I sold a house that I had a second mortgage on through Homecomings Financial. Being a good little seller I kept on top of what was happening with the payoffs of my loans. I tracked the payments the closing atty sent out to make sure the payments were received by the lenders.
After I saw that both lenders had received my payoffs I kept checking their websites to ensure that the payoffs were posted. My first mortgage immediately indicated that they had received the payoff, but Homecomings Financials website said nothing.
After giving them a few days I decided to try to call them to discuss why it was not being posted to my account. I never expected to have as much trouble trying to get a human as I did. When you try to call their 800-206-2901 number that they only give out it takes you through a system that purposly keeps you from talking to a real person.
To tell you the truth I am not even sure how I finally got through, but I believe it was when I finally started acting like I was a new "potential" customer. When I finally got a human I was informed that they refused my payoff and returned it to the attorney because they claim that the atty didn't do the math right and it was short by about $70.00!!! I said WHAT??!!??
Your telling me that you turn a large sum check away over what "you claim" was a math mistake by my attorney??!!?? I ended up finally talking to a supervisor named Jennifer Reed and she gave me her direct number (214) 874-2547. She tried to be nice and somehow make me believe their company policy was a good one and that "It was clearly stated" in the paperwork they sent my attorney.
Funny thing is I went over the information very well at closing with the attorney and they informed me that they had added "EXTRA" interest to the payoff to make sure everything went fine and I should expect a check back from the lender in about 4 weeks with the difference! So I had to ask the lady I was talking to next, ummmmm I suppose your going to tell me that your still charging me interest also??!!??
Of course the answer is YES from her, not to mention that they are also tacking on a $20.00 overnight fee to send the check back!!! I asked her to apply some common sense just for a minute and asked her: Who in their right mind would turn away a check for a large sum of cash over (what they claim) a $70.00 dollar difference???!!!???
I said wouldn't it make more sense to keep the cash and send a bill stating the difference and explain why it was different? What if I had just decided to send them a check for the entire balance due except for $70.00, would they have turned that away?
The bottom line is this is an easy way for them to keep charging you interest and tack on a few "late payment" penalities and of course that $20.00 to return the check! I would advise EVERYBODY to stay away from people that do business like this. Consumer beware!!!
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