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Report: #281540

Complaint Review: Homecomings Financial, A GMAC Company - Louisville Kentucky

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  • Reported By: Hartford Maine
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  • Homecomings Financial, A GMAC Company homecomings.com Louisville, Kentucky U.S.A.

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My original mortage was sold to Homecomings Financial two years ago. Although I did agree to a two year fixed rate with the third year changing to an adjustable, at the time it was my only option inorder to purchase my home. I was led to believe that at the third year I could re-finance and get back into an adjustable rate.
Because of financial issues, refinancing has been a no go. Apparently, making payments on time for two years doesn't count for anything.

Thinking my current mortgae company would be willing to help, seeing as they are getting my money, I talked to the customer service folks at the company. No, Homecomings Financial will not help. In order to change my mortage from fixed to adjustable, someone in their office had to change the information on my account. This is done with out any conversation with me. Like magic my rate is now ten percent. Like magic my rate is higher than I can afford. Yet the company can not work with me to give me a fixed rate unless I refinance. Yet I was turned down for refinancing.

Homecomings does have a paymnet plan, yet I do not qualify. In order to qualify I must become delinquent in my payments, destroying my credit and most likely causing me to loose my home in the end anyway. I don't understand why this company would want to go through all of the trouble and expense to foreclose on my home or end up loosing me as a customer. Why are these big companies helping people to loose their homes and ultimately increasing the down fall of the economic balance?

Lg
Hartford, Maine
U.S.A.

This report was posted on Ripoff Report on 10/29/2007 08:19 AM and is a permanent record located here: https://www.ripoffreport.com/reports/homecomings-financial-a-gmac-company/louisville-kentucky-40290/homecomings-financial-a-gmac-company-between-a-rock-and-a-hard-place-louisville-kentucky-281540. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
0Author
13Consumer
0Employee/Owner

#13 Consumer Comment

To anyone who works for Homecomings/GMAC

AUTHOR: Kimberly - (U.S.A.)

POSTED: Sunday, March 30, 2008

You are working for a bunch of crooks, who love nothing more than to rob people of their homes. The company does unscroopulous things to people and has admitted to doing so. So get a new job before all of the over 7 hundred people that I have spoken to bring your company down. You cant even defend yourself when over 7hundred people are saying the same thing. The problem is they overextended themselves and now are screwing people out of their homes and equity to save there own a....
So again get a new job before you are unemployed.

Kim

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#12 Consumer Comment

To anyone who works for Homecomings/GMAC

AUTHOR: Kimberly - (U.S.A.)

POSTED: Sunday, March 30, 2008

You are working for a bunch of crooks, who love nothing more than to rob people of their homes. The company does unscroopulous things to people and has admitted to doing so. So get a new job before all of the over 7 hundred people that I have spoken to bring your company down. You cant even defend yourself when over 7hundred people are saying the same thing. The problem is they overextended themselves and now are screwing people out of their homes and equity to save there own a....
So again get a new job before you are unemployed.

Kim

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#11 Consumer Comment

Faye makes some very good points...

AUTHOR: Jenn - (U.S.A.)

POSTED: Friday, February 01, 2008

There are some very good points made here... I am in a similar situation with Homecomings Financial. I am in a neg am loan and my prinicipal balance is now $40k more than when I got into the loan. Basically my house is worth 100k less than what I could sell it for. I think its easy to start hating the mortgage company because there is so much emotion involved when you make a poor decision and realize that you have made a horrible financial mistake. I have been kicking myself over this for the last year wishing I listened to my parents and never refinanced out of my original loan. Its not the mortgage companies fault, its mine.

so the question now is do I just let the balance keep going up knowing that this may lead me to foreclosure in a year or 2 or do i try to do a short sale now?

I can afford the neg am payment, I could even afford $1000 more than that. But $2000 more than the neg am in order to pay the interest only is impossible. So i haven't been paying extra because if I end up going into a short sale or foreclosure then I have basically thrown all that money away. I already emptied my 401k to pay down the loan and now i realize that was a big mistake, it didn't help as the balance is just going up too fast.

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#10 Author of original report

Between a rock and a hard palce update.

AUTHOR: Lg - (U.S.A.)

POSTED: Friday, January 18, 2008

Regardless if people agree with me or not, in order to work, live, eat, get from point A to point B, have power, fuel, phones and everything else, we as humans are forced into situations we ultimately have no controll over. If I could have found a nice piece of land and built a little log cabin on it, set my gardens shot foul and deer in the back yard for food, dug my own well and so on.....eventualy someone wouldcome along and kick me off their property.
This isn't the wild west anymore. If you wnat something you have to pay. Everything might be going along smoothly but then something out of ones control happens and all of the sudden no one wants to help. Oh....I'm sorry you are loosing your home....I'm sorry you will be living in your car now. Events like this can be avoided if the big corporate people with no worries becuase of their income would just sacrafice a little bit to help.

Remember....we are all in this together.
Homecomings out of the kindness of their hearts, motion set in place by congress, or a lettter of complaint has stepped up to the plate to help. Homecomings has dropped the percent rate and placed a freeze on the rate so I can continue to pay my mortgage. It is not the lowest of rates but it is reasonable and I am greatful for this. I just trust that they will help others so we can all gain respect for this company and stay with them.

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#9 Consumer Comment

Come on home comings

AUTHOR: Lg - (U.S.A.)

POSTED: Tuesday, January 15, 2008

As my crystal ball is no longer working I was unable, three years ago, to know that the housing market would go down the drain. I could have avoided all risk and just stayed living in some apartment and never having a home. What I did was buy a home...the american dream. My anger with the mortgage company was that the adjustable rate jumped as high as it did and that to get any help from them I would have to be late with my payments. Late with my payments. This makes no sense to me.

So before people start freaking out....let me say that in my case Homecomngs has agreed to work with me and the housing issue. They are making an effort to help me keep my home and not force me into foreclosure.

I feel it is wrong and unfair to the consumer that mortgage companies sell and buy an individuals mortgage with out contacting the mortgage holder. It is my decision to take the risks of being a home owner but it is one thing to lose your home to nature but human beings have the ability to take everything you have or to have compassion.

Homecomings has helped and is making it possible for me to keep sending them my money and stay in my home.

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#8 UPDATE Employee

Oh come on!!!

AUTHOR: Faye - (U.S.A.)

POSTED: Tuesday, January 15, 2008

This looks exactly like a post from someone else. My response to that one was:

"Rob,

I tend to agree with Sportluva. I work in the mortgage industry and see too many people signing mortgage agreements that they haven't thought out well.

I work for GMAC and have read a lot of complaints in here about us. I am slowly working through them and am trying to help those that I can. However, I think you just set out to slander a company that you feel is to blame, when in actuality it is not. You are not looking for help from anyone. You should have filed the complaint about the original company.

First of all, you cannot blame GMAC/Homecomings for the pre-payment penalty. That is something that you signed for when you first got the loan through the other company. When GMAC bought the loan, we paid for that as well, which means that we have to charge it. GMAC does not charge a prepayment penalty for loans that they originate, so you would have known about it from your other company, and they should have told you up front prior to signing the loan. Again, that is not the fault of Homecomings.

As for the interest rate...that too is something that you agreed on when you signed for your mortgage. People should take into account all of this before getting the loan. They do not take into account many of life's tragedies that befall people, causing financial hardship. On top of that, they assume that they can refinance when the teaser rate is over, but they fail to think that over the years things change. Credit scores go up and down, as do home prices. Income drops off, marriages fail, and kids grow up and have different needs. Having the ability to refinance in a few years does not guarantee it, it just means that if you keep your credit in good shape, your house stays in good shape, the housing market doesn't slump, and you don't lose your job, that we might be able to refinance you.

I want to help, but I am a little angered at this point. After blaming Homecomings for a prepayment penalty that you agreed upon, an ARM that you agreed upon, and a failing housing market that won't allow you to refinance, I think that maybe you are just looking to blame someone else for your problems. Maybe instead of doing so, you could stop for a moment and realize that you brought this upon yourself.

You are basically saying that Homecomings Financial set you up to fail on purpose so that they could foreclose on your home. Do you realize how silly that sounds? Is that what mortgage companies do? Help people get homes so that they can rip them away again? Then we have to pay for legal fees, improvements (if needed), and resale. We have to insure the property and pay taxes. What good does it do us to foreclose? If we keep you in the house, we make much more in the long run, and don't have the hassle of dealing with the actual property.

I want to help you, but I don't see how I can. If you signed up for the prepayment penalty with your old finance company, then there is nothing anyone at Homecomings/GMAC can do. When we bought the loan from your old company, we paid for that as well. If we were to simply drop it, we would lose that money. It's not fair, but that wouldn't be good business either. As for the interest rate, I can look into it, but we don't just randomly change interest rates to amuse ourselves.

Thank you."

Why is it that we buy loans and then get blamed for rates/penalties/etc that the borrower agreed upon when they first financed the loan?

Gosh, I really want to help people that have servicing issues, but seeing so many people go on and on about their rate and other things that they agreed on is making me sick!

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#7 Consumer Suggestion

Where is the rip off?

AUTHOR: Bob - (U.S.A.)

POSTED: Friday, January 04, 2008

I don't see where the rip off is! It seems that you signed an adjustsable rate loan and now that rate has adjusted. I am sure if you read the paperwork you received when you purchased your house it will tell you when and how much the loan was going to adjust when the fixed period was over.

I am sorry that you were talked into this type of loan, which is putting a lot of hard working Americans into your same scenario. Do you have equity in the house? The fact that you have made your payments on time should allow you to refinance your loan into a fixed rate. I am a licensed loan officer for the past 12 years so if you have any questions just post them as a rebuttal and i will be happy to answer any questions you might have and try and put you into the right direction.

Good luck.

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#6 Consumer Comment

maine forcloser

AUTHOR: Deniseinmaine - (U.S.A.)

POSTED: Monday, December 31, 2007

i am in maine and woiuld like to go to the media with the information we have on homecomings i am willing to be interveiwed and would like to begin a class action lawsuit i have spoken with the attorny generel laweyrs and all kinds of others. i would like to comunicate with others but really cant understand how we can contact each other. could somebody help me with finding ways to contact others with same problems?

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#5 Consumer Comment

Your in Maine?

AUTHOR: Greg - (U.S.A.)

POSTED: Monday, November 05, 2007

Make sure the next time you call them they understand your properties in Maine and I believe the foreclosure process will take them a year if you file bankruptcy to slow it down. Tell them you'll file bankruptcy and fight until the end living rent free that may nudge them into refinancing you. They definatley do not want a non performing loan on there books for that long and if they start to see the whole picture they may become very cooperative. When I first went through my trouble they thought I was from RI and they were very helpful and understanding, once they realized my property was in NH and we have one of the worst laws on the books to help people facing foreclosure they changed there attitude, NH has a 90 foreclosure law. Yep thats right they won't talk to you until your 45 days late and foreclosure starts the first day your late they just don't tell you that. So if I hadn't found out all this I would of had 45 days to sell my house in a short sale. Find out the maine laws on foreclosure I'm not positive but you could live rent free for almost a year or longer if they become uncooperative.

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#4 Consumer Comment

Your in Maine?

AUTHOR: Greg - (U.S.A.)

POSTED: Monday, November 05, 2007

Make sure the next time you call them they understand your properties in Maine and I believe the foreclosure process will take them a year if you file bankruptcy to slow it down. Tell them you'll file bankruptcy and fight until the end living rent free that may nudge them into refinancing you. They definatley do not want a non performing loan on there books for that long and if they start to see the whole picture they may become very cooperative. When I first went through my trouble they thought I was from RI and they were very helpful and understanding, once they realized my property was in NH and we have one of the worst laws on the books to help people facing foreclosure they changed there attitude, NH has a 90 foreclosure law. Yep thats right they won't talk to you until your 45 days late and foreclosure starts the first day your late they just don't tell you that. So if I hadn't found out all this I would of had 45 days to sell my house in a short sale. Find out the maine laws on foreclosure I'm not positive but you could live rent free for almost a year or longer if they become uncooperative.

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#3 Consumer Comment

Your in Maine?

AUTHOR: Greg - (U.S.A.)

POSTED: Monday, November 05, 2007

Make sure the next time you call them they understand your properties in Maine and I believe the foreclosure process will take them a year if you file bankruptcy to slow it down. Tell them you'll file bankruptcy and fight until the end living rent free that may nudge them into refinancing you. They definatley do not want a non performing loan on there books for that long and if they start to see the whole picture they may become very cooperative. When I first went through my trouble they thought I was from RI and they were very helpful and understanding, once they realized my property was in NH and we have one of the worst laws on the books to help people facing foreclosure they changed there attitude, NH has a 90 foreclosure law. Yep thats right they won't talk to you until your 45 days late and foreclosure starts the first day your late they just don't tell you that. So if I hadn't found out all this I would of had 45 days to sell my house in a short sale. Find out the maine laws on foreclosure I'm not positive but you could live rent free for almost a year or longer if they become uncooperative.

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#2 Consumer Comment

Your in Maine?

AUTHOR: Greg - (U.S.A.)

POSTED: Monday, November 05, 2007

Make sure the next time you call them they understand your properties in Maine and I believe the foreclosure process will take them a year if you file bankruptcy to slow it down. Tell them you'll file bankruptcy and fight until the end living rent free that may nudge them into refinancing you. They definatley do not want a non performing loan on there books for that long and if they start to see the whole picture they may become very cooperative. When I first went through my trouble they thought I was from RI and they were very helpful and understanding, once they realized my property was in NH and we have one of the worst laws on the books to help people facing foreclosure they changed there attitude, NH has a 90 foreclosure law. Yep thats right they won't talk to you until your 45 days late and foreclosure starts the first day your late they just don't tell you that. So if I hadn't found out all this I would of had 45 days to sell my house in a short sale. Find out the maine laws on foreclosure I'm not positive but you could live rent free for almost a year or longer if they become uncooperative.

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#1 Consumer Comment

I Agree

AUTHOR: Greg - (U.S.A.)

POSTED: Monday, November 05, 2007

It is kind of ridiculous that you need to be behind in your payments before they will help. And all there looking to do is talk you into a short sale or deed-in-lieu of foreclosure when you do become late, they will call you the people with power (loss Mitigation dept) after your 45-60 days late, of course that doesn't include the Homecomings bill collectors who will call after 30 days but there worthless to ask about a short sale, make sure if you take this route you get the Loss mitigations reps name and dirct phone number, trust me you will need it, also once the ball is rolling everybody from homecomings that calls tell them your doing a short sale with that agents name and number I told you to get. From what I have read and heard its now common practice with more than just Homecomings. They will usually refinance you at a rate that is not to great if your on time with your payments so i'm confused why they wouldn't refi you.
They are working very hard at getting short sales done but thats only if your not interested in keeping your house and want to avoid a foreclosure. What alot of people do not under stand is that if you file for bankruptcy which will only delay a foreclosure and they end up foreclosing on your house you now will have a foreclosure as well as a bankruptcy on your credit report. Which is very bad. I suggest to put your house on the market at no higher than Comparables in your area, yes it will probably be far less than you owe, thats what a short sale is, and with a very good real estate agent and get ready for the worst case scenerio, that is you cannot make your payment and you need to do a short sale. they are taking .70 cents on the dollar for what you owe at the moment but my guess is they will be taking far less in the near future. Don't worry if you have a second mortgage that will get wiped out as long as you are willing to convince the second mortgage company you will file bakruptcy to protect yourself, don't do it just threaten to. I just succcesfully completed a short sale with homecomings, or should I say almost the closings very soon, it was within hours of my foreclosure sale and I tried everything I could to save my house also. Good luck you may make it yet but if there playing hardball and won't help you refinance do yourself a huge favor and start a sort sale in motion even before they agree to one, after your 60 days late they will start foreclosure no matter if you already have an agreement with them for a short sale, what I'm saying is depending on your states foreclosure laws and how long it take, that will be how long you have to do a short sale, they will only stop the foreclosure if you have a purchase and sale agreement that they will approve. just make sure the purchase and sale agreement is written up so that the mortgage company has the final approval on any offer in any purchase and sale agreement submit all offers no matter how low and make sure your agent lists the house as a short sale it will get more looks faster. If it all comes down to this and they agree to a short sale make sure the contract Homecomings sends you says full and final so they cannot come after you for a deficiency. I am not a lawyer, real estate agent just went through the last 4 months of learning the hard way hopefully I have shed some light on your situation. I'm not saying give up just be prepared. Also a Deed-in-lieu is not much better than a foreclosure or Bankruptcy which I thought was no that bad but i found out when I called a real estate attorney. Short sale if you cannot save your house is your best option, don't fall for any scam be very leary of people you don't know who offer to help. Check into HUD they also have programs to help save your house.

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