I wish I could say it feels good to know I am not alone in this this nightmare called Homecomings but it does not. I too had my loan sold to Homecomings one month after I bought my first home. As soon as they were able, they raised my interest rate to 12.75%. I don't understand why this is legal but apparantly it is.
I did not escrow my taxes and insurance so that I could try to keep my mortgage payment managable. However, Homecomings paid my taxes at the beginning of the year and naturally sent me an incredibly increased new monthly payment. I fought them stating I did not have Escrow with them and I was paying my taxes myself as I did the previous year. I demanded they accept the money that I was sending them and that they re-adjust my monthly payment. They tried to fight me on this but did relent. I sent the tax payement which they promptly applied to my loan. CAN YOU BELIEVE IT!!! Actually, they put the majority of it toward the interest and a small amount toward my principal. I again demanded they post the money to the unauthorized payment of my taxes which beleive it or not, they did.
The recent rate increase is forcing me to lose my home. I am unable to attempt to refinance at this time as my credit score is a few points below "workable". It is pretty impossible to make the necessary payments to my debtors in order to bring my score up and pay my monthy mortgage payments.
I recently called their customer service office to see if they would give me a hardship, no or low cost re-write of my mortgage. As stated by so many others on this site, they are totally non-negotiable. The suggestion given to me by the customer service rep was to sell.
I am a single mother of a child with Down's Syndrome. We have medical cost and plain old living expenses that are non-negotiable.
Please let me know of any action being taken against homecomings.
0 comments