Homecoming Financial - GMAC Homecomings made owning our first home a nightmare! Dallas Texas

I am devastated with this company. I purchased my home in 2005. At that time, my loan was transfered to Homecomings. This is where my nightmares began. Today for example (8/28/2007), I tried to refinance with another compnay. Ofcourse as we all know, a credit report must be pulled in order to start the process. Once my report was pulled, I was told by this mortgage company that Homecomings was reporting that I was 2 months behind on my payments. I was floored. I tried to explain to the "new company" that this information was inaccurate. How can you convince someone to extend you a line of credit with such derogitory information on you report. So next I did what we all would think would be logical. I called Homecomings. What a joke!!!!!! I asked the Homecomings Rep. why are my payments not being reported to the credit agencies. He stated to me that "since I was on a repayment plan, they will continue to report late payments regardless if I send the payments or not." I went on the express to them that is was not fair to me that they are not showing, regardless if I am on a payment plan, that payments are being made. The devestating response I got was, "think of it this way, at least we are letting you keep your house! We could have taken your house a long time ago if we wnated to!" I CRIED, and I mean literally cried!!!!! Then they went on to say, "if you send us $5,150.69 today which will cover you until December we will start reporting TODAY that you are current. What kind of bull is that? I asked them where did that number come from and they said, " that will cover you payments and any fees that may come up." WHAT????
Long story short, I am still fighting to get my credit report cleared up due to the fraudulent reporting by Homecomings. What do I do? How can the government not take action on this company? Lately on the evening news, all you hear about is how many people are losing their homes due to foreclosure. This company need to be stopped. PLEASE HELP!!!!!!!!!

Brianna,

I'm just responding to your response. Yes, I was in a 2 year arm and after the 2 years is when my interest rate kept adjusting. However, I was assured that it would not adjust this high. Yes, I have received letters to refinance, but I couldn't. From the get go Homecomings reported things on my credit that was not accurate.

My first 6 months of this morgage I received a letter stating that I was 2 months behind. I'm franticly calling the back because I know that the payments were made. The checks had been cashed and cleared.

I called Homecomings to find out what was going on, after being transferred to 4 different people, and on the phone for an hour I was told that 2 months of my payments were put into my "holding account". I assume this means my escrow account, the rep. said she would fix it, but when she did it looked as if I had made 2 months of payments on that day.

That wasn't the case. they had those payments on time. I explained that this would affect my credit, because it looks like I was 2 months behind. She told me there was nothing I could do, but to call all 3 of the credit bureaus (transunion, experian, equifax). Then after this it would take them almost a month to post my payments.

I mailed them 10 days before they were due. I wouldn't think it would take a month to post to my account. To be quite honest with you I was never actually late when my morgage was fixed (for the 2 years at $700.00). But I still couldn't get a good interest to refinance, because of all the negative things that they reported on my credit.

I was still in the process of working with the 3 credit bureaus to get it took care of. Then after my interest rate started to adjust, yes it became quite hard to make my morgage payments on time. And yes some of those were actually late. Then when my payments went up to $1,300.00 a month I was 45 days past due. But I had set a payment plan and faxed over all of my info. I was told they would let me know what to pay after the repayment plan was processed, but they didn't.

So I went ahead and made a morgage payment and it was mailed back to me. Then they started foreclosure. I was told that I was approved for the repayment plan, but they started foreclosure proceedings anyway. I have left 13 messages with the account manager they assigned me and she will not return my phone calls. When I call to try to talk to someone else they tell me that I have to go through the account manager. So what do I do?

Quote "In my opinion Homecomings likes to foreclose on people so they can collect the money from insurance companies as a loss. I am in foreclosure status and I feel that I was forced into foreclosure. I was trying to make my payments, but they were mailed back to me. My morgage started out at $700.00 and now is $1,300.00 and they keep adjusting my morgage every 6 months. My morgage has almost doubled and they will not help me! I have left several messages, sent in reinstatemet papers (on 3 different occasions, because they lost them), bank statments and pay stubs and no one will return my phone calls and help me. It's like they want me to foreclose. My foreclosure date is scheduled for Sept. 21, 2007 and I have a child; and no place to go. If anyone out there has a lawsuit out and needs info. from other customers, please let me know "

I am going to try to give you some advise, I am a former mortgage broker. First, let me assure you that lenders do NOT like to foreclose. Contrary to popular belief and myth, they do not make money with a foreclosure sale, but rather lose alot of money.

You state that your payments started at $700.00 a month, and now are @$1300.00 a month, and the rate keeps adjusting every six months. Look at your closing statement otherwise referred to the HUD. There you should see that you had secured an adjustable rate mortgage that offered a low introductory rate for a " fixed period of time" usually 2 or 3 years, sometimes they are longer. The reason your payments are increaseing is because the fixed period has expired.

Frankly, I am surprised that you haven't received calls from mortgage brokers telling you that you should refinance your mortgage as it was getting ready to adjust.

The reason the lender will not take your payment any longer could be because you haven't been paying the higher payment and your deliquent ( no insult) just a guess. I would not give up trying to reach the company, in the mean time, call a mortgage broker and ask for some help regarding refinancing... DO NOT FALL FOR FORECLOSURE BAILOUT COMPANIES.