In September of my wife and I refinanced our home to allow us to make some improvements on it. We planned on moving from the Decatur, IL area effective in approximately 2 years, and our plan was to fix up the house for sale. Homecomings seemed very nice about the process when we inquired. As we were going with an ARM (adjustable Rate Mortgage), I wanted to ensure that we could payoff early and/or sell the house with no penalty (remember, I stated up front we would be selling the house in two years). The Homecomings rep, recommended the ARM since we were going to sell in such a short time and assured us that we would not be penalized. We are now in the process of selling our house and when we called for our payoff information, we were advised that we would be charged an additional fee of approximately $7,000 since we were closing our account. I have attempted to contact Homecomings with no appropriate resolution, and evidently in the paperwork is buried a notice of such fee. Their representation means nothing. I have contacted one of the many lawyers working on class actions (even though I don't like lawsuits) just to stop them from these predatory practices in the future. The bottom line is do not under any circumstances use Homecomings for financing, read all the articles about this company and their practices and lack of service.
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