Homecomings Financial
Assistance to Disaster Victims is a Disaster - Deferred Payments Reported as Missed to Credit Bureaus

Following Hurricane Katrina in Homecomings offered a three month payment deferrement (Sept Oct Nov). It seemed like a generous offer and would provide some extra money for uninsured expenses, etc.

The payments I deferred would be repaid by adding that amount to my unpaid loan balance. Homecomings stated I would receive The Loan Modification Agreement in January or February. It did not.

In May Homecomings stated that my Loan Modification Agreement would be delayed indefinately due to a "computer software glitch". They apologized for "any inconvenience this may cause...".

In April Homecomings began reporting my deferred payments as "missed/late" to the Credit Reporting Bureaus. They inserted this inaccurate information without the written notiifcation required by the FDCPA.
I learned of their action against me when I checked my credit report prior to making application for a car loan on June 6. My credit score had fallen from 733 in January to about 610.

I called Homecomings and was told that my payments were in arrears because I had not signed the Loan Modification Agreement and would be reported as such until I signed the Agreement. They also confirmed their continued inability to provide the Agreement. I informed Homecomings that my car had just come out of the shop and was in need of additional, very expensive maintenance and repairs and that I wanted to trade cars immediately in order to avoid those costs.

I checked my credit reports again in July. My deferred payments were still being reported as "missed/late".in mid-July, I received a letter from Homecomings stating they had instructed the Credit Bureaus to change the inaccurate information.

I delayed trading cars until after Homecomings corrected my credit report because of the high interest rates that come with a low credit score. While I waited, I was forced to spend almost $2500.00 for repairs to my old car. While that car was in the shop, I missed time from work without pay. I asked Homecomings to reimburse those expenses because they were responsible for the delay in trading cars. Homecomings refused, of course, and told me, "It's not our fault your car broke down".

The nightmare of Homecomings' "assistance" continued through 2006. They finally sent the Loan Modification Agreement in October but it contained errors including, I believe, a repayment of about $500.00 more than I owed. I made several attempts to get the errors corrected but decided to give up and sign it anyway when I received a notice that my loan was in default.

Throughout this ridiculous 15-month ordeal, I never missed a payment. Despite that fact, I received letters stating I was behind on my payments, inaccurate billing statements, was assessed 'property inspection fees', late fees, referrals to credit counseling services to help me "better manage my finances" and notices of my obligations if filing for bankruptcy.

I don't think people outside of this area realize that things down here are still a mess. Many businesses have not returned to the area. Jobs are scarce and the pay is horrible. I am unemployed. I have been scraping by on my savings, doing temporary work and selling my furniture, tools, tiller, generator, etc. But the temporary work is over, the savings account is empty and it seems I have nothing left that people want to buy. I have fallen behind on my house payments and Homecomings has assessed every fee and penality the law allows while continuing to badger me for payment. I am tired, depressed, hopeless and unimaginably angry. The expenses I incurred while Homecomings arrogantly ignored Consumer Protection Laws would have made four house payments with money left over. They made a significant contribution to my financial crisis, called it "Assistance to the Victims of Hurricane Katrina", patted themselves on the back and got good publicity for it. I wonder if they got a tax break, too?

Lalady
Mandeville, Louisiana
U.S.A.

Company: Homecomings Financial
Country: USA
State: Iowa
City: Waterloo
Phone: 8002062901
Site: www.homecomings.com

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