I am trying to figure out why my mortage balance with HomEq is higher now than it was a year ago. The statement from November reported a balance of $111,713.34, the statement from July reported $111,996.06. While I was late once or twice, I always took care of the balance due plus the late fee (s). Also, any time — the other 10 months of the year — I made timely payments, they were always more than the balance due.
I was directed to the HomEq research dept., on which I have not yet followed up, but it will be done and I will update when I get an answer. When they come back with an answer, is there a 3rd-party firm that can check HomEq's veracity/truthfulness?
Also: my 2-year ARM with HomEq matured in March and, while I understand the rate was supposed to go up, it went up significantly. Shortly after the ARM matured, we received a letter stating that our credit score had deteriorated to the point that our % rate would be adjusted to reflect that. I have been pursuing a refi with Cornerstone Mortgage and the rep there told me what my wife's credit score is currently (it's her name on the mortgage)... And it is relatively unchanged. If anything, it's a few points higher!
I conducted a search on Yahoo! For HomEq and came across the consumer complaints. I'm glad I did because the amount of our increase (ARM maturity credit score increase) this year seemed excessive. After seeing the volume of complaints on this site, I am becoming more convinced that it was indeed excessive and that HomEq may be up to something sinister.
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