Homecomings Financial; GMAC escrow ripoff Dallas TX

first when your loan was bought did you at any time recieve a letter or notice of any kind that your loan was being SOLD if you did then you had the right according to your contract to refuse the sale also if you didnt then the first company is in a poss breach of contract sue them

second if they BOUGHT YOUR LOAN then all of the funds ,monies etc should have been transfered over to the new company as stated in any mortgage contract here again is a breach of contract for failure to follow up

question who is the servicing company for the new lean holder and who is the one for the old company call them and demand that info get copies of your escrow accounts demand this also and dont let them tell there will be a fee for this its bs you have a right to this info its in your contract

now most inportant send them a cert letter with a return receipt stating that you wat this problem solved with in 20 days or you will turn it over to your attorney and tehn go and get one hope this helps

I've contacted both the BBB and my State's Attorney General's office.

I finally contacted my previous lender and they told me Homecomings had never requested the money. It would have sat in the previous lenders escrow account until someone requested a payment or a transfer.

The thing that gets me about this whole thing is the fact that Homecomings BOUGHT the loan. They should be the ones that make sure the escrow monies follow, along with everything else.

I've probably spent at least 6 hours on the phone trying to straighten this out. I just think it's ridiculous that I should have to invest any time on this, considering they are making money on me and I had nothing to do with the purchase of the loan.

Yet, they arbitrarily raise my monthly payments and no one even bothers to say "Hey, there is a huge shortage in her escrow funds. It's a new loan, maybe we should check with the previous lender to make sure everything was carried over."

They are in the business of buying loans. They should install safeguards to protect their customers, not take advantage of them.

I don't know if this will help you or not, but if the missing escrow funds are over $500.00 perhaps you should contact the Attorney General's office of your state and the state where the mortgage company's head office is located to advise them that someone is basically holding your escrow money hostage and will not release it. That may get someone moving without having to hire an attorney and pay extra costs.