Homeq Servicing Corp. Wachovia/First Union DON'T BOTHER GETTING IT IN WRITTING! IT MEANS NOTHING! North Highlands California

Don't bother signing an agreement with Homeq. It only applies to what you have agreed to do, not them. We built our home in August of 1999. We obtained our mortgage through a broker. Our note holder was Irwin Mortgage. Three months later our paper was sold to First Union and then to Homeq.

August of 2003 we were forced to file bankruptcy. At that time we had nearly $15,000.00 we owed Homeq (alot of inflated fees). The break down of this amount was reported to the Federal Courts when we filed in August.

We were unable to pay that amount and the terms of the repayment was unreasonable. We just couldn't afford to pay more than double of our original payment.

In March 2003 we put our home on the market for $15,000.00 below market value. Not one offer in our depressed market. Only 3 showings in 90 days. Determined to have good credit after our bankruptcy we entered a Forebearance Agreement with Homeq.

This Agreement stated that we send Homeq $15,000.00 and make our regular monthly payments plus $78.71 for 12 months. This agreement gave a breakdown of charges that made up the $15,900.00 that we owed them. Attorney fees, Corporate advances, late fees, escrow shortages, etc. These were basically the same as what was submitted to the Federal Courts in August.

This Agreement reflected no escrow shortage, and stated clearly and I quote "The total amount needed to bring the loan current thruogh and including the 05-01-03 payment is the following sum:" Throughout the entire agreement it stated your regular monthly payment not the amount of.

When we sent our first payment they kicked it back to us stating that due the escrow analysis done in March of 03 our escrow account was short by approx $15,000.00 therefore our payment is now more than double what we sent in.

When we contested the fact that the Forbearance agreement stated nothing to that effect and lead us to beleive that $15,000.00 we had sent would remendy all that was due them, they said you didnt send in the regular monthly payment the agreement means nothing. Well we havent received any statements from Homeq since we entered bankruptcy in 2002. It wasn't until July 31, 2003 we received our first piece of mail from them. They sent me a letter that stated my payment had been returned and my account was in foreclosure.

In July 31 I called and contested the charges. It is now September. They have made no progress in their research, I will ultimately be asked for the same amount if not more as fees are building. Ultimately I will lose my home.

I have contacted HUD, My Congressmen, US Attorney General, and have sent a copy of those e-mails to every mortgage broker in town. I hope that someone will drive them out. It is great that we have sub-prime lenders out their for second chance financing, however, why give a second chance if all your doing is setting people up for failure.

Beware if you considering Homeq - Wachovia - First Union Run fast! Run Far! If your broker recommends them slap him.

Traci
Flower Mound, Texas
U.S.A.