Homecomings Financial ,Homecomings Financial - FRAUDULENT, Predatory... Dallas Texas

I too can relate to all of you who have posted messages on here. Homecomings Financial is such a rip-off. My new husband and I didn't have the best credit when we went house shopping. I'd been divorced and forced to file bankruptcy. He had been through financial trouble and had paid everything in cash from then on. This, of course, left him with no credit. I'm not sure which one is worse, no credit or bad credit.

Anyway, we bought our home in June of 2004, with another company. Our rate was 7.75% and had a two year fixed rate, and then it went adjustable. At that time, our payments were $530 per month. I think we paid only a couple of payments to the first mortgage company before Homecomings bought our mortgage out. All was going well, and we were on time, when our mortgage entered the point where it went adjustable.

I don't remember the exact percentage increase, but I know our payments increased by over $100 per month. This made things much more difficult for us. When we called them to ask why they had increased our interest rate, since we had paid on time ever since the initiation of the loan, we were told, "Because we can!" Those were their exact words.

In the meantime, Homecomings contacted us and told us that we had to have flood insurance on the property, and automatically assessed it against us. After a few dozen phone calls and lots of faxes, sending proof, from FEMA that our house is not in a flood plain and is therefore not required to have flood insurance, they finally dropped the remainder of the premiums they had assessed. Of course, each time we called, we had to go through the whole story again. They're as bad as the IRS. Nobody knows what the other person is doing. Each time we faxed the information to them, they gave us a different number to fax it to.

Often times, these numbers were even for different parts of the country than the one we had previously been given. They didn't however take off the premiums which they had assessed for the period in between notification and finally accepting our proof. This made our payment late, because they said that the entire premium was due and payable in one lump sum.

This was the start of the continuous fiasco that has done nothing but spiral downhill from there. I think we've been through the flood insurance thing three separate times now. Each time is a repeat of the first, and usually is worse with each reoccurrence. When that hasn't worked, they assessed homeowner's insurance on our property, stating that we didn't have any insurance, which we have clearly had ever since we first purchased our home. The insurance has NEVER lapsed.

On top of all of the assessments of insurance which was unnecessary, they have added late fees and penalties against us to the point that I think we now owe more than we did when we first purchased our home. Since July of 2006, our house payment has increased from $530 per month to $838 per month, and our interest rate has gone from 7.75% to 12.75%. With all of the stuff they have done, they have ruined the credit we had built up. We were doing well, but they have totally screwed our credit! Now, we can't get any help.

Every time we have called to try to get things worked out with them, they gave us the attitude that we were basically lower than dirt for having any difficulty with an increase of $300 per month and that we either pay or get out. They didn't seem to care either way.

Our mortgage is now in default, and we have received letters advising that our property will be sold on the courthouse steps. The first one was a letter from a lawyer's office advising the sale date as April 6th. Then, about a week later, we get one from Homecomings advising that the date on March 26th. Now that we have received that notification, they send us a letter stating that they have been trying to contact us (NOT) and that they cannot help us unless we contact them. Do not wait until the last minute to discuss our situation with them. They state that they want to discuss some new workout options they offer. They included papers for us to fill our telling them our life history (might as well be a loan application). Of course, they sent the same papers a little over a month ago, which stated that once they were faxed to them, they would contact us within 48 hours from the date they receive the information. Of course, we never heard anything.

When my husband called today, they said they just ignored it because, based on the information on the form, we couldn't afford our payments anyway. NO KIDDING! It doesn't take a rocket scientist to figure that one out. They talked something about us paying at least one payment and then, they would see what, if anything, they could work out for a repayment plan. I'm not sure I want to go for this. Why pay a payment only for them to turn around and say, "There's nothing we can do for you..." and then continue with the foreclosure anyway? I don't know what to do. I know things aren't looking good.

J Carter
Anytown, Arkansas
U.S.A.

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