Report: #416555

Complaint Review: Homecomings Financial (gmac) - Waterloo Iowa

  • Submitted:
  • Updated:
  • Reported By: clio Michigan
  • Homecomings Financial (gmac) P.o. Box 205 Waterloo, Iowa U.S.A.

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we bought our house about ten years ago. We started with an fha loan, then was able to go conventional. we refinanced with a small company, who then sold our loan to homecomings (gmac) we had no choice. we tried to get an escrow for our taxes and ins. They would only do it if we could come up with about 2500.00. well, that was impossable, so since then we have made our taxes and ins. on our own. our home is or was appraised for 90,000.00, our pymts were 818.90 a month with a 30 yr. fixed rate.

so, for ten years we have made our mortg. pymts., taxes and ins. on time with no delays. well, like the rest of america we have hit a hardship. my husband works for a company that is not busy in the winter, while every year we have dealt with his hours being cut during the winter months. well this year his co. has cut dramatically. he is lucky to get 35 hrs. per wk.

in november when i realized that we could not make the whole dec. pymt. we called homecomings explained what was going on 3 weeks before our pymt. was due. in response, we got condesending attitude, as though i was lying. i asked if there is a hardship dpt. they transferred me and i was told theres nothing they could do. so not knowing who to turn to for advise i did not make dec. pymt. so the phone calls started coming. they would call when my husband was at work and would not talk to me because my name is not on the loan.

just before we were 2 months behind we talked to someone in the credit dpt. she said once i'm 2 months behind they will have to work with us. so i did not nor could i make jan. pymt. we called again and now they say they cant except anything except what is owed, i offered to send in what i could and they said they would not except it.

through advise from a friend we sent some money certified mail (they had to sign for it). they excepted it. so when we called them again they no longer gave us an option to talk to someone. we could press 1 to report pymt. made or 2 to make pymt by phone. we have been to a mortgage counsler, we have called our state rep. only to get no return call. tomarrow i will try my state sen. we are now 3 mths behind and the phone calls keep coming with no live person on the other end.

we are frustrated. we have excellent credit only to go out the window when all were asking for is a little time until my husband can get back to summer hrs.

i'm not sure who makes me more sick gmac or our govt. for giving them our tax dollars with no stipulations on how they spend our money. so while i am not out of my home yet, i know its only a matter of time because it does not matter what hard working americans do there is no govt. to bail us out or make the co. work with us.

clio, Michigan

This report was posted on Ripoff Report on 01/26/2009 07:19 PM and is a permanent record located here: https://www.ripoffreport.com/reports/homecomings-financial-gmac/waterloo-iowa-50704-0205/homecomings-financial-gmac-lies-heartless-while-they-are-enjoying-bulti-billion-of-ou-416555. 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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#6 Consumer Suggestion

ATTENTION PAUL/ Listen up/ You are incorrect/ so this shall reflect

AUTHOR: Miss Guardian - (U.S.A.)

POSTED: Monday, May 04, 2009
Hello to Paul & one & all! We may sound like a broken record but are not so! NO Employees here! If you kindly look on this site for comments about Gmac Mortgage LLC, Nationstar Mortgage LLC & Law Offices of David J. Stern, you shall see that we pray for all victims! So the message is clearly not the same but Paul you are entitiled to your Human Error & your guess, as well. We are old but we have a small group with mighty big encouragement & big praises for those who stand up & fight! However, we do not condone, nor accept anybody to simply say: payments were not paid... it does not work that way regardless of the reasons; one must choose to make the payments. Because if the other side does not accept than that is a definite problem the other side creates, not the homeowner. Although, we sympathize with many of the others hardsips, as well! But for the most part we do strongly encourage others to fight for what is rightfully theirs especially if they are the ones that have been wronged by these giants! Paul, you shall see by other reports other Employees were quickly put in their place if they reached out & harrassed somebody, we do not tolerate this! So before you assume you should have your facts straight but you are entitled to your opinion & your guesses. God Bless all true victims & may they be granted swift justice.
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#5 UPDATE Employee

It's important to recognize and understand....

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

POSTED: Wednesday, April 29, 2009
that most large lenders are simply servicers of your loan. They have acquired a crummy loan that an uneducated homeowner mistakenly signed up for. GMAC and many of these other companies are not on the hook for your loan - the investor is. The servicer is simply a payment collector for the investor.

The servicer has an obligation to the investor to collect your payments on time. When a homeowner fails to make their payments, the servicer (GMAC) is still required to make your payments to the investor for you. So - they're fronting money for payments they're not getting from you - mutiply this by tens of thousands of homes and you can see how this is very costly for companies such as GMAC to have to absorb. The last thing a servicer wants to do is to take someone's home - it costs everyone money, especially the servicer. But the only relief the servicer gets is throught the foreclosure process. At that time, they no longer have to make your payments to the investor for you. And if the loan has PMI - well - it's insured against loss.

Although I sincerely sympathize that the servicers and lenders can be difficult and impossible to make hardhip arrangements with (I'm a "victim" myself and have lost my home), at the end of the day, YOU are the one that signed the promissory agreement with whatever XYZ broker you took your loan out with and you are the one not honoring your obligations. You know going into this that failure to make your payments can result in loss of homeownership privileges. My suggestions moving forward is to make sure homeowners clearly understand the terms of their loan, and try to deal directly with the banks. The banks are held to amuch higher standard than a broker - they're regulated by both state and Federal law. Their loan officers are generally licensed and certified and have a substantial amount of education and experience.
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#4 Consumer Comment


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

POSTED: Monday, April 20, 2009

if you have had any of the above happen to you please refer to the website below for info,
weblink for blog and information on suit



houston, Texas

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#3 Consumer Comment

Miss Guardian needs to clarify her responses

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

POSTED: Monday, April 20, 2009
One thing has struck me in the rabutals to several of the reports on this company. They are all by Miss Guardian and they all say basically the same thing. It is that Homecomings is fine - pay up. I have no problem with this if this is just her opinion but I believe there is much more to it than that. If, as I suspect, she is an employee of Homecomings then she needs to identify herself as such. Her comments are all the same in each rebutal. If we are being exposed to the companies opinion then let it be presented as the company opinion. Any comments Miss guardian?
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#2 REBUTTAL Individual responds

Homecoming Financial-- We are in the same boat as all of you!

AUTHOR: Kelly Jeanne - (U.S.A.)

POSTED: Saturday, April 11, 2009

Homecomings Financial We are in the same boat as all of you on this report Waterloo Iowa

I wanted to tell you all that in these reports I can so relate to you! We are losing everything including the family.This company has put so much stress on our relationship ,marriage ,family that it ripped us all apart.My husband & I worked so hard to keep the house payment going that we are falling behind on all the rest..Our house payment was $400.00 then went to $1200.00 ...We have tried to contact Homecomings. We were told they would call back & my husband took of 3 days of work without pay and they never called ,They said we never faxed them the proper forms.I feel like we are all victims but we aren't stupid. We all work & pay our bills ,mortgage,utilities,We did get a Lawyer to help but we aren't getting help at all.We pay our house payment than we get a statement we are late on our payment ..So they tack on more interests. We were told by our insurance company that we didn't pay house insurance either..We all need help & should all stick together. I just called Homecomings today to talk with someone & was on hold for 23 minutes then was told to that I wasn't authorized on this account...I'm on the credit report with all the information. I think we are at the point where they can take my house.I can't keep doing this.We are hard working people that pay our bills. I want to just walk away from the house.I don't have much dignity left. We are getting ripped off to no end.How can they get away with this.


Wisconsin Rapids, Wisconsin
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#1 Consumer Comment

To Leisha in Michigan: This is sad

AUTHOR: Miss Guardian - (U.S.A.)

POSTED: Sunday, March 22, 2009
Although it is sad, you do admit that indeed you had refused to make a payment then thereafter you were unable to make a payment. Sometimes, one must make a sacrifice to do more than the usual to compensate for any deficiency that is expected to occur. This is sad. However, I do feel sad for you & your loved ones but the other side should remain respectable of which, it does sound as if they were not remaining or maintaining a professional status. You should voice your opinion of this in writing to them & demand an apology if you feel one should be granted. But the facts remain if they did not receive their money than they are well within their rights to assert a request to be paid. PLease try & work this out with them & try & be honorable to acknowledge & accept your debt to them. By doing this they may just reconsider to work extra hard with you. God Bless You.
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