• Report: #131843
Complaint Review:


  • Submitted: Fri, February 18, 2005
  • Updated: Sun, March 25, 2007

  • Reported By:Live Oak California
4837 Watt Ave. North Highlands, California U.S.A.

Homeq, The Money Store ripoff! Disorganized, dishonest! North Highlands California

*Consumer Comment: WOW!!!! THANK ALL OF YOU

*Consumer Comment: Whatch your attitude

*UPDATE Employee: know what you are talking about before you speak.


*Consumer Comment: BEWARE!!!

*Consumer Comment: Western Union?

*Consumer Suggestion: federal trade commission

*Consumer Comment: Watch Out ----

*Consumer Comment: I've never had a problem with them, THANK GOD!

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Financed our home in 2004 for 140,000 dollars. Our mortgage was bought by Option One and then bought again by Homeq. It wasn't until homeq when we started having troubles.

Our November 2004 payment bounced. That was our fault and this is when the fun began. We were never notified. If they called us they did not leave a message. We didn't find out until December of 2004.

However, we were told that if we agreed to the payment arrangements that it would not be reported as a 30 past due to the creditors like equifax esperian and transunion. We made our November payment as agreed. We made our December and January payment during the grace period.

In February I checked my credit reports online and found that not only had Novemeber been reported as 30 days past due but December was now reported also 30 days past due.

Now I'm worried.

We called on the 14th of February and payed by check over phone. On the 15th we called Homeq to ask why November and December had been reported as late. The response was "I dont know why December was reported late, it shouldnt be because we show you paying on-time, to dispute both months you will have to fax a cover letter and a copy of your credit report.

Also, while on the phone she said they didn't have the information for the over the phone check payment done on the 14th and need to get that information again.

On the 17th I decided to do some research on homeq and found this website. After reading many posts on this website I was very worried. I then checked my bank accounts online and noticed that the February payment still had not gone through.

I called homeq and was transferred to a "supervisor". He (John Magee) told me that December is showing 30 days past due because we had an October of 2004 payment that was payed 30 days late and they didnt report it until Decemember.

Obviously we were never notified of this and we are going to get bank records to find out when our October check was cashed. On our records the check was writtin on the 13th. So how it was 30 days past due I do not know as of yet.

Now, does any of this seem a little "off"??? Something simply does not feel right to me and I am very very concerned with the operations of Homeq.

Also, homeq once told us that they simply did not receive a check that we had mailed in. The check just simply vanished. At first I thought maybe it got lost in the mail somehow. But when we called in on the 14 and payed by check over the phone and the next day they have to record of it AND they simply have no record of recieving a check that was mailed in I think there is something wrong with this company.

We have decided that we have no choice but to spend an extra 8 dollars per month to pay our payments by Western Union. Its the only way we know how to make the best document of our payments. They are either a very dishonest or customer service is extremely disorganized and poorly ran.

At the end of the phone conversation, soon after saying he will "waive" the late fee for November he informed me that there might be a charge added to our account for some sort of attorney fees or something to that effect. He could not tell me for sure if this would happen or not.

I asked him if there were any other outstanding fees of any sort and Mr. Magee replied no. I asked him more than once. He made it clear there were no other fees or dues cept the possibility of an attorney fee. Whatever that is....

Do you think I have anything to be worried about??? I have 29 more years of payments. I'm scared to death.... :( We are on an adjustable rate mortgage for the first two years. I don't think we can refinace now with the 30 day past due on our credit reports. If we were able to refinance right now we would have to pay a penalty for paying off the motgage within
the first two years.

Also, while talking with homeq on the 17th with two different ppl. I was told that they had called on the 13, 15th and 16th. Both persons agreed I was called twice, but, with different dates. I was also told they had left a message. We NEVER received any messages from them.

When we talk to them they never seem to have their facts straight and always give different information. All through-out the conversation dates and times keep changing.

Does anyone have any tips or advise? What state agency or departments can I conntact to start keeping a record of whats going on.

My biggest fear is that there are late fees they havent told us about and will wait a year and then till us we owe thousands of dollars or something crazy like that in late fees.

We want to cover ourself now but not sure how to go about it. Thank you for taking the time to read all of this. I now know how a lot of you feel. Best of luck to each of you. If anyone has any advise at all it is very appreciated.

city, California

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This report was posted on Ripoff Report on 02/18/2005 12:08 PM and is a permanent record located here: http://www.ripoffreport.com/reports/homeq/north-highlands-california-95660/homeq-the-money-store-ripoff-disorganized-dishonest-north-highlands-california-131843. 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.

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Updates & Rebuttals

#1 Consumer Comment


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

First, I want to say that I was seriously considering using The Money Store/ Home Eq for my mortgage but after all that I have read I really doubt it. Furthermore, I will make sure that I have NOTHING to do with them EVER! As for you unsuspecting consumers who are going through so much I want to say that I truly feel for you guys. I thank you sooooo much for sharing your unfortunate circumstances to help those of us who can still find another company to deal with, once again, THANK YOU KINDLY!

Please know that you are getting back at Home Eq by informing others who will not use their services. As for the employee responses, all I can say is WOW! Amy, you should be ashamed of yourself by the way you responded to your company's clients. Instead of trying to put them down maybe you should try and, oh I don't know, HELP THEM by explaining what is going on and doing it in a professional manner. Instead you insult them and blame them for your company's practices. Could it be that sooo many people are going through the same thing with Home Eq but its everyone else's fault and NOT Home Eq, I doubt it. Also, half of your rebuttal is filled with mispelled words which makes trying to read the insults so frustrating but I guess thats the caliber of "professionalism" exhibited by Home Eq and it's employees.

Once again, I want to thank those who shared their stories but most of all I would like to thank Amy for showing what I would've been dealing with had I used Home Eq, thank you Amy. I hope one of your managers see this and understand that because of YOU I will not be doing business with your company and have effectively advised three friends/ family members not to go with your company. Have a great day.
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#2 Consumer Comment

Whatch your attitude

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

I love the way the disdain shows through from the "employees" of homeq that claim they value customer service. They need to remember not all customers in trouble are in trouble because they do not want to pay their bills. Sometimes hardships happen. and hard choices need to be made. My first choice is to pay my bills, but when you are self-employed and the people that owe you money decide they don't want to a slippery slope starts. It doesn't help when you are treated like someone trying to get away with something. Then it also doesn't help when you don't trust the company. Several years ago I used to mail my payments in, the company I worked for paid us on the 6th, when they paid us, so I would mail my check priority as soon as I got my check. yet I was always late, it didn't make sense, until delivery confirmation came around, I soon learned that my payment was put in their box on the 8th, but it wasn;t recorded until the 12th making me late everytime, once I had documentation in hand I threw a fit and got the late charges reversed (which also made me suspecious at how quickly they did it when I had their hand caught in the cookie jar) from what I can tell the company has a disdain for their customers and will do everything they can get away with to increase their revenue stream.
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#3 UPDATE Employee

know what you are talking about before you speak.

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

i have read your complaint about my employer and all of your problems come down to simple ignorance. homeq doesn't make loans nor buy them. we service them according to the terms of the loan documents that you signed. if you make an incomplete payment it will not be posted to your account. if you are behind on your payments and you start making them again without fully cathcing up, you are still behind & your credit bureau will reflect that. your account can fall into forclusure if you let your breach expire and there can be fees and attorney costs. you can't tell me with a strait face that you made a check that bounced and it's our company's fault that you didn't know about it for months. 1. if you cared you would have checked on it 2. your bank would have notified you. lazy is all you are & looking for a free ride. preditory lending is right but the preditor is your loan broker not the servicer. maybee next time you will read a document before you sign it! you can file all the lawsuites that you want but we will prove that we are right every time. we are not affraid of you. the truth hurts we all know that but trying to blame your own problems on others will never work. especially the thing about the back taxes. that would have never happened if you would have paid them yourself, like you were supposed to. once we force place escrow & add them to your monthly payment & you try and pay off the loan before they are paid in full, then yes, they will be included in your payoff quote. come on people, do you really think that we don't document everything. our backs are covered!!!! and refinancing or selling your home and getting a new loan won't necessarily get you away from us. we service subprime paper which means we will probably end up getting your new loan again anyways =) the best thing you can do is go to work and pay your bill on time!!! figure out your priorities as well. buying other things that you know you cant afford along with you mortgage payment and keeping them current but crying to us aout how you can't make your mortgage payment won't work either. Unless you would like to live in your cell phone/hummer/satelite dish! whatever, believe what you want, but who is more credible, homeq who is renowned for our high quality of customer service or a disgruntled homeowner that has no one to blame for his problems but himself. we truly do value our customers and if you have common sense then you will see that all of these people could have avoided these situations if they would have just taken responsibilty for their own actions.
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#4 UPDATE Employee


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

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#5 Consumer Comment


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

Hi, I have been going thru it with this company for my mom. When I asked them what address to send payment to after my father died in dec.2004 they gave me 5 different addresses in 5 different states. They owe only 7 more years on their home and this company has tried forcing them into foreclosure so many times, after my father died the only thing my mom could do is file bankruptcy chapter 13 to save her home. They returned over 8000.00 in money orders that were sent in for payments so they could force us into foreclosure. If they would've kept these they would've not been behind at all. I send payments western union because as far as I know that is the only sure way I can make sure they don't come up with other crap of why they didn't receive it. If you ask them what these attorney fees are and why an attorney was used, they probably will not know what to tell you. THey add these bogus fees that they cannot explain. predatory lending is what these people do and it is illegal, but we all need to find an attorney that will take a class action law suit
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#6 Consumer Comment

Western Union?

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

Hi, I have never used Western Union, I'm not sure how that works. Maybe you could just send it certified, return receipt at the Post Office. It is only 3 dollars or so.
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#7 Consumer Suggestion

federal trade commission

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

take your complaint to the federal trade commission.your problem with homeq is almost like mine. call them, they have to have several complaints before they can do anything.If everyone did this that have a problem with this corrupt company we can get them shut down and out of business for illegal business practice.
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#8 Consumer Comment

Watch Out ----

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

Please please whatever you do, make sure they are escrowing your taxes. We too have had "unexpected fees" unknown to us. They were charging us for foreclosure fees & my property was never foreclosed. They never escrowed our taxes & waited until they were 2 years delinquent & upped my mortgage payment. we have been with them for 7 years now.

Our original pmt was 649.00----now its up to 1249.00!!!!! I am making settlement to sell my house in October this year & can't wait until I pay these shisters off. Now when I asked for a pay off they are showing that I still owe $9,000 in back taxes!!!!!

Where did all my payments go for the last 7 years?????? Also, we have had "payment arrangements" with them & now they are showing us as 2 TWO mortgage payments 30+ days late when we were on a payment plan. Now this IS effecting our credit report & may not be able to purchase another property.

Get as far away from this company as you can!!!!!!! Find a re-financing co(A REPUTABLE ONE) who can maybe re-finance you & help to stop what problems you WILL have in the future with them. 29 more years??? Don't go thru it, get out while you can BEEN THERE TOO
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#9 Consumer Comment

I've never had a problem with them, THANK GOD!

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

I too am a HomEq customer, however I've never had a problem with them, THANK GOD! I did see your statement that you pay 8 bucks for western union!! Don't do that, just go on their website, and pay your mortgage, and then write down the confirmation number each time, that is what I do! I check it everyday on teir website, because it is my mortgage, and in the past 3 years I've never been late, so I don't want to start now. Hopefully none of this stuff I've heard will ever happen to me! I better go find some wood to knock on!! Good Luck!
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