I lost my job a few years ago while living in Boise, ID. I went through a divorce and wound up taking a second out on my home to pay off debts and do some upgrades to my home.
When I lost my job I contacted HOMEQ about releasing the lien against my house so I could sell it. I knew that at the time I could not get enough out of it to cover both the first and second mortgage. (Never take a second on your house if it makes the payoff more than what the house can sell for, LESSON LEARNED). Companies should not even be allowed to loan money over 100% of the property value. Now to further detail my experience with HOMEQ:
All I wanted to do was make sure everyone got their money. I knew I was in trouble when I made my first initial phone call to HOMEQ and was passed from department to department. Everyone I spoke acted like they had never heard of anyone ever losing their job and wanting to work out something to release the lien against the property.
I wanted them to release the lien and let me sell the house and continue to pay them on an unsecured loan. I did not under any circumstances want to default on my mortgages or get behind in them. They informed me that they did not do that kind of loan any longer. Let me add, that my original loan was not with HOMEQ, it was sold to them. It was like having your soul sold to the devil.
Getting no cooperation or advice on how to deal with my mortgage with them, I was left with no option but to move when I found a new job 2000 miles away, but to rent my property. That is an entirely different story. Bad renters, lots of damage, lost of cash to fix was torn up, while still paying my mortgage payments.
During this entire process of about a year, I was unable to make my mortgage payments and pay for housing in the new city I had moved to.
During this period I made numerous calls to HOMEQ trying to work out something to allow the house to be sold while continuing to pay them on an unsecured loan. I could afford to do that, but not pay my primary mortgage, current rent and the second mortgage. They were difficult, uncooperative and just plain flat out mean.
Once I got behind on my mortgage from not be able to sell the home and not being able to rent it, the first thing I did was contact my first mortgage holder. They were very easy to work with and never had a harsh word, just the opposite of HOMEQ.
My primary mortgage lender had me ask them about a short sale on their mortgage. This was the first time that I had heard of a short sale. Never having been in this situation before, a short sale was new to me.
I went to HOMEQ with this question. I in return had to fill out forms requesting a short sale. They accepted the short sale and wanted $10,000 dollars in cash at closing to release the lien. The payments on both mortgages were now behind about 3 months, with me dealing with these rude, difficult people. Let it be stated that the rules of keeping in contact with your creditors if you are going to get behind on your mortgage and how it will save your credit are not applicable to HOMEQ.
To finish up the results of this short sale, I managed to borrow $10,000 dollars to give them to release the lien at the closing of the house when it was sold. This was in July. I in turn would recieve a 1099 form for the written off debt that I would have to claim on my taxes.
HOMEQ continued to report my deliquency for 4 more months after the sale was final and did not close the loan on my credit report. I am now playing hell trying to get this corrected. This company does whatever it wants to anyone and gets away with it.
All I wanted to do was pay my them what I owed them and work out something. They would have rather seen it go into foreclosure. It was only after I contacted HUD that I learned they would not recieve more than one thousand dollars from the sale of the house if anything at all if it went to foreclosure. It was only after that they agreed to a short sale.
What happend with my home could have totally been avoided, no late payments reported if anyone at this criminally insane company had any brains. They made out like I was the only person to ever lose a job and wanted to work out something to pay my debt.
It was an exhausting situation, very stressful and they have falsely updated my credit information.
I have contacted the attorney generals office in California just to let them now what kind of company they have in Sacramento.
My advice to anyone having to do business with them is given the choice DO NOT do it, and if you are like me wind up having your loan sold to them or having them service it. Find someone quick to refinance it and get away from them. They will cause you more stress and will totally leave your credit report in shambles.
Good luck to anyone who still has to continue to do business with HOMEQ, my sympathy is with you. They are ruthless.
John
Waynesville, Ohio
U.S.A.
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