Stockington Mortgage financed our first home through homecomings financial in May. We paid payments as high as $1186.00 a month with only $67 dollars a month going to principal.in Feb. Of 07 we had to try to purchase our parents home because of undue reasons, we went back to Stockington Mortagage whom therefore financed our second home for us.
At the time of purchasing the second home we ask them about refinancing our first home. He said it would be no problem and that the payments would go down. We found a couple that wanted to pay the payments in the first home. Since we couldn't sell yet and their credit wasn't good enough to buy untill Oct. 07, so we had our attorney draw up a land contract everyone signed and all was good untill it came time to refiance. I contacted Homecomings Financial and the refiance guy that I spoke with said that we would have to come up with of the total amount of the loan for a downpayment before they could do anything. I explained the situation to him and then he told me we would have to come up with of the total loan before we could refinance. We could not afford this and was completely unaware of this at the time of purchase for the first home.
On our first home we financed $122,000.00 and two years later our loan was paid down to 121,000.00 so we paid on this loan for 21 months ourselves, the contract buyers paid 2 months and we still owed almost the orginal amount borrowed. The people on the land contract where supposed to pay the payment the first of every month, May the third I was notified by them that they had rented another home and that the May first payment had not been made yet, So here we go. We are sueing contract breakers for May payment and any damages occured plus for breaking the contract, I am going to try to sue homecomings financial for their rip off practices.
My husband and I have an appointment witah a realestate attorney this week to see if our options are to foreclose or file bankruptcy, which seems to be the only option that we have since we do not have thousands of dollars for a down payment, so our credit that we both have worked so hard for is now going to ge destroyed again just so homecomings financial could gain a huge profit.
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