November 05
To all who are interested:
The following is just the most recent incident I have had with Homecomings Financial in the past three years:
I recently refinanced my 1st mortgage (or so I thought) and couldn't wait to RUN as fast as I could from HC (Homecomings). Four days after my new mortgage company QLF (Quick Loan Funding) wired the pay-off funds to HC, the money was sent back due to the fact that the pay-off amount was not enough to cover the loan. When asked what the problem was, they stated that since our homeowner's insurance with EFS (Empire Fire and State) had been cancelled back on July 07, they were required to place their own "in-house" insurance on our property, which added another $2,048 onto our pay-off amount. It was more than a coincidence that the effective date of this imposed insurance policy was the same day that HC received the pay-off money from QLF.By the time we were notified of the problem, we had already received and disbursed all monies that QLF had sent to us as our portion of the re-finance.
Since we were never notified of this cancellation, we immediately called EFS. When we asked why our policy had been cancelled, EFS stated that in April they were informed by HC that our property had been sold and that we no longer lived there. Consequently, EFS mailed several cancellation notifications to our last known address (provided by HC), which were returned to them labeled not at this address. Thus, they cancelled our policy. When we explained that we had not moved, nor had we received notice of the cancellation, EFS agreed to re-instate our policy retroactive to the point at which it had been cancelled.
When informed of the re-instatement, HC stated that as soon as they received a copy of the re-instated policy, they would cancel their policy and the pay-off amount would go back to the amount originally stated. At our request, EFS faxed the proof of insurance to HC immediately.
On October 14 while we were waiting for HC to give the okay for QLF to re-wire the pay-off money, we received several certified letters informing us that our home was being foreclosed upon by HC. Our property was scheduled for Public Auction on
November 03 (in 19 days!)
On September 22 the following incidents occurred involving HC:
1) QLF received verification that HC had received the pay-off money.
2) Once QLF received this verification from HC, we were told that our portion of the funds would be sent to us by over-night FedEx.
3) After allowing us to go four months without coverage, HC suddenly decides to place their own ridiculously expensive Homeowner's Insurance policy on our property.
4) HC places our property in foreclosure.
On October 28 HC finally sent a revised pay-off statement to QLF. An additional $2,800 (lawyer fees for foreclosure) and five weeks interest had been added to the original pay-off amount, the balance of which would be expected to pay out of our EMPTY pockets.
After making numerous fruitless phone calls and feeling completely defeated, we told our Personal Injury Lawyer about our struggles with HC. Despite the fact that our Lawyer was not an expert in this type of legal matter, he insisted upon contacting HC on our behalf.By the following day, HC had agreed to postpone the Public Auction for three weeks, pending further investigation regarding our account. They even agreed that they might have made some mistakes related to the handling of our account.
Our Lawyer believes that our case against HOMECOMINGS FINANCIAL is a solid one, especially due to the fact that we have kept meticulous RECORDS.
We have been given a three-week reprieve, but are these extra three weeks just giving HOMECOMINGS three more weeks of interest before they FORECLOSE on our property???
We want to join forces with ALL WHO WISH TO BRING HOMECOMINGS FINANCIAL to JUSTICE!!!
Cynthia
HENDERSON, Nevada
U.S.A.
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