Homeq - The Money Store ripoff

Hello--

It sounds like you have an extremely unfavorable loan. It is possible that you were told you were applying for one kind of loan, but received something different at the closing table. I think you were the victim of predatory lending and continue to be.

If you have a negative amoritization loan, you are never quite paying all the interest due each month. The balance is then added to your principal amount, where it begins to generate more interest due for the lending institution. These loans are extremely unfavorable to consumers, and it is almost impossible to dig yourself out of the financial hole because your loan gets bigger each month, not smaller.

You would be better off applying any additional funds to the principal amount due, not future payments.

Also-- try and refinance. It sounds like you are getting screwed to the wall. A non-profit that helps people refinance is NACA. Look them up on their website at www.naca.com and call their toll-free number to find out about their free housing workshops. They actually got funding from a predatory lending lawsuit settlement against Fleet Bank a few years ago. ACORN housing can also help you determine if you have a predatory loan and might be able to offer you some advice.

To the employee stating we all need to read our contracts, well, that just doesn't fly. Mortgage contracts are complicated and vague, and it often happens with predatory lenders that they say one thing to lure a customer in, but do another thing at closing.

I don't think that the RESPA/Truth in Lending and HUD guidelines are in place to protect shady lenders operating within perhaps the letter of the law but not the spirit of the law or full disclosure truth in lending guidelines. Your arrogant company will go down with massive regulatory fines sooner or later. Polish up that resume, Michael!

Michael:

You tend to have the same response to everything! "You should have read the contract!"

You must feel that everyone is an idiot, of course except you!

What are you going to do when you are dumped by HomEq and another company cannot reprogram you?

I have read my contract with First Union Mortgage many times along with many associates that are attorneys and you know what?

No where in my contract does it state that it is a "Daily Simple Interest Loan"!

I like many other customers, that pays your paycheck, even thought you are ungrateful, would love to hit you in the fore head with our contract! Maybe then you would get it!

I am a business owner and if you worked for me, I would fire you and then deny unemployment due to insubordiantion!

You will note in reading the rebuttals posted to the various complaints against Homeq that there is a common thread - they all contain a *canned* response regarding understanding your contract and not making payments - regardless of the situation at hand.

Please note that in none of these rebuttals is any offer for the customer to call them directly to attempt to resolve the situation. According to them, whatever the problem is - it can't have been anything that Homeq did wrong - it is always the customer that is wrong.

One wonders where the loyalty of these employees will be when Homeq goes down!

You will note in reading the rebuttals posted to the various complaints against Homeq that there is a common thread - they all contain a *canned* response regarding understanding your contract and not making payments - regardless of the situation at hand.

Please note that in none of these rebuttals is any offer for the customer to call them directly to attempt to resolve the situation. According to them, whatever the problem is - it can't have been anything that Homeq did wrong - it is always the customer that is wrong.

One wonders where the loyalty of these employees will be when Homeq goes down!

You will note in reading the rebuttals posted to the various complaints against Homeq that there is a common thread - they all contain a *canned* response regarding understanding your contract and not making payments - regardless of the situation at hand.

Please note that in none of these rebuttals is any offer for the customer to call them directly to attempt to resolve the situation. According to them, whatever the problem is - it can't have been anything that Homeq did wrong - it is always the customer that is wrong.

One wonders where the loyalty of these employees will be when Homeq goes down!

You will note in reading the rebuttals posted to the various complaints against Homeq that there is a common thread - they all contain a *canned* response regarding understanding your contract and not making payments - regardless of the situation at hand.

Please note that in none of these rebuttals is any offer for the customer to call them directly to attempt to resolve the situation. According to them, whatever the problem is - it can't have been anything that Homeq did wrong - it is always the customer that is wrong.

One wonders where the loyalty of these employees will be when Homeq goes down!

The reason that you are utterly dumfounded, is because you do not understand the loan that you have. Look up the term "daily simple interest" on the internet, and it will clearly tell you the answers to the problems you are having. The problem is that you didnt take the the time to read and understand your contract before you signed it, the blame is placed squarely on your head. You have the time to write a complaint about the company on a website, but not the time to figure out your problem is clearly detailed in your contract.