line is that I will be forced to file bankruptcy and the house will be foreclosed on. I am another victim in the financial market crash and if this lender would have worked with me I could have paid them and avoided a bankruptcy and ruining my credit.

My question is why didn't the bail out money help the good citizens of this country? Perhaps helping us directly to stay in our homes could have saved all those "bad mortgages" so the banks could still get rich! Perhaps a mortgage interest rate freeze on bad ARM loans could have been the answer.....

My husband and I are going through very similar situation with HC.They won,t let you get any farther than a loan counselor that is hard to understand,all that person does is make your payment higher and ruin your credit.We have had it with them,but what to do about it,I don't know,but would like to find out.the LOAN modification is a big farse.From what I have red here on RipOff it's happening all over this country.Imagine the people that don't know about this sight!I totally agree with what you say.

I am on your side... I was told mis-leading information from them.