After purchasing my first home, my initial lender sold the mortgage to HomeQ. Unfortunately, I erroneously felt I could handle the tax payments for the home on my own, and did not have them included in my mortgage payments. Once I had fallen behind I called the company to discuss my problem. At that time they paid the back taxes, and raised my payments to cover the current tax amount, and the back tax amount I owed. All is well so far. I made the mistake, and willingly acknowledge that.
Unfortunately, the additional amount on my monthly payment was making the mortgage difficult to handle. I happened to have a good deal of money 'fall into my lap' recently, and I knew exactly what I needed to do if I was to keep my home. I first made a payment to bring my account up to date. On that same phone call in which I made the payment, I also discussed what I needed to do in order to pay off the remainder of the escrow shortage. I was given a specific amount, and a specific address to send this payment to. All is still well, supposedly.
When I got online to make my May payment I was appalled to find that they had received my payment and credited it as a normal payment, first paying May's balance, and then attributing the remainder towards principal, with only the monthly allocation towards the escrow shortage, despite the fact this payment was meant for only that purpose. Now, it may seem trivial that I fret over the allocation of this payment, however, I still had a year to go with the increased payment that was too cumbersome. The responsible thing to do was pay off the shortage so my payments would drop down to a more affordable level.
As anybody would do, I called the company. When I tried to explain the problem I found that I was the only person doing any cognitive work. When I tried to explain the problem, the representative couldn't even locate the payment. I had to slowly go over the fact that it had been broken up, and point out how it had been allocated for him. Then, he sent me for a loop when he pulled up the escrow account and quoted a shortage with a much lower balance than I had sent in. Apparently the initial amount I was given was incorrect. Even though this fact doesn't bring much harm to me, the idea that they are either not keeping accurate records, or their reps are just pulling figures out of the air when speaking to clients is startling.
Even though, from the start of this conversation it was clear that something was wrong, and the representative fully acknowledged the error, they still turned around and demanded May's payment in full before they would correct their own mistake. This, is where I lost it. May's payment was already too high due to the shortage amount, that should at this time be non-existent. Also, the excess that I had payed towards that shortage should obviously be paid towards May, therefore reducing the payment even more. A rational minded person would think we need to get the issue at hand sorted out so we can find out exactly what is owed for May, before demanding I make a payment. After dealing with my temper tantrum over this issue they finally agreed to correct their mistake. I don't believe I should have had to resort to yelling and giving a customer service rep. Of this company a lecture on ethics in order to get this action from them.
Of course, unlike HomeQ, I actually know what the revised May payment should be.in this instance I'm thankful I excelled at math in college, because I've taken a look at my on-line statement and found a jumble of numbers that I'm sure will be riddled with errors when they are through with their 'corrections'.
This, of course, is not my first problem with HomeQ. The company they had purchased my mortgage from had actually petitioned me to make smaller payments that coincide with my weekly paychecks. (monthly pymt * 12 months / 52 weekly paychecks = weekly pymt) After HomeQ acquired my mortgage I called and tried to set this up with their company and was advised that they would not accept the smaller payments. Now, I'm not an idiot. As long as I send in payments that equal what they are owed, their refusal to cash them is their own problem. However, the insolence that allows them to tell people, and from reading other reports, they do actually turn down payments, is actually pretty funny. I've sat in court and watched the judge actually tear into creditors for these sorts of practices, when a consumer such as myself is acting responsibly and in good faith. Unfortuntely this company seems to be willing to do everything in its power to foreclose as many homes as it can. It would seem to defy logic until you realize that, for companies such as HomeQ, a foreclosure doesn't equal a loss of revenue, as they'll most likely purchase the new mortgage on the home once it's sold. What this actually does is turn your home into a permanent asset that they will alway's be able to collect interest on while never having to relinquish the deed to any current or future consumer.
Jeromie
Dayton, Ohio
U.S.A.
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