My original mortgage was sold to Homecomings Financial two years ago. Although I did agree to a two year fixed rate with the third year changing to an adjustable, at the time it was my only option in order to purchase my home.
I was led to believe that at the third year I could re-finance and get back into an adjustable rate. We wanted to get out early but would have had to pay a 20% prepayment penalty Ridiculous! Because of this horrible housing market we can't even sell the house for what the mortgage is worth, refinancing has been a no go.
Apparently, making payments on time for over two years doesn't count for anything. Thinking my current mortgage company would be willing to help, seeing as they are getting my money on time every month, And still every month I talk to customer service at the company. But No, Homecomings Financial will not help. My rate is higher than I can afford. And the past three months it has gone up $300 a month and payments are now $2500 a month and still will be rising every month. And thats only are first mortgage. Yet the company can not work with me to give me a fixed rate unless I refinance. Yet I was turned down for refinancing.
I truly believe they want and are just waiting to foreclose on us. Each time I spoke with the company, it was with a different person, who had to be updated on all the circumstances of the loan. We asked for a modification of our loan so our house payment would be affordable. We filled out all the paperwork and mailed it right away. Again we heard nothing from them. Weeks went by and after being on hold for over an hour my wife finally got to talk with someone. She asked about are paperwork and the rep told her they threw it out. Threw it out she said why? Well you don't qualify they said. She asked about how president Bush, she thought put a plan into affect to help people in are situation out. Again the rep said we don't qualify for help.
If we don't qualify for help then what kind of help are they offering? Help to people who have great credit and can easily refinance? Well why do they need help in the first place??? WE send billions of dollars over seas to fight a war and billions of dollars in food aid and other supplies to other countries. Yet we as hard working Americans trying to live the American dream of getting married buying a house and starting a family are getting are money stolen from us. With no relief help from are great united states government.
How in this day and age does a company like homecomings get away with this? We have spent well over $50,000 just in interest over the past two years to homecomings. And not a drop of equity has went into are home. Are eggs nest is gone along with my daughters collage fund and all are savings! We should have stayed in our apartment! Its like we don't even own a house we have this horrible landlord {Homecomings} who demands more and more every month. I bet they would take are souls if they could.
The government needs to step in and freeze are rates back to are teaser rates. Look at are economy its horrible and a huge part of that is this mortgage crisis. We were young and dumb and were victims of predatory lending practices and now are lives and are child life is being striped of all hope. Are future looks bleak and I'm starting to be very great full to the family member who got us the five man tent for are engagement party. Looks like thats where will be staying in a few month!
The feeling of having no control over your situation with these people is dreadful. They are this multi billion dollar company who has the power it seems to do whatever they want. And us poor people can't do a darn thing about it. Homecomings bleeds you dry and sweeps the ashes under the rug. If any one out there can help or knows anything that can help us PLEASE, please contact me.
Best Regards
Rob
East Stroudsburg PA
Rob
East Stroudsburg, Pennsylvania
U.S.A.
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