I purchased my home in June for $418,000.00. I put $40,000.00 down leaving a principle balance of $378,000.00. I made payments of $2,500 for three years before becoming permanently disabled. It took some time before I received my Social Security Disability award.in the time between my injury and my award, I made as many payments as I could. I spoke regularly, (bi-monthly) to the then Option One Mortgage employees explaining my current situation and making sure I shared all information requested at the time it was requested.
This company is and has always been a collection company. They were sure to state that fact each time I spoke to them on the phone; along with the statement that all information recorded would be used to collect my dept. I was assured all possible efforts were being used to make my loan affordable. I was awarded a HAMP modification bringing my monthly mortgage payment down to $1135.40. This facilitated a balloon payment at the end of 20 years of just over $200,000.00 due and payable at that time.
I was ok with this arrangement until I was advised I was four months delinquent on my payments. I applied for the HAMP modification in March; I was advised of approval of the HAMP modification in August. I spoke with a different person at the then American Home Mortgage Servicing Inc. At least twice a month between March and August; always given the statement, your loan modification is being reviewed.
I was informed in August my modification had been approved and my new payment would be $1135.40. I was then informed the mod was approved in April and I was currently 4 months behind in my mortgage. I was further asked what I
was planning to do about it.
Furious about the situation I inquired with several people at AHMSI about this delinquency. I never received a satisfactory answer, and was advised to re-apply for a HAMP modification to reset the balance due. I submitted all paperwork and information required for the modification only to be told two months later I did not qualify for a HAMP modification because there was a limit to the times I could apply. No one bothered to tell me this when I was told re-applying would reset the amount due.
I am now five months behind and in foreclosure. This company has misinformed and deceived me on multiple occasions. I highly recommend anyone unfortunate to have their home mortgage handled by the now named Homeward residential to seek financing elsewhere. If you are seeking financing, please be advised to stay away from this company.
Put any of the three names I know this company by into a search engine review and you will understand why I make these statements.
I am unable to refinance my loan through anyone else because of my reduced income and my status as unemployed
and disabled. If anyone can help me, please contact me through this website.
Many thanks,
Homeowner in distress, San Diego, California
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