After dealing with these crooks for months, making phone calls,going to HOPENOW and finally using a Loan modification Company. I have realized that this company is simply in the business of keeping people in trouble with their loans.
After reading scores of complaints on RipoffReport.com, how can it be that no orginizations news or whatever, has made an effort to expose Homecomings of these fradulent and misleading practices?
I for one, after fighting, negotating, paying lawyers and a loan modification company, have become "numb to their threats of forclosure". Its my experience that no matter what deal you strike with them, they find a way to alter it (i.e. taxes, extra fees, forced place insurances etc.) for some reason they always make honoring terms of the deal impossible for the homeowner. Yet the continue to operate nation wide without scruntiny.
Customer service reps are rude and condsending, arrogant and I believe are trained to belive that "YOU ARE THE PROBLEM!"
After a year of trying to get my loan modified, I was offered a settlement. Mind you it was through this loan modification company. I would not recommend a loan modification company without doing an extensive background check. Most of them were mortgage brokers who pushed the same loans the are now charging stressed people to modify.
I was charge $1400.00 up front by them after extensive coaxing. I was told by them that the reason I could'nt do this myself was that the mortgage co. saw me as the problem. They also claimed that they knew how to get to the right people to get the modification through. "So I took the bait."
The modification took about 5 months. It was suposed to lower my intrest rate from an 8.9% adj rate mtg., to a lower 30 year fixed rate mtg. When I recieved it the intrest rate was lowered to 5.75%, however it was still an adjustabe rate mtg.
When I called the loan modification company, They told me to look at the bright side. The loan was now current all arreages were tacked on to the back of the loan an you lived in the house a year for free. So not looking a gift horse in the mouth I signed the agreement. Even though it was an adjustable loan it was fixed for the first 5 years and taxes an insrance were to be escrowed.
Well, after taking the deal my first payment was Jan.1, 2009. It was 2351.61 and was to include taxes and insurance. I made the payment thinking what a relief its over and everthing was back to normal. 29 days later I recieved an an escrow analysis statement saying I was in arrears. They added forced placed insurance and this increased my monthly payment to 2851.61 for the month of Feb. 2009. This means that the entire problem has started from the begining and I've lost a year for nothing. So I've given up, thrown the towel in,waved the white flag.
I refuse to fight with them any longer, there seems to be no getting around Homecomings and their practices.
Done with this