Report: #243591

Complaint Review: Homecomings Financial

  • Submitted: Wed, April 11, 2007
  • Updated: Mon, June 01, 2009
  • Reported By: Florence Alabama
  • Homecomings Financial
    https://www.homecomings.com/fs1_index.asp
    , Alabama
    U.S.A.

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In November, 2005 we refinanced the house that we have lived in for 17 years with a local mortgage broker company. We were aware that they would probably sell the mortgage. They did.

Before we could make the first payment, I got a notice that the lienholder on our insurance policy had been changed to Homecomings Financial. I wasn't given an address. Neither the broker, nor Homecomings notified us of the sale of the mortgage.

Our first correspondence from Homecomings came in February, 2006 - a certified letter informing us that we were in default on our loan and that we would be foreclosed on. We were given the number of Sirote & Permutt the largest law firm in Alabama.

I called their number, explained that I hadn't made a payment because I didn't know where to send it. I was given the name of a Homecomings Financial rep to call. This particular rep sent us a Work Out Agreement, which I completed, though I stated I didn't want a "settlement", that I was perfectly willing to pay them what I owed, though I would like to double up until I had caught up.

We heard nothing back from that correspondence. I still had no idea where to send a payment, I hadn't received any coupons, nor had I been sent any statements or bills for payments.

We then received a notice from some other (related) entity stating that we were in default and that we were being foreclosed on. I called the number that was given in that correspondence, a different law firm out of Atlanta, I believe.

Explaining the situation, I was told by the attorney that he would send me the information needed. He sent copies of my mortgage and a copy of a "Welcome" letter that Homecomings was supposed to have sent. We never received that letter, nor any of the other information that he included. He also encluded another blank copy of their workout agreement.

I sent Homecomings a copy of the first workout agreement paperwork, along with a letter summarizing the situation up to that point along with the offer to make double payments until I was caught up. I received no response from Homecomings, however as some point an attorney called and left a message on my cell phone that the foreclosure sale was off.

Somewhere in all of this I received another letter from another company telling us that we were in default and we were being foreclosed on. I was also given a sale date., and the name of a third attorney.

At some point in all this mess, I became completely frustrated and sent a letter to attorney-of-the-moment that all further correspondence needed to be sent to my attorney. He received the same runaround once he made it clear to them that they needed to comply with Alabama law and route all further dealings through him. He was unable to accomplish anything, and the house was sold by one of the related entities to Homecomings Financial in June, 2006.

My attorney has been getting the runaround ever since. We will soon lose our right of redemption, and be forced to move.

Jerry
Florence, Alabama
U.S.A.
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This report was posted on Ripoff Report on 04/11/2007 10:42 PM and is a permanent record located here: http://www.ripoffreport.com/reports/homecomings-financial/alabama/homecomings-financial-never-allowed-us-to-make-a-payment-foreclosed-on-us-florencehunts-243591. 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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#1 Author of original report

Now I see!

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

With the mortgage/banking crises in full swing, I now see what Homecomings is doing. Normally when I refinance a mortgage, I don't buy the mortgage insurance. This time I was forced to in order to refinance.

What Homecomings is doing is insuring the value of your home for what was market. In my case, over $300,000. When they foreclose on you, they collect the insurance - I got a call from the insurance company working the claim, so I know they did. The difference in the insurance payout, and what they loaned is all profit - less what they have to pay their lawyers.

Now that everyone understands that mortgage companies, banks, Wall Street and the insurance companies have all been misbehaving, I wonder how things are going at Homecomings. Must suck to be them.
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#2 Author of original report

Homecomings Financial - Follow up - I get the last laugh

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

After living in our house for about 17 years, and never missing a payment, we refinanced our house. The mortgage was sold to Homecomings Financial. This should be updating that report.

Immediately sending us into foreclosure proceedings and refusing any reasonable offer to resolve things, foreclosure eventually took place. Our house was valued at about $320,000 and our note was for $270,000. Homecomings purchased the house from themselves for the full amount of the note, thinking they would sell the house for a profit.

The joke is on them. They must have panicked or just continued on their idiotic way, but they quickly sold the house for about $170,000. Idiots. Instead of having a viable mortgage, they did everything in their power to screw us, then wound up losing $100,000.

If you have any dealings with Homecomings Financial, realize that you are dealing with idiots who seem to take great pleasure is screwing you no matter what its costs them.
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#3 Author of original report

Answering Greg's question

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

Greg:

Just want to answer your questions here.

1) Why would you wait months for a mortgage company to get in touch with you? Because under the terms of the lease they were supposed to. If you will read the original post, I had no idea who the new mortgage company was. This was a busy time in my work year, and I'm used to dealing with legitimate, honest mortgage companies. I'm a patient person, they were supposed to correspond with me, I waited for them to hold up their end of the bargain.

Also, as soon as I got my first correpondence from them, I immediately made contact with their attorney. From there on it was razzle-dazzle. "We'll send you paper work", "we're referring this back to the company", "contact [this different attorney]", "we'll send you some paperwork", "the foreclosure is off". I never dealt with anyone more than two times in a row, and my attorney had a similar experience. No matter what I tried to do, they just kept grinding to foreclosure.

2) What did I do with the payments I never sent? Kept them. In my business dealings with banks, I have learned not to send any money until I have an agreement. If you send them money without an agreement in writing, they keep the money and proceed forward like it never happened.

Contrary to your statement, I'm not complaining. I'm just trying to report my experience so others can avoid dealing with Homecomings. A review of this site shows that Homecomings continues to operate in bad faith. They have one of the highest number of complaints on this web-site, and they keep coming in.

I'm glad you were able to work it out with Homecomings. I'm wondering why, if you had such good experiences with them, that you found your way to this web-site, and particularly to this particular thread. When I have good experiences with say, Microsoft, as I did this week, I never even think to go online and look up negatives for them. Honestly, until this moment, it has never occured to me to go online and look up "Microsoft sucks" or "Microsoft is a ripoff". And even now that it has occured, I don't have an inclination to do so. Why did you? Maybe you are being less than honest about your relationship with Homecomings?

And I get the last laugh, because Homecomings obviously has no economic sense whatsoever. They purchased the house in foreclosure from themselves, for $270,000 and then sold it for $170,000. Their unwillingness to make even a reasonable attempt to resolve the problem cost them $100,000. BWAAAAAHAAAhahahahahaha!!!!!
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#4 Consumer Comment

What did you do with the 4 or 5 months of mortgage payments you were waiting to send in?

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

There are alot of posts here where people use a similiar story.. mortgage sold but Homecomings never recieves there payments etc.. why would you wait months for a mortgage company to get in touch with you when it comes to your house? what did you do with the payments your never sent? why didn't you send that money instead of offering to do a twice a month thing you offered?

I'm not a big fan of homecomings either but when as in now I got in trouble with not being able to pay my mortgage they immediatley offered to help and gave me options which were agreeable with me and them. I should state I contacted them before I got into trouble but knew it was coming in advance and did not wait for a foreclosure letter etc..

I for one feel for everybody who legitimately lost there house through no fault of there own but have zero sympathy for people who post complaints about Homecomings not recieving there payments and when they finally do they don't have any of the back payments to send. And yes your payment goes up when there late its called late fees.. which increase every month you miss.
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#5 Author of original report

Homecomings Financial

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

Thanks for the helpful post Jody.

Yes indeed, I did get a first payment letter. And since I also learned that my mortgage was sold prior to making my first payment, I awaited further information from the new, new-lender. My mistake. I'm wondering how that affects anything else that has occurred since. Repeated attempts to make contact with Homecomings resulted in non-responses, no-responses, and out-and-out runaround. I made substantial effort to get things back on track, and now I'm glad that I didn't send them any money. From what I see on this website, that would have been money down the drain, and I would still be in exactly the same position I am in now: foreclosure on my record, no longer living in a house that I had lived in for 17 years, and had about $50,000 equity in.

My current thinking is that as a GMAC subsidiary, the mindset at Homecomings is all about repossession. They make a bundle of money on "repossessing" your home, especially when the appraisal value is well above the loan amount. They are content collecting your payment, but at the first glitch, go for reposssession.

You are absolutely correct about there not being any forwarding of mail issues. Strange, how the foreclosure letter and all other correspondence relating to the foreclosure found its way to me, but absolutely nothing prior to the the foreclosure letter. No letters, no phone calls. Hmmmm.... Especially considering that everything I sent Homecomings was treated like it didn't exist. Very selective communications on their part.
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#6 Consumer Suggestion

Look at your closing package, it has a FIRST PAYMENT LETTER in it

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

Every single closing package has a FIRST PMT LETTER in it.

It clearly states that in the event you do not get a coupon or statement from your NEW LENDER, you are to tear off the bottom portion (dotted lines) and mail it in WITH YOUR 1st PMT.

Even if that Lender transfers the servicing or sells the loan, those payments will be forwarded on to the new Lender.

This sounds like another 1st pmt default.

I do not believe that you DIDN't get a 1st pmt letter, and that you also DIDn't recieve the Lenders Welcome letter. You lived in this house 17 yrs?

Not like there was a problem forwarding the mail to a new address. Hmmmm

Yep, sounds like a 1st pmt default.
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#7 Consumer Suggestion

Look at your closing package, it has a FIRST PAYMENT LETTER in it

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

Every single closing package has a FIRST PMT LETTER in it.

It clearly states that in the event you do not get a coupon or statement from your NEW LENDER, you are to tear off the bottom portion (dotted lines) and mail it in WITH YOUR 1st PMT.

Even if that Lender transfers the servicing or sells the loan, those payments will be forwarded on to the new Lender.

This sounds like another 1st pmt default.

I do not believe that you DIDN't get a 1st pmt letter, and that you also DIDn't recieve the Lenders Welcome letter. You lived in this house 17 yrs?

Not like there was a problem forwarding the mail to a new address. Hmmmm

Yep, sounds like a 1st pmt default.
Respond to this report!

#8 Consumer Suggestion

Look at your closing package, it has a FIRST PAYMENT LETTER in it

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

Every single closing package has a FIRST PMT LETTER in it.

It clearly states that in the event you do not get a coupon or statement from your NEW LENDER, you are to tear off the bottom portion (dotted lines) and mail it in WITH YOUR 1st PMT.

Even if that Lender transfers the servicing or sells the loan, those payments will be forwarded on to the new Lender.

This sounds like another 1st pmt default.

I do not believe that you DIDN't get a 1st pmt letter, and that you also DIDn't recieve the Lenders Welcome letter. You lived in this house 17 yrs?

Not like there was a problem forwarding the mail to a new address. Hmmmm

Yep, sounds like a 1st pmt default.
Respond to this report!

#9 Consumer Suggestion

Look at your closing package, it has a FIRST PAYMENT LETTER in it

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

Every single closing package has a FIRST PMT LETTER in it.

It clearly states that in the event you do not get a coupon or statement from your NEW LENDER, you are to tear off the bottom portion (dotted lines) and mail it in WITH YOUR 1st PMT.

Even if that Lender transfers the servicing or sells the loan, those payments will be forwarded on to the new Lender.

This sounds like another 1st pmt default.

I do not believe that you DIDN't get a 1st pmt letter, and that you also DIDn't recieve the Lenders Welcome letter. You lived in this house 17 yrs?

Not like there was a problem forwarding the mail to a new address. Hmmmm

Yep, sounds like a 1st pmt default.
Respond to this report!

#10 Author of original report

Homecomings Financial, Florence AL

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

I've gone back to my files to verify certain information. This is a more accurate timeline of events.

The first official contact I had from Homecomings Financial was the NOTICE OF ACCELERATION OF PROMISSORY NOTE AND MORTGAGE, etc. dated 03/27/2006 from Cynthia Williams at Sirote & Permutt. It states that I owe $11,029.20 above my origianl mortgage amount.

I'm given a number to call, and it is interesting to note that the attorney represents US Bank National Association, as Trustee. Homecomings is only noted as a cc: at the bottom of the letter. I called the number listed, and left a message - since no one ever actually answers that particular phone - stating my problem. I also sent a letter to the attorney.

I received from Homecomings a letter dated March 31, 2006 from the Loan Counseling Department (no name given), stating that my loan had been assigned to their department. "Even though your mortgage loan has been referred to an attorney, and the foreclosure process has started, there is still time to save your home".

I then received a letter dated April 5, 2006 from Cynthia Williams at Sirote & Permutt. She thanked me for my letter, and stated that she had forwarded it to Homecomings, and that "we have ceased foreclosure proceedings until we are able to provide you with a response letter." This is the last time that I heard from Ms. Williams. Sirote and Permutt is a fairly reputable law firm, and I'm sure they washed their hands of the matter, once they figured out what had happened.

That same day I received a fax from Homecomings Financial, Kyle Ross. They thanked me for "taking the time to contact Homecomings Financial regarding your account". They also attached a financial package. "upon receipt of your completed financial statement, we will review your account and determine the appropriate workout option for you. Please allow five business days.

On 4/11/06 I faxed back completed forms. In the space where they asked me to indicate an amount for a "down payment to reduce your delinquent balance:", I noted that I would like to make two payments a month until caught up. That would be a four month "workout". Remember, that at this point I still don't have an address to send a regular payment to. Never heard back from Mr. Ross or anyone else concerning my "workout".

Next I received another Notice of Acceleration and Foreclosure dated 05/04/06. This one was from Joel A. Freedman, Esq, Morris, Schneider & Prior, LLC (attorneys) representing JP Morgan Grantor Trustee. Attached was a notice of a foreclosure sale set for June 1, 2006. Oh, but feel free to call us.

On May 9, 2006, the same day that I received the 05/04/06 notice I wrote to Mr. Freedman, informing him that I was turning the matter over to my attorney, that all further correspondence would be handled by him, and gave him my attorney's contact information.

I also briefly explained my situation again. Most notable, I stated once again, that I had never received a coupon booklet, invoice, or any other correspondence from anyone concerning where to send my regular payement. I sent a copy of the notice and my response to my attorney.

I believe I must have talked to someone from Morris, Schneider, etc. that same day (05/09/06) because I received by fax copies of loan documents, payment history, new contact information, a welcome letter from Homecomings dated 11/06/2006, and a letter dated 01/05/06 stating that I was late on my first payment. Except for the loan documents I had never seen any of the other documents before. Certainly not the welcome letter or the late payment letter. These were signed by Jason Lutz of Morris, Schneider, etc.

Mr. Lutz also stated that he had sent a request to get reinstatement figures, that were to be sent to me "shortly". He added that he hoped we could resolve the matter before the sale date.

I got another request from Homecomings to provide my Financial Information. I sent a copy of the previous package that I had filed along with explanatory material.

I then received from Mr. Freedman, dated 05/19/06, another Notice of Acceleration and Foreclosure. New sale date, June 22, 2006. However, I also received a message left on my voice mail from one of the Morris, Schneider people that "the sale is off."

Not hearing anything from any of the parties, and my attorney not receiving any correspondence since I notified them to begin corresponding with him, on June 2, 2006 I faxed an offer to the Morris, Schneider people that I would send a $5000 check just to get the ball rolling. I never received any response.

With both my attorney and myself waiting to hear something back, assuming that, as I had been told by their attorney, the sale was off, I was quite surprised to receive a notice from Morris, Schneider dated 06/22/06 that my home had been sold to US Bank National Association, be out in 10 days.

I called my attorney, and since then, he has been going back and forth, getting similar runarounds, non-responses and the like.

My attorney says that the Morris, Schneider people say that Homecomings Financial is quite happy with the deal since my house appraises for a substantial amount over the financed amount.

We have resolved ourselves to the fact that we have lost our house. Fortunately, the whole family is kind of excited about a change of locations.

We would really be in a mess if we had nowhere to go, or couldn't afford something appropriate. It seems that

Homecomings can play hide-and-seek with information they are supposed to supply; demand information from me, but never reply; play musical chairs with the companies and people you are required to deal with; and proceed with foreclosure without ever giving me a chance to even make a payment. This foreclosure will be on my credit report for 10 years, which isn't a big deal except that it will make borrowing for business purposes very hard.

It seems that based on other postings (297 at the time of this writing), that as soon as the opportunity arises, Homecomings does everything in their power to extract as much money from you as they can, and foreclose on you no matter what. Their loan resolution department seems to be set up to make sure that they keep you stressed out, confused, and trusting until it is too late. I wonder what their foreclosure rate is compared to other mortgage lenders. I also know that I will never buy a GMC automobile, and I certainly won't do any business with GMAC, Homecomings parent company.

For all the other unfortunates who have had their mortgage sold to Homecomings Financial, our hearts and prayers go out to you. Good luck, but go ahead and pack.
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#11 Author of original report

Homecomings Financial, Florence AL

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

I've gone back to my files to verify certain information. This is a more accurate timeline of events.

The first official contact I had from Homecomings Financial was the NOTICE OF ACCELERATION OF PROMISSORY NOTE AND MORTGAGE, etc. dated 03/27/2006 from Cynthia Williams at Sirote & Permutt. It states that I owe $11,029.20 above my origianl mortgage amount.

I'm given a number to call, and it is interesting to note that the attorney represents US Bank National Association, as Trustee. Homecomings is only noted as a cc: at the bottom of the letter. I called the number listed, and left a message - since no one ever actually answers that particular phone - stating my problem. I also sent a letter to the attorney.

I received from Homecomings a letter dated March 31, 2006 from the Loan Counseling Department (no name given), stating that my loan had been assigned to their department. "Even though your mortgage loan has been referred to an attorney, and the foreclosure process has started, there is still time to save your home".

I then received a letter dated April 5, 2006 from Cynthia Williams at Sirote & Permutt. She thanked me for my letter, and stated that she had forwarded it to Homecomings, and that "we have ceased foreclosure proceedings until we are able to provide you with a response letter." This is the last time that I heard from Ms. Williams. Sirote and Permutt is a fairly reputable law firm, and I'm sure they washed their hands of the matter, once they figured out what had happened.

That same day I received a fax from Homecomings Financial, Kyle Ross. They thanked me for "taking the time to contact Homecomings Financial regarding your account". They also attached a financial package. "upon receipt of your completed financial statement, we will review your account and determine the appropriate workout option for you. Please allow five business days.

On 4/11/06 I faxed back completed forms. In the space where they asked me to indicate an amount for a "down payment to reduce your delinquent balance:", I noted that I would like to make two payments a month until caught up. That would be a four month "workout". Remember, that at this point I still don't have an address to send a regular payment to. Never heard back from Mr. Ross or anyone else concerning my "workout".

Next I received another Notice of Acceleration and Foreclosure dated 05/04/06. This one was from Joel A. Freedman, Esq, Morris, Schneider & Prior, LLC (attorneys) representing JP Morgan Grantor Trustee. Attached was a notice of a foreclosure sale set for June 1, 2006. Oh, but feel free to call us.

On May 9, 2006, the same day that I received the 05/04/06 notice I wrote to Mr. Freedman, informing him that I was turning the matter over to my attorney, that all further correspondence would be handled by him, and gave him my attorney's contact information.

I also briefly explained my situation again. Most notable, I stated once again, that I had never received a coupon booklet, invoice, or any other correspondence from anyone concerning where to send my regular payement. I sent a copy of the notice and my response to my attorney.

I believe I must have talked to someone from Morris, Schneider, etc. that same day (05/09/06) because I received by fax copies of loan documents, payment history, new contact information, a welcome letter from Homecomings dated 11/06/2006, and a letter dated 01/05/06 stating that I was late on my first payment. Except for the loan documents I had never seen any of the other documents before. Certainly not the welcome letter or the late payment letter. These were signed by Jason Lutz of Morris, Schneider, etc.

Mr. Lutz also stated that he had sent a request to get reinstatement figures, that were to be sent to me "shortly". He added that he hoped we could resolve the matter before the sale date.

I got another request from Homecomings to provide my Financial Information. I sent a copy of the previous package that I had filed along with explanatory material.

I then received from Mr. Freedman, dated 05/19/06, another Notice of Acceleration and Foreclosure. New sale date, June 22, 2006. However, I also received a message left on my voice mail from one of the Morris, Schneider people that "the sale is off."

Not hearing anything from any of the parties, and my attorney not receiving any correspondence since I notified them to begin corresponding with him, on June 2, 2006 I faxed an offer to the Morris, Schneider people that I would send a $5000 check just to get the ball rolling. I never received any response.

With both my attorney and myself waiting to hear something back, assuming that, as I had been told by their attorney, the sale was off, I was quite surprised to receive a notice from Morris, Schneider dated 06/22/06 that my home had been sold to US Bank National Association, be out in 10 days.

I called my attorney, and since then, he has been going back and forth, getting similar runarounds, non-responses and the like.

My attorney says that the Morris, Schneider people say that Homecomings Financial is quite happy with the deal since my house appraises for a substantial amount over the financed amount.

We have resolved ourselves to the fact that we have lost our house. Fortunately, the whole family is kind of excited about a change of locations.

We would really be in a mess if we had nowhere to go, or couldn't afford something appropriate. It seems that

Homecomings can play hide-and-seek with information they are supposed to supply; demand information from me, but never reply; play musical chairs with the companies and people you are required to deal with; and proceed with foreclosure without ever giving me a chance to even make a payment. This foreclosure will be on my credit report for 10 years, which isn't a big deal except that it will make borrowing for business purposes very hard.

It seems that based on other postings (297 at the time of this writing), that as soon as the opportunity arises, Homecomings does everything in their power to extract as much money from you as they can, and foreclose on you no matter what. Their loan resolution department seems to be set up to make sure that they keep you stressed out, confused, and trusting until it is too late. I wonder what their foreclosure rate is compared to other mortgage lenders. I also know that I will never buy a GMC automobile, and I certainly won't do any business with GMAC, Homecomings parent company.

For all the other unfortunates who have had their mortgage sold to Homecomings Financial, our hearts and prayers go out to you. Good luck, but go ahead and pack.
Respond to this report!

#12 Author of original report

Homecomings Financial, Florence AL

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

I've gone back to my files to verify certain information. This is a more accurate timeline of events.

The first official contact I had from Homecomings Financial was the NOTICE OF ACCELERATION OF PROMISSORY NOTE AND MORTGAGE, etc. dated 03/27/2006 from Cynthia Williams at Sirote & Permutt. It states that I owe $11,029.20 above my origianl mortgage amount.

I'm given a number to call, and it is interesting to note that the attorney represents US Bank National Association, as Trustee. Homecomings is only noted as a cc: at the bottom of the letter. I called the number listed, and left a message - since no one ever actually answers that particular phone - stating my problem. I also sent a letter to the attorney.

I received from Homecomings a letter dated March 31, 2006 from the Loan Counseling Department (no name given), stating that my loan had been assigned to their department. "Even though your mortgage loan has been referred to an attorney, and the foreclosure process has started, there is still time to save your home".

I then received a letter dated April 5, 2006 from Cynthia Williams at Sirote & Permutt. She thanked me for my letter, and stated that she had forwarded it to Homecomings, and that "we have ceased foreclosure proceedings until we are able to provide you with a response letter." This is the last time that I heard from Ms. Williams. Sirote and Permutt is a fairly reputable law firm, and I'm sure they washed their hands of the matter, once they figured out what had happened.

That same day I received a fax from Homecomings Financial, Kyle Ross. They thanked me for "taking the time to contact Homecomings Financial regarding your account". They also attached a financial package. "upon receipt of your completed financial statement, we will review your account and determine the appropriate workout option for you. Please allow five business days.

On 4/11/06 I faxed back completed forms. In the space where they asked me to indicate an amount for a "down payment to reduce your delinquent balance:", I noted that I would like to make two payments a month until caught up. That would be a four month "workout". Remember, that at this point I still don't have an address to send a regular payment to. Never heard back from Mr. Ross or anyone else concerning my "workout".

Next I received another Notice of Acceleration and Foreclosure dated 05/04/06. This one was from Joel A. Freedman, Esq, Morris, Schneider & Prior, LLC (attorneys) representing JP Morgan Grantor Trustee. Attached was a notice of a foreclosure sale set for June 1, 2006. Oh, but feel free to call us.

On May 9, 2006, the same day that I received the 05/04/06 notice I wrote to Mr. Freedman, informing him that I was turning the matter over to my attorney, that all further correspondence would be handled by him, and gave him my attorney's contact information.

I also briefly explained my situation again. Most notable, I stated once again, that I had never received a coupon booklet, invoice, or any other correspondence from anyone concerning where to send my regular payement. I sent a copy of the notice and my response to my attorney.

I believe I must have talked to someone from Morris, Schneider, etc. that same day (05/09/06) because I received by fax copies of loan documents, payment history, new contact information, a welcome letter from Homecomings dated 11/06/2006, and a letter dated 01/05/06 stating that I was late on my first payment. Except for the loan documents I had never seen any of the other documents before. Certainly not the welcome letter or the late payment letter. These were signed by Jason Lutz of Morris, Schneider, etc.

Mr. Lutz also stated that he had sent a request to get reinstatement figures, that were to be sent to me "shortly". He added that he hoped we could resolve the matter before the sale date.

I got another request from Homecomings to provide my Financial Information. I sent a copy of the previous package that I had filed along with explanatory material.

I then received from Mr. Freedman, dated 05/19/06, another Notice of Acceleration and Foreclosure. New sale date, June 22, 2006. However, I also received a message left on my voice mail from one of the Morris, Schneider people that "the sale is off."

Not hearing anything from any of the parties, and my attorney not receiving any correspondence since I notified them to begin corresponding with him, on June 2, 2006 I faxed an offer to the Morris, Schneider people that I would send a $5000 check just to get the ball rolling. I never received any response.

With both my attorney and myself waiting to hear something back, assuming that, as I had been told by their attorney, the sale was off, I was quite surprised to receive a notice from Morris, Schneider dated 06/22/06 that my home had been sold to US Bank National Association, be out in 10 days.

I called my attorney, and since then, he has been going back and forth, getting similar runarounds, non-responses and the like.

My attorney says that the Morris, Schneider people say that Homecomings Financial is quite happy with the deal since my house appraises for a substantial amount over the financed amount.

We have resolved ourselves to the fact that we have lost our house. Fortunately, the whole family is kind of excited about a change of locations.

We would really be in a mess if we had nowhere to go, or couldn't afford something appropriate. It seems that

Homecomings can play hide-and-seek with information they are supposed to supply; demand information from me, but never reply; play musical chairs with the companies and people you are required to deal with; and proceed with foreclosure without ever giving me a chance to even make a payment. This foreclosure will be on my credit report for 10 years, which isn't a big deal except that it will make borrowing for business purposes very hard.

It seems that based on other postings (297 at the time of this writing), that as soon as the opportunity arises, Homecomings does everything in their power to extract as much money from you as they can, and foreclose on you no matter what. Their loan resolution department seems to be set up to make sure that they keep you stressed out, confused, and trusting until it is too late. I wonder what their foreclosure rate is compared to other mortgage lenders. I also know that I will never buy a GMC automobile, and I certainly won't do any business with GMAC, Homecomings parent company.

For all the other unfortunates who have had their mortgage sold to Homecomings Financial, our hearts and prayers go out to you. Good luck, but go ahead and pack.
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#13 Author of original report

Homecomings Financial, Florence AL

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

I've gone back to my files to verify certain information. This is a more accurate timeline of events.

The first official contact I had from Homecomings Financial was the NOTICE OF ACCELERATION OF PROMISSORY NOTE AND MORTGAGE, etc. dated 03/27/2006 from Cynthia Williams at Sirote & Permutt. It states that I owe $11,029.20 above my origianl mortgage amount.

I'm given a number to call, and it is interesting to note that the attorney represents US Bank National Association, as Trustee. Homecomings is only noted as a cc: at the bottom of the letter. I called the number listed, and left a message - since no one ever actually answers that particular phone - stating my problem. I also sent a letter to the attorney.

I received from Homecomings a letter dated March 31, 2006 from the Loan Counseling Department (no name given), stating that my loan had been assigned to their department. "Even though your mortgage loan has been referred to an attorney, and the foreclosure process has started, there is still time to save your home".

I then received a letter dated April 5, 2006 from Cynthia Williams at Sirote & Permutt. She thanked me for my letter, and stated that she had forwarded it to Homecomings, and that "we have ceased foreclosure proceedings until we are able to provide you with a response letter." This is the last time that I heard from Ms. Williams. Sirote and Permutt is a fairly reputable law firm, and I'm sure they washed their hands of the matter, once they figured out what had happened.

That same day I received a fax from Homecomings Financial, Kyle Ross. They thanked me for "taking the time to contact Homecomings Financial regarding your account". They also attached a financial package. "upon receipt of your completed financial statement, we will review your account and determine the appropriate workout option for you. Please allow five business days.

On 4/11/06 I faxed back completed forms. In the space where they asked me to indicate an amount for a "down payment to reduce your delinquent balance:", I noted that I would like to make two payments a month until caught up. That would be a four month "workout". Remember, that at this point I still don't have an address to send a regular payment to. Never heard back from Mr. Ross or anyone else concerning my "workout".

Next I received another Notice of Acceleration and Foreclosure dated 05/04/06. This one was from Joel A. Freedman, Esq, Morris, Schneider & Prior, LLC (attorneys) representing JP Morgan Grantor Trustee. Attached was a notice of a foreclosure sale set for June 1, 2006. Oh, but feel free to call us.

On May 9, 2006, the same day that I received the 05/04/06 notice I wrote to Mr. Freedman, informing him that I was turning the matter over to my attorney, that all further correspondence would be handled by him, and gave him my attorney's contact information.

I also briefly explained my situation again. Most notable, I stated once again, that I had never received a coupon booklet, invoice, or any other correspondence from anyone concerning where to send my regular payement. I sent a copy of the notice and my response to my attorney.

I believe I must have talked to someone from Morris, Schneider, etc. that same day (05/09/06) because I received by fax copies of loan documents, payment history, new contact information, a welcome letter from Homecomings dated 11/06/2006, and a letter dated 01/05/06 stating that I was late on my first payment. Except for the loan documents I had never seen any of the other documents before. Certainly not the welcome letter or the late payment letter. These were signed by Jason Lutz of Morris, Schneider, etc.

Mr. Lutz also stated that he had sent a request to get reinstatement figures, that were to be sent to me "shortly". He added that he hoped we could resolve the matter before the sale date.

I got another request from Homecomings to provide my Financial Information. I sent a copy of the previous package that I had filed along with explanatory material.

I then received from Mr. Freedman, dated 05/19/06, another Notice of Acceleration and Foreclosure. New sale date, June 22, 2006. However, I also received a message left on my voice mail from one of the Morris, Schneider people that "the sale is off."

Not hearing anything from any of the parties, and my attorney not receiving any correspondence since I notified them to begin corresponding with him, on June 2, 2006 I faxed an offer to the Morris, Schneider people that I would send a $5000 check just to get the ball rolling. I never received any response.

With both my attorney and myself waiting to hear something back, assuming that, as I had been told by their attorney, the sale was off, I was quite surprised to receive a notice from Morris, Schneider dated 06/22/06 that my home had been sold to US Bank National Association, be out in 10 days.

I called my attorney, and since then, he has been going back and forth, getting similar runarounds, non-responses and the like.

My attorney says that the Morris, Schneider people say that Homecomings Financial is quite happy with the deal since my house appraises for a substantial amount over the financed amount.

We have resolved ourselves to the fact that we have lost our house. Fortunately, the whole family is kind of excited about a change of locations.

We would really be in a mess if we had nowhere to go, or couldn't afford something appropriate. It seems that

Homecomings can play hide-and-seek with information they are supposed to supply; demand information from me, but never reply; play musical chairs with the companies and people you are required to deal with; and proceed with foreclosure without ever giving me a chance to even make a payment. This foreclosure will be on my credit report for 10 years, which isn't a big deal except that it will make borrowing for business purposes very hard.

It seems that based on other postings (297 at the time of this writing), that as soon as the opportunity arises, Homecomings does everything in their power to extract as much money from you as they can, and foreclose on you no matter what. Their loan resolution department seems to be set up to make sure that they keep you stressed out, confused, and trusting until it is too late. I wonder what their foreclosure rate is compared to other mortgage lenders. I also know that I will never buy a GMC automobile, and I certainly won't do any business with GMAC, Homecomings parent company.

For all the other unfortunates who have had their mortgage sold to Homecomings Financial, our hearts and prayers go out to you. Good luck, but go ahead and pack.
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