Homeq Servicing, The Money Store ripoff, something doesn't add up right North Highlands California

PLEASE!!!!! Read carefully through all complaints and comments and carefully choose a lender. If you thoroughly read through the complaints and comment you will see that most of us financed through other companies and had our loans sold to Homeq. The last response to my complaint is a prime example, her original loan was sold to Homeq and after having the problems with Homeq she refinanced with another company who then sold the new refinance to Homeq AGAIN, there has got to be a way to keep our loans out of there hands, but how???? Please choose wisely and try to make sure you have a company that Homeq can't get there claws on! My original loan stated a less than 10% loan sell, they sold our loan to Homeq within 2 years and here we are. PLEASE be careful, I wish you the best!!

I must say Thank You to all of you and to Rip Off Report! My husband and I are getting ready to refi this month on our mortgage loan I must say that we will definately NOT be using HomeEq!

I must say Thank You to all of you and to Rip Off Report! My husband and I are getting ready to refi this month on our mortgage loan I must say that we will definately NOT be using HomeEq!

I must say Thank You to all of you and to Rip Off Report! My husband and I are getting ready to refi this month on our mortgage loan I must say that we will definately NOT be using HomeEq!

I have six months left forbearance payments. My nuerological condition has worsened from financial stress, we live day by day, not paycheck to paycheck. We have considered refinance and consolidation. I am so glad to recieve your information before going any further. How is Homeq getting away with this? Why are finance companies selling our loans to them? I feel for you, it seems like there is no way to get rid of this VIRUS known as Homeq.

Well I unfortunately know the pain of several individuals on this posting. I refinanced my home loan with a company 2 1/2 years ago who then sold my loan to Homeq. My loan was fixed for 2 years and then "could" adjust after the 2 year term which would have been January 2006. However my normal monthly statements kept coming in the mail. So I paid them. Not only did I pay them, but paid them 7 to 10 days early each month! Waiting to see if my rate would infact go up.

Four months went by with nothing happening. Then at the end of April I received a letter from Homeq stating that my rate was going to raise. No problem right, I was waiting for it. But I wasn't ready for the my payment to go up 50%! Yep that's right they raised my rate and my payment went up 50%. Then not only were they raising the rate, but they were back dating it to January. Now I have no problem paying my mortgage, but raise the rate by $700 and then want to back date that 4 months!!! That's $2100 just in back payments. I'm not the one at fault for not paying attention to dates and time frames. Come on......

Oh it gets better....... Then they backed my 4 months of payments (Jan 06 - Apr 06)out of my account. Raised the rate and re-applied the amounts I had paid every month earlier than the due date. However they did decide to leave the money that I had paid in some sort of account (I never really got a real answer) hanging out there for over 2 weeks before my repeated phone calls finally got them re-applied to my account. This then made my account short for the month of March and 30 days past due for the month of April. Which was reported to the credit agency in that manner.

Even though I was making my payments early and the fully amount stated on my loan statements that I received each month, I was officially then reported as paying short and no payment!!! After a minimum of 78 phone calls in 5 weeks, My husband and I finally had it and decided to refinance with a new company. We just wanted out from under Homeq's thumb. I can tell you in that 5 weeks I received the absolute worst customer service I have ever seen in my entire life. I even contacted a lawyer briefly, was recording my phone calls (letting the rep know of course) and documenting every thing discussed. I was in the loan industry in Sales. I don't think they expected me to call so often and have any knowledge.

I can tell you that had I been employed full time during this ordeal I would not have had the time to keep such accurate notes and make some many phone calls. Unfortunately or fortunately I was home caring for a sick child who had surgery. During my contacts with Homeq I worked with the customer service dept, collection dept. and every other dept. I was hung up on several times, put on hold for up to 56 minutes on one occasion, however most hold times where approximately 25-30 minutes and even yelled at, spoken down to, and had one guy even look at my account and say a few things that I can't repeat on this posting. He obviously had forgotten that he still had me on the line and not on hold and must have been just baffled by the looks of the notes and everything that had happened on my account. At one point I even had someone within the company suggest I refinance with another company from what they could see in my account profile!

We finally refinance with no resolution and paid the amount as our new lender was ready to pull funding as they could only see what was in our credit report. Of course now our credit report was showing really nasty stuff thanks to Homeq. And wouldn't you know it, the day before we signed the refi paperwork we recieved a letter in the mail from Homeq stating that they were going to raise our rate yet again and bumping the payment up another $200.

Now the finally blow came just last week when our new mortgage lender sold our loan. And lo and behold guess who they sold it to!!!!!! yep you guessed it......Homeq!!!!! And there's nothing I can do about it.

I have to live with my lender but I don't have to live with the kind of customer service that I received just months ago. I did write a letter to the Executive in charge of Customer Service stating in detail with supporting documentation about the mishaps on my previous loan. I asked for one contact person within the company for my loan and for that person to be of at least Senior Manager level. I did state that even one minor flaw within my loan with result in my contacting a lawyer as well as the media. And I was not threatening in my tone, but polite and requesting the utmost level of customer service as I know I deserve it.

It's just too bad that I had to endure this unfortunate experience just to get good customer service. It should have been there from the beginning.

I am still struggling to finish the forebarance payment which will be up in March2007. I have tried to contact homeq to see how much it would be to pay off the plan and I was quoted between $1600.00 to $2200.00, which is it? I have tried to refinance but because of the forbarance my scores are too low. As for the insurance, we did pay the extra money to have the insurance on our loan, I don't understand but when the contract was sold we had paid extra for nothing. just updating, if any of you have followed my comments and rebuttals from the employee from homeq, in her last rebuttal she asked for specifics and when I gave specifics I have not had a rebuttal from her, seems strange since she was so quick to rebuttal until she received the specifics ahe asked for. Still hanging in there but just barely.

Actually, we inquired about mortgage/life/disability insurance when we purchased this house...for exactly the reasons you stated. (another company had the original mortgage. While they never came right out and said we didn't need it, insurance, other than homeowner's was discouraged.) My personal opinion, is that since these are sub-prime mortgages, they sit like vultures waiting for a letter of the contract to be broken. Of course, since Katrina, the attorney general for the state of Mississippi declared some kind of emergency so mortgage companies cannot just come in and collect property until October/2007. Hopefully, by then we can have refinanced through another company.

Anyway, your advice is good and sound.

Hi there,

I am sorry for the frustration you all seem to be experiencing; I have a suggestion, pointer for those that read this that are in good health that are considering buying a house or that have bought a house. While I know this will not help people already in trouble, it could help keep others from dealing with this kind of issue.

As a recent new home owner, my spouse and I took time to invest in credit disability/unemployment/life policy. The reason we did this is we were afraid of a situation like this poster had. We locked the rate for the mortgage term through an independent insurance company after we closed on the house. We went with a well known and highly rated insurance company. We made sure it was enough to pay off the mortgage if we become disabled or one of us dies, and should one of us go through unemployment, it will pay our note for up to two years. We also got an unemployment premium waiver, so if we become unemployed the policy will also pay our monthly premium so our coverage is continued. Additionally, the policy pays the survivor, not the mortgage company.

Yes it is an added expense and time investment (meeting with the companies that offer these policies, making the decision on which one to go with, then the medical exam), but it allows us not to sweat about what we will do if something unforeseen happens to one or both of us.

Now before any of you go off on me, I am not an insurance sales person and I have no referrals to offer, just my advice.

HomEq's response to our problems with them, was to refer to us as "those people". They were speaking to my attorney at the time. Turns out, "those people" are the victims of hurricane Katrina...The reason the attorney and I conferenced call them was because he couldn't believe that HomEq was as bad as what I told him.

I'm so sorry this is happening to you. Just know that you're in my prayers. HomeEq is the most unprofessional company I've ever had the displeasure of dealing with. I don't know if what they're doing to us is agains the law, but they have been very unpleasant, unprofessional, and just down right don't want to negotiate at all. Also, they tell us that we owe somewhere around 18k, but still refuse to give us an exact amount.

I see I am not the only one who gets talked down to by this company's employee's. I have been where you are and I agree! the long on hold's with the phone calls, getting transfered all the time to yet someone else who knows nothing of your case, and the darn rudeness we have to deal with. I sure hope you have better luck than we did with these people as we are giving up! and moving on.. they are just not worth the headaches.

You asked for specifics in your rebuttall, here you are. There is no other carrier on this account, I have had the same address for 9 years, my statements were always sent to the right address why not the forclosure notice, that is my first tip-off of something not right.

For 3 weeks, I phoned 3-4 times a day, I would always ask for the same person that I had spoke to before but, convienently they were not available, second tip-off. When trying to get a forbearance quote, I was consistantly quoted a different dollar amount each call, when calling back to confirm a quote I was told that the first conversation was not noted and that it was not even close to the amount needed to set up a plan, third tip-off.

I have always been respectfull when dealing with all people associated in my life, I felt as though I was being put off to the point that when finally an amount was agreed upon it would be so outragously high that I would be unable to repay, fourth tip-off.

As for your comment about my credit, I had great credit until becoming ill, I only carry a TOTAL of 3 debtors, no credit cards no credit anything just medical. As for your comment to "BE ADULT" have you ever tried to phone your own company? After a 1 hr wait on hold and transfer after transfer to finally reach yet another someone that doesn't know but will note your account and then come to find out that your call was not noted at all, fifth tip-off. How many tip-offs does it take to make a rip-off?

Of course I don't have your account information, but if you have correspondance regarding your property being sent to another address there a few instances that can occur. If someone else is on the deed to your home then they will receive mailings from your mortgage servicer, the postal service, there are a lot of things that can go wrong. I would call HomEq and find out the dates that my mailing address was changed and what conversations took place on that day. If there were no conversations taken place I would ask the representative to investigate into why someone was going into my account and changing information without authorization.

It seems like you have a DSI loan. It means you accrue Daily Simple Interest from the day you make one payment until the day you make the next. I find it hard to believe that someone would allow a corporation to commit fraud on the biggest loan they have and won't write into the company for their research team to look into it. You would get a 10 day response if you wrote a letter in for them to look at your original loan documents. If there is an error they will correct it and they will send you a letter stating the outcome.

You are not being specific as to what took you 3 weeks to get an approved Forbearance Plan. What were you being told? How often were you calling in during those 3 weeks? As long as the customer has access to a fax machine we can get a Forbearance Plan set-up and approved within 2 days.

And as far as your Woman comment goes. I am a Woman, and yes Women can get stuff done, I am living proof. It makes me wonder why you thought I was a Man. I think you should calm down, be rational and call in and have a decent, adult conversation with a representative. We are willing to work with customers, but the customer has to be able to work with us as well. We are all adults so lets handle these adult situations like it.

For your info I have reviewed the original docs from the money store and it states that after a 14 day grace period there will be a 5% interest added NOT DSI!!!!!! Why were my statements being sent to the right address but the forclosure notice was being sent to the wrong address, answer me that!!!!

When trying to work out a FOREBEARANCE plan why was I put off for 3 weeks? You all were running around with your heads up eachother's butt, I did not receive the same person or the same amount quoted each day that I phoned. Finally I was able to get a woman on the phone and within minutes we had a plan worked out. Thank God I got a woman because we, as women, can get the job done!!!

When confirming the FOREBEARANCE plan I was told (and I quote)"How did you get a deal like this?" What kind of a comment is that supposed to mean? I cannot wait to be rid of this company.

There is no fraud going on. First of all you need to review your original loan docs. It is a legal binding contract that can not be changed during the transfer of mortgage servicers. You need to review it carefully because it most likely was a DSI loan and you didn't know. If this is not the case then maybe you would want to write to customer correspondence (the address is on the back of your monthly bill)and have them review the original loan docs and have your account corrected.

HomEq is The Money Store, when Wachovia bought the Money Store they changed the name to HomEq. HomEq is the #1 mortgage servicer in America for sub-prime loans. This means that the loans we acquire are people who do not have good payment history, bad credit and unverifiable income. In case you are wondering how you ended up there. Just though you might like to know the history of the company holding the biggest debt you have.

HomEq is not a Debt Collection Agency. By Government Law every company, including your cable company, internet, gas, electric and so forth need to advise you if the call is regarding the collection of your debt. In this case it is your mortgage. Listen to the system next time, it states "HomEq is a debt collector, the purpose of the call is to collect a debt and any information obtained is used for that purpose." No where has it ever stated we are a debt collection agency.

HomEq is not doing anything to you, you signed a contract and now you can't keep up to your end of the bargain. If your marriage fails then it's not HomEq's fault, maybe you shouldn't have gotten yourself into something you couldn't handle. There are many people who get on Forbearance Plans (Its not spelt Forbarrance, it states it on the letter we faxed you and you singed and returned to us)and make the payments on time every month as specified and they catch their account up and they are on their way.

Either sell your house or call HomEq and find out what it would take to bring your account current and do it. Stop whining that HomEq is doing something to you. If you can't afford it, then get rid of it.

READ YOUR ORIGINAL LOAN DOCS FRONT AND BACK. EVERYTHING YOU NEED TO KNOW IS AT YOUR FINGERTIPS.