My husband and I bought our first home 2 1/2 years ago. Two months later our mortage was sold to Homecomings Financial and that is when the problems started. We were told for months that we were a late every month which was impossible because I was mailing my payments no later then the 15th of every month for the payment due the 1st of the following month. After going back and forth with them for at least 6 months they found that they missed the first payment we made to them after we were sold.
Then we get a notice in the mailing telling us that there was a shortage in our escrow causing our payment to go up by almost $200. It's not possible for our escrow to have been that short! As first time homeowners we don't know this so we go ahead and pay, money is tight and we end up falling behind.
I then get a notice in the mailing letting me know that our 2 year arm in up and our interest rate is going from 7.99% to 9.89%! I freak out because we can barely make the payments as it is, I call them to ask for some help and they tell me that we can try to qualify for a modification.in order to qualify we have to make our monthly payments on time for 3 months in a row, I tell them we can't do that because we can't afford it anymore. He then tells me to just make the payment for the big loan (we orginally got a 80/20 loan) and after the modification everything that is late will be rolled back into the mortage and we will get a lower interest rate so that we can afford to make our payments. At this time I was current on our small loan just not on the big loan because I could afford the small loan. I agreed thinking this will help us and start making the payments for just the big loan.
Four months later we get the modification papers in the mail and it brought our interest rate back to the 7.99% with the opion for them to be able to raise it by no more then 1% every 6 months not to exceed 14.99%! The monthly payment is $2.00 more then what it was before and to make it even worse it doesn't include the small loan in it! So for the last four months I hadn't been paying the small loan because I was under the impression that it would be included in the modification and now I find out that it's not. So we are now current on our big loan but $4,000 behind on our small loan and from what other mortage companies have told me the only people who can help us at this point is our current mortage company, the wonderful Homecomings Financial!!!
So we will be losing our house soon and there really isn't anything other then joining the law suit that we can see as an option because I can't even get a voicemail when I call this company now. It's pretty bad when buying your first home turns into an experience that makes you NEVER want to buy a home again! If any one has any advice for me to help me from losing my house, I'm all ears.
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