I, too have a mortgage through Homeq, and I have never in my life had so many issues. This is not my first mortgage&I have perfect credit with all my mortgages, except for Homeq! I had no choice on having a mortgage with this company. Like with most mortgage companies, ours was sold from Wilmington Finance (who is now part of legal action for misrepresenting funds on closing costs).
We are human beings. We all make mistakes, and we all have problems due to the economy. Layoff's in America are causing many people, especially those over 35 unable to find work that is at the same compensation as to what they had before. Some jobs, like my husband's (he is a bus driver) are affected by freak weather that we have been experiencing for several years. We get sick, and get huge bills causing us to have problems with our finances, and then fall trap into using credit cards to pay our other bills—like our mortgage when there is no income coming. This is something the mortgage companies need to take into account and, instead of immediately trying to take more money from us (when we obviously don't have enough as it is), and instead, work with us in order to pay our debts, so we get back on our feet again. Let's face it—foreclosure is no good for anyone. The company loses out, the person that owns the house loses everything, etc. Isn't it much more logical to work with the client than to condemn them, harrass them and finally, take the property that ends up hurting everything, including our economy.
We were on time and always early on our mortgage with Homeq for years. Then, Colorado had heavy snow storms, that ended up closing roads from Kansas for weeks. This happened in November of and my husband is a bus driver. He could not work, and doesn't get compensated unless he does. This is an act of nature. There was no other work at the time. The bus company he works for has ski charters all winter, but were unable to continue until all the roads were opened again.
We fell behind one month. I immediately called Homeq, and explained the situation. I talked to a very nice man that told me, I could go on a payment plan for 6 months, which helped us immensely. He told me that, I could skip December's payment, and then begin the repayment plan in January. I praised God for this, for it helped us immensely. Again, this was only ONE MONTH that we were late. We had no paychecks coming in until they cleared the roads from Kansas to Colorado—about 2 weeks, before drivers stranded in Colorado could get back and the new charters could start going through (many charters were cancelled afterwards because of this).
The rep was very understanding, read me my rights over the phone, told me I was being recorded, etc. I got confirmation in the mail and began repayment—and also began a nightmare with Homeq.
What the rep failed to tell me was that, my grace period no longer applied during repayment. The letter I received also has nothing on it to tell me this. My husband gets paid every 2 weeks, so his check didn't come in until January 2. Well, the repayment was for Jan. 1. I paid the mortgage on January 3, but it didn't clear with homeq until January 6th, even though I had a confirmation number.
Instead of putting on my credit report that I was 30 days late, they have that I was 6 months late, even though I was on a repayment plan. Because I paid on the 3rd of January, I was in breach of my contract (supposedly) and was marked late AGAIN because of this.
When I called to argue this and get it off my credit report I was told that, I was late and I was disclosed this information when the employee talked to me. I told them that, it was recorded that day and to listen to the entire conversation. If it was told to me, I would apologize and not go any further. However, I took my tax income and paid off my one month that was late in February, and should not have marks on there for being late in December, January AND February. I was told again that, they couldnt review the conversation for it was already gone (since it was recorded in December), and that, even though I was paid up, I was still considered late, due to the repayment contract stating I was to pay on the first of the month, as told to me "over the phone", which I know was never told to me.
So, even though I paid at the end of December, on Jan. 3, and paid the arrears in FULL in February, I still have negative marks of being late—even though I have electronic check confirmation numbers to PROVE I paid as stated.
To make matters worse, I sent a payment, electronically on March 13. I received a confirmation number as well, and it was directly sent to Homeq. However, it wasn't credited to my account until March 15—again, putting a LATE mark on my credit report, even though I have proof of payment on my checking account of it being transferred immediately.
So now, I have one of the lovely ARM's, which I figured I would just refinance when the time came. Thanks to Homeq, I can't refinance because our credit is so poor, showing 4 months of late's, even though I only had one month of late. I have investigations going through all credit reporting agencies, and am fighting this. However, I still cannot refinance until this is taken off my record—this brought my credit down to 582, which makes it very hard to refinance with because we are not rich enough to own a 401K, the employer we have doesn't offer one, and with a credit score now that low, we can't find anyone that will take the risk—why? Because, it is the MORTGAGE we were shown late with!
I will say this—I have never had a bad rep call me. They are always very nice. It is the company I have a problem with, and what they are doing to the people that have loans through them. I also get called on the 1st of every month. I am now paying electronically on the 31st of the month before—but it isn't being credited by Homeq until the 2nd. My grace period is still the 15th, and I am paying early. Yet, I still receive a call every 1st of the month, where i have to read the confirmation number to them, every time—and then get an apology for the call (you would think they would record this and check for incoming transfers, before putting us in for a collection call).
I am disgusted. We had good credit until this all happened. This was a freak issue with weather, and we immediately took action and called Homeq to let them no. We never tried to not pay our debt, but tried to work with them, which we thought was happening. Ever since, it has been pure hell.
I am a Christian and I know I must be responsible for our debts. I have never, once tried to not repay my duties. I just could not do it on the date it was due, and tried to explain the circumstances—yet, only got into hot water because of my honesty and wanting to make things right. How can a company do this? What good does it do for everyone involved?
The foreclosure rate, due to arm's is supposed to rise this coming year, unless the government does something. If this happens, our economy slide even more. I don't know how I am going to pay the 250.00 more a month for my loan, so I can't imagine how those who are really struggling, due to loss of income are going to survive this either. The only ones that will make out on this are the ones that make money off of the misfortune of others—greedy landlords that take the property for nothing, fix them up a bit and resell them—or these MLM companies that sell you foreclosure lists and then have you try to bid on these houses (which is almost impossible, since there are the wealthy that can make cash payments that day, and you just can't outbid them).
We need to all get together and fight this company. Heck, I don't know who to write but I am willing to get on the podium and start fighting for what is right and stopping what is wrong. Homeq should offer a refinance for those unable to pay for the arm rising rate. They should offer SOMETHING=after all, their site insists that they value their customers. Is it the customers that they value, or their wallets?
Sorry, I went off on a tangent but. This is so wrong. I am praying that, someone in government takes a look at these practices and realizes that, something is desperately wrong because of so many having it happen to them (and it not just being those that truly are deadbeats), and force these mortgage companies to do something so our country does not go into foreclosure hell.
God bless you all that have gone through it. You are absolutely right, no matter what "employee" says you are not, and I have a checking account that can prove it, as I am sure you do to.
Kelly
Overland Park, Kansas
U.S.A.
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