• Report: #329688
Complaint Review:


  • Submitted: Wed, April 30, 2008
  • Updated: Thu, March 05, 2009

  • Reported By:Tucson Arizona
North Highlands, California U.S.A.

Homeq This company has kept raising the intrest rates even when the economy has put a stand still on my husbands work.. North Highlands California

*UPDATE Employee: Why did you get an ARM loan??? I'll tell you!

*UPDATE Employee: Your ARM change

*Consumer Suggestion: Rule number one when buying something . . . .

*Consumer Comment: ya

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This company has continued to raise the intrest rate on the house knowing that my husband has not had a lot of work... I have been at my job for 1 year and 3 months and still am making $7.50.. They knowing all of this and keep moving up so that we are unable to make the payments... We are 4 months behind and the house needs major repair.. built in 1946 and built of adobe... It has been very poorly maintained and is falling apart at the walls... We have taken pics. of most of the repairs... They called my husband the other day and he told them he just started a part time job.. They say," This is all something you should have planned for when you got the house... " They also laughed at him.... LITERALLY LAUGHED at him... and told us to do a quick sale.. NOT what we want to do..!!!! Hopefully I will get some pics. to put in here!!!! And you tell me you would pay 750.00 for a house of approx. 950 sq ft. and in poor repair.. also the value put on the house was 73,000.00 more or less!!!!!

Tucson, Arizona

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This report was posted on Ripoff Report on 04/30/2008 01:31 PM and is a permanent record located here: http://www.ripoffreport.com/reports/homeq/north-highlands-california-95660/homeq-this-company-has-kept-raising-the-intrest-rates-even-when-the-economy-has-put-a-stan-329688. 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 UPDATE Employee

Why did you get an ARM loan??? I'll tell you!

AUTHOR: Current Employee - (U.S.A.)

You see.... you are what the industry calls sub prime. You either have poor credit, a history of slow credit, you didn't have money to put down or very little or you've had previous foreclosures, bankruptcy, etc.

If you've lost your job I'm sorry, that sucks but guess what.... it has nothing to do with your interest rate. At time of review if the libor is up... guess what??? Yes, thats right your rate goes up.

Stop blaming everyone else for things YOU did. You got yourself in this mess... find a way out on your own.

Oh, and do us all a favor.... don't inflate your income to get the "home of your dreams", if you can't afford it working at McDonalds you shouldn't live in it!
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#2 UPDATE Employee

Your ARM change

AUTHOR: Current Employee - (U.S.A.)

The ARM change is based on a few things.

1) Margin: Think of this as "prime" rate. Just like a credit card. This will always stay the same and should be located in your mortgage agreement. Usually around 4-6.

2) 6 month Libor: London Interbank offering Rate. Whatever this is at the time of your rate assessment added to your Margin makes your new rate. Original rates on ARMs are known as "teaser" rates or "hooks" to get you.. yes.. hooked into the mortgage.

Now... if your Margin is say 4 and the libor is at 1.77... you would think your rate would be 5.77 right??? Well... maybe. If you have a very poor interest rate at the time of assessment your rate could do one of three things. Fall... stay the same... or increase.

If you want a modification... sent some required documents.

3) W-2, 1099

send these docs to the mod dept!!!! 866-554-5325. No need to address to anyone. Just send it. It'll get reviewed. I cant promise you you'll get the mod. But thats all you have to do.


I'm tired of telling people tough s***... make your payments. Life's to short.
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#3 Consumer Suggestion

Rule number one when buying something . . . .

AUTHOR: Fc1257 - (U.S.A.)

When you buy a car dont you check to make sure everything works and make sure all the financing is correct? If you buy anything dont you do your homework first?

When you buy a house YOUR BIGGEST ASSET dont you do your homework? Any time you buy a house more then likely you are getting an adjustable rate mortgate.

What is an ARM?

A type of mortgage in which the interest rate paid on the outstanding balance varies according to a specific benchmark. The initial interest rate is normally fixed for a period of time after which it is reset periodically, often every month. The interest rate paid by the borrower will be based on a benchmark plus an additional spread, called an ARM margin.

An adjustable rate mortgage is also known as a "variable-rate mortgage" or a "floating-rate mortgage".

Both 2/28 and 3/27 mortgages are examples of ARMs. A 2/28 mortgage's initial interest rate is fixed for a period of two years and then resets to a floating rate for the remaining 28 years of the mortgage. A 3/27 mortgage is typically the same as a 2/28 mortgage, except that the interest rate is fixed for three years and then floats for the remaining 27 years of the mortgage.

You bought into an ARM loan. Now that the two year period or 3 year period has expired the terms of your interest rate have expired meaning now your interest rate will increase every six months. It could even go down depending on the benchmark which is usually the Wall Street LIBOR Average. This has nothing to do with the company homeq. I have heard of them and they are a Servicing COMPANY. They get these loans and call people to collect on their mortgage for the initial investor (ie the one who gave you the money to buy your house which now you are technically stealing because you promised to pay it back and are not). Homeq is not a bank nor are they a lender. How in the world can they increase your interest rates?

I think this is a situation where you need to do your homework before you buy something and quit blaming someone who isnt even the cause of your problem. Homeq is not raising your rate. The contract you signed before you even knew who the company homeq was is what is causing your rate to go up. I understand you may be out of work and things are tough. Rule number two is always have six months of mortgage payments saved before you buy a house. On the other side if you can sit down and say that you can afford this house and that you can have it caught up in the near term and that this is not a long term issue(meaning you have a normal lifestyle where you can go out to eat with your family and not worry about your mortgage every second of your life then you should keep the property. Otherwise I would put it up for sale - bottom line. The truth hurts sometimes and I understand at this point it is a hard pill to swallow but who are you trying to convince that you can keep your house me or you?
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#4 Consumer Comment


AUTHOR: Whut? - (U.S.A.)

gotta be kidding!

The only way your interest rate keeps going up is if you have an adjustable rate mortgage loan!

You signed the loan documents you should have known what you were getting.

Yes both you and your husband should always plan on having jobs to pay for a loan for a home you took out to buy a house, good repair or bad...it had to be in good repair when you got it - it was your responsibility to keep it that way.

Stop blamimg the mortgage company for your errors, I am sure you were "filled with joy" when you bought the house!

There ain't nothing for free!
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