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Homecomings Financial Complaints - Cheating people out of their homes!

Review all Homecomings Financial complaints

Homecomings Financial

Posted: 2007-01-16 by John [send email]

Cheating people out of their homes!

Complaint Rating:

Homecomings Financial seems to be in the 'business' of CHEATING people OUT of their homes based on everything I've seen written online... Scared me so much a couple of weeks age that I posted my complaint on a class action site and now have a law firm in NY interested in a class action suit against Homecomings. They are GREAT people at the law firm helping me personally so I won't (hopefully) lose my home to this FRAUDULENT company.

If any of you out there have any suggestions for help or know anyone who has/had problems with Homecomings. PLEASE have them post and/or email me ASAP, The law firm, Wolf Popper, NY is looking into CLASS ACTION SUIT against Homecomings Financial. You may contact me by using the rebuttal box below.

A CLASS ACTION SUIT will bring JUSTICE for those of us devastated by this company's underhanded fraudulent practices!! Thanks for any help!!

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Mortgage Companies

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Comments

306 days ago by Richard Lelli [send email]
We would like to join in a class action suit against homecomings financial -- they fraudulently attached an escrow to our mortgage as well. Please help.

305 days ago by Bill Dashiell [send email]

I have a double wammy, I have a 1st & 2nd mortgage with Homecomings and a house that was built by Richmond American Homes. It's kind of funny I have two year house that's falling down faster than I can fix it and a mortgage company that wants it. Well I'm going to give it to them. When Homecomings bought my mortgage I asked them if they could break my two payments out to the 1st & the 15th, but they wouldn't do that so I got ahead until my wife lost her job. So due to the fact that I get paid by-weekly it difficult to pay the loans on the 1st, so I paid one on the 1st and the 15th. By the time Homecomings posted the payment it was late, so they dinged my credit. So now my ARM is due and nobody will talk to me about refinancing because of the bad credit. Now I read the comments by Joe Public above and in a way I agree with that, but when I needed help to remedy the situation there was no one available. I call the numbers that they gave me and sat on line for minutes/hours. Now I have no other choice but to them foreclose. I 've had the house up for sale since June and have not had any interest. That may be because there are just as many complaints about Richmond American Homes as there are about Homecomings. I think they're all in bed together, but I can't prove it. All I wanted to due was to invest in a house until my retirement, now I'll have to live with my kids.

300 days ago by Anthony Anderson [send email]

I, like all the others also have had a bad dealing with this lender. When I initialy go the loan, I wasn't told that my payments would double in two years! All I was told, was that I could refinance intwo years with no problem, I was like ok. Now my payment has doubled, and I cant afford it! I missed a few payments and we started a "workout package plan", after 6 months of on time payments they claimed that i missed a payment, which I didn't! I payed with a cashiers check and my bank said it was cashed. Homecomings said I missed it, and that their computer threw me out of the plan, and there was nothing they could do! Sign me up before I lose my home!

298 days ago by Beth [send email]

I have my mortgage with Homecoming Financial and I am definitely worried after reading these comments. Does anyone have some advice on how to work with the company and get some satisfaction rather than have the house foreclosed on? It sounds like a hopeless situation. Has anyone had luck hiring an attorney to work out a solution, or talked to a particular representative of Homecomings that has been helpful. Any positive outcomes out there?

289 days ago by Mirta Morgan [send email]
We have had a mortgage loan for the last 2 years with HF, late one time last year, and they are raising my interest 3 points as of January 2008. I've called them and complained, but they rudely did nothing. My interest is going from 8% to 11%. They are putting us out of our home. Cannot afford this new payment, on a 270,000 loan it will be over 3K. Mirta Morgan

280 days ago by Pam Gaertner [send email]

Ok now I am on this list we paid our house payments on time they drafted the money from my account every month..

Then all the we start getting letters saying they had not got a payment from for three months so I call them and after being put on hold for an hour or longer I get transfered around..

So I go too my bank they call them and tell them that the payments were taking out but the other person got nasty with the banker.So I decide too send them a money order guess what they cashed it but never applied this too my account then I call them and we all know the fun time it is too deal with them and staying on hold forever..I was told that they ave no clue were the payment was by now I am freaking out on the phone and told them if I have too I would drive them the payments but they hung up so I sent them a cashiers check and they did the same thing again too me... But they did let me know that they had no idea waht a cashiers check was..

So now the house is being foreclosed on I have no idea were my money went and I am pissed oh did I tell you that we faxed bank paper work and money orders and cashiers stuff and they will not return my calls back...

So what can I do someone please help us!!!

278 days ago by Lonnie Zempel [send email]

OMG! I cant believe there are so many complaints about Homecomings! Here I thought I was the only one in regards to this place.

After reading through a lot of of the comments, I have noticed that what they have done to all of you, they have been to doing to me. No return calls, extremely long hold times, forced insurance, requests for rectifying situation have been ignored or needing thousands of dollars to rectify, missing payments, not accepting my payments, rudeness of customer relations dept, oh my I cant think of anymore right now, but I feel the pain of all of you guys.
I have lost my home and it was sold, at auction, January 8th, 2008. If there ever, I mean ever, a class action suit against Homecomings, I would very much love to be a part of it.

Please get back to me if there is anything I can do, or anything you need from me.

Thank you!

277 days ago by Victor Sgro [send email]

Class Action Lawsuit:

I believe I was involved bad business practices; in which the Sovereign Bank and Homecomings Financial lent money at terms that make it difficult or impossible to repay, making the borrowers' homes vulnerable to foreclosure. Predatory lenders routinely prey on sub prime borrowers, typically members of low-income households. Employed a "bait and switch" approach, and structuring loans that I could not afford. Adding a second mortgage at inception of the loan with a prepay penalty. I am currently in foreclosure and am awaiting HEMAP and HERO loan decisions. Here are some of my findings.

1. 1 loan 8% for 60,000 (Homecomings Financial) and the other is 11% for $15,000 (Sovereign Bank) both original loans that they had purchased. The 1st loan was a 3 year no refinance prepayment clause. Appraisal has the property listed as $134,000 1a. Borrowers should know if the loan offered to them has a prepayment penalty. Prepayment penalty should be a choice, not a requirement. I was not notified at signing nor was I informed by Sovereign or permitted to change this clause.

Abusive and Abnormal Prepayment Penalties Only about 2% of normal conventional mortgages have a prepayment penalty that might be difficult to meet. Up to 80% of sub prime mortgage have an abusive prepayment penalty. Why? This is one more way the predators can gouge an unsuspecting homeowner. The prepayment penalty is a fee the lender requires the borrower to pay if the borrower should pay off the mortgage loan early. The sub prime borrower usually has less-than-perfect credit when originally taking out the mortgage and the prepayment penalty is hidden in the fine print. Over the next few years the borrowers may manage to improve their credit and want to obtain a new mortgage that has lower interest and lower payments. However, the prepayment penalty on the original mortgage (which often equals 5% of the original loan) is so high that it eats up any equity the homeowners have built up and can even leave them owing more money. Homeowners often are trapped into keeping the original, high-interest mortgage. This is also another case where the lender gives a kickback to the mortgage broker for helping to include the high prepayment penalty in the mortgage. In the future, when the homeowner has to pay the prepayment penalty, the mortgage broker pockets more money.

Because the predators using high prepayment penalties channel the borrowers into sub prime loans, the honest conventional lenders lose a great deal of prime loan business. This indirectly affects the fees they need to charge their regular prime borrowers. Everyone loses when predatory lenders have their way.

2. They refused to negotiate with me or my lawyer.
3. I was sent to various departments in a runaround from loss mitigation to bankruptcy and back. They declined to provide me with an Act 91 notice so that the state may assist me, after declining to know what an Act 91 was.
4. I never received a return calls to refinance nor did Homecomings provide a return calls to lawyer to negotiate.
5. The bank never showed up to explain the terms of the loan or that there would be 2 loans on the property.

"Predatory lending is defined as intentionally placing consumers in loan products with significantly worse terms and/or higher costs than loans offered to similarly qualified consumers in the region for the primary purpose of enriching the originator and with little or no regard for the costs to the consumer."

Any of a number of fraudulent, deceptive, discriminatory, or unfavorable lending practices. Many of these practices are illegal, while others are legal but not in the best interest of the borrowers.

Thank You,
Victor Sgro

273 days ago by Karen Garay [send email]
There has to be some way to stop this abuse of power and total disregard for people's well being.

257 days ago by Regina [send email]

I have already been where some of you are. I got behind in my mortgage and called them to make arrangements. They said sure, you can pay 900.00 a month in a money order and we'll put the rest of your fees at the end of your mortgage. I followed their directions for one year and when the payment arrangements were finished, they wanted the lump sum paid. When I asked them to put the lump sum at the end of the mortgage to bring me current, they refused. When I asked them to print me something that showed I've paid on time for a year, they refused. I was denied refinancing options because Homecomings would tell everyone that I was over 120 days late.

By that time, my ARM kicked in and my payments went up to 1400 dollars. I had my house on the market, but the buyer's financing fell through. With 90 days left before sherriff's sale , I packed my things and left.

They were impossible to work with. Instead of coming up with a win-win solution for us both, they had a "pay or get out" attitude. The hold times of 45+ min were awful. If you escalate to a manager, they refuse to get you one.

If you decide to file a CLA please email me. My home sold in January 07.

255 days ago by Jay Scott [send email]
I also have had a very bad experience with Homecomings Financial! I am losing my home per their unwillingness to make things fair. It appears they want to retire on each one of us! I have contacted the media and they have contacted me. I will gladly join a class a class action suit.If anyone wants to forward me information I will follow up with it and help any way I can.

252 days ago by Angela B. Adams [send email]

These same scenarios happened to our family in dealing with Homecomings. We dealt with them for months trying to get loan modifications, interest rate reductions, repayment plans, but all to no avail. It is merely impossible to get in touch with your financial counselor. No one returns your calls. Very frustrating position. My husband and I made payments on a small ranch home of $2500 for over a year with an interest rate of 17 percent and could no longer see the feasibility in this so our home was foreclosed on in August of 2007.

I am interested in helping anyone in this situation in anyway that I can, and would also be interested in any class action information that is available against Homecomings.

250 days ago by Anna Maria Krosp [send email]

MY HOUSE PAYMENTS WERE 916.00/MO. WHICH WAS ESCROWED UNTIL 12/06. AS YOU MIGHT GUESS I HAVE AN ARM LOAN WITH HOMECOMINGS.AS OF 12/2006 MY PAYMENTS SKYROCKETED FROM 916.00/MO. TO OVER A PERIOD OF 1YEAR TO 1500.00/MO EFFECTIVE 01/2008.MY INTEREST RATE JUMPED FROM 8.125% TO 14.125% DURING THIS TIME.WE COULDN'T AFFORD OUR PAYMENTS,FORECLOSURE BEGAN, HOUSE WENT UP FOR SALE @ THE COURTHOUSE IN OCT 28TH,2007. WE GOT THE HOUSE SALE STOPPED BY PAYING A COMPANY ( US HOMESTEAD PROTECTION SERVICES,LLC )OUT OF MAITLAND,FLORIDA WHO SCAMMED US OUT OF 2407.00 WE BORROWED FROM A FAMILY MEMBER,AFTER THEY TOOK OUR MONEY & STOPPED THE SALE,3 MONTHS LATER WE WERE SENT A FORECLOSURE NOTICE BY HOMECOMINGS SAYING WE DEFAULTED ON OUR LOAN BECAUSE WE DIDN'T SEND THEM A 14,000.00 PAYMENT,AND THAT WE WOULD BE RECEIVING A LETTER FROM THE COURTS WITH A SALE DATE.THAT WE DID THE SALE DATE IS FEB 25TH,2008 THIS MONTH.IF WE HAD OF HAD GOOD CREDIT WE WOULD HAVE NEVER GOTTEN AN ADJUSTIBLE RATE MORTGAGE,OUR CREDIT WAS DEFINITELY BETTER THAN IT IS NOW.WHAT HURTS EVEN WORSE IS THAT ALOT OF PEOPLE WHO RENT TO FAMILIES PULL A CREDIT REPORT IF YOUR CREDIT IS UNDER 650 THEN THEY WON'T RENT TO YOU .SO NOW THANKS TO HOMECOMINGS PAYMENTS BEING SO HIGH MY FAMILY WILL BE HOMELESS.BOY WAS I STUPID TO TRUST SUCH A COMPANY,AND TRYING TO GET A HOLD OF THEM BY PHONE IS A JOKE IN ITS-SELF.

PLEASE CONTACT ME IF U CAN HELP ME.MY EMAIL IS amkrosp@comcast.net

GOODLUCK & MAY GOD BLESS US ALL!

247 days ago by Patricia Ann Lindner [send email]

I am very interested in a class action lawsuit against Homecoming Financial. I have had nothing but trouble with them. Can't get a hold of anyone. They refused to refinance me, but they raised my payments to an amount I can't afford. They have held payments and not applied them to my mortgage and recently they returned a payment after having it for two weeks. Please add me to your list.

Pat Lindner

247 days ago by Charles R. Jones [send email]

This company is the biggest scam in existence. I paid them for three years at 7% interest, never missing a payment, and always having my payment sent in a week or two early. Once the ARM kicked in, it was all over but the shouting. My interest went from 7% to 14.78 in only two years time. (read: $1700.00 a month or more) Payments were credited as late, or not received, for failure to include "property inspection fees" and the like. I attempted to refinance, and was approved by a local bank, after recieving pay-off amount from Homecomings. Lo and behold, within two weeks time, my pay-off jumped from $118,000 to $127,000, beyond what my lender would cover my house for. I filled out numerous "assistance" packets, only to find each time I submitted one, that I was "not qualified" for that particular program. Trying to talk to these people is a nightmare, and I have been "on hold" in several cases for up to an hour, and many times "accidentally" disconnected after waiting for so long. I finally had to declare Chap 13 to try and keep my house. 3 days after being granted the 13, Homecomings filed for removal from the 13, for failure to pay, and were granted the motion. I finally found a buyer for my home, but Homecomings refuses to tell me what my pay-off is, insisting that they will only talk with my realtor, and then will "make a decision" as to whether or not to accept the offer. During the entire week it took to get them to even ackowlege my realtor's phone calls, they spent the time gettng thier shyster lawyers to mail me foreclosure notices AGAIN, obviously driving up the price of what my pay-off would be, insuring that I would leave my home with no equity. I will happily rejoice the day this firm is forced into bankruptcy, and the leadership behind it goes to prison.

236 days ago by Chris Harris [send email]

I received a summons on a foreclosure submission on 2/18 without any notification at all. My loan went 30 days past due on 2/1, and when I called in on 2/18 to bring it current my payment was not accepted and I was referred to their assigned attorney.

when speaking with their attorney I was informed that neither my November, December, or Escrow payments, one in the amount of $2439 paid on 12/14, and the other in the amount of $4150 had been applied to my account although I have band records, statements and wire transfer confirmations, as well as the confirmation codes given to me over the phone as proof that I paid them.

my credit is ruined, and I have now been forced to hire an attorney and can not refinance my mortgage as I had planned now that my pre-payment penalty has expired due to this errant behavior by Homecomings Financial.

I would very much appreciate any feedback and information you can share on how I can participate in any class action lawsuit that may be filed against them as a counter to what they have done to burden my financial well being.

I am the President of a technology firm and take my financial credibility very seriously that has now been put in jeopardy by what seems to be a very large, yet fraudulent organization.

Regards,

Chris Harris

230 days ago by Cassandra Faulconer [send email]

I posted a complaint on this board and have been contacted by the law firm of Simon & Schneider who is pursuing a potential class action law suit against Homecomings. They were contacted by another member of the complaint board. There is no cost to join in a class action suit and the law firm only gets paid if they win the case. Seems like a win-win situation. If interest in joining this potential class action, please contact the law firm of Simon & Schneider at (518) 734-6600 and speak to either Bill Simon or Sara Snyder. The more attention we call to Homecomings in the court system, the more attention they will get from FTC, FDIC, Responsible Lending, etc...

229 days ago by Michelle [send email]
Homecomings has gotten close to half of the total money I borrowed from them when I bought my house 5 years ago. They are crooks and thiefs!

224 days ago by Conswella Preston [send email]

I may late getting in on this, but I too was robbed for my home. I fought for 10 months and no matter what I tried to do it wasn't good enough. No I couldn't secure the same type of job I lost so I couldn't make up the large payments, but asking them to work with me to lower the payments to something that I could afford seemed to be a cardinal sin.

I was told to go and find a better job, sell the house, anything but ok we will try to work with you.

I moved out of my house in Nov of 07 because they sent me documentation saying that my house was going up for sale and I would have no where to go. So I rented a property, isn't that something, I rented something paying 1900 per month when that wasn't enough for my lender. In any case, after i moved out in December, they contacted me to see if i was still interested in saving my home and it turns out they supposedly had another sale date in December after I was scared into moving out for fear of being on the streets.

It is not March, and the house is still sitting there getting run down and I'm now scuffling to pay rent on someone else's property. No justice what so ever, don't know that I'll ever recover from this devastation.

224 days ago by Janice Jennings [send email]

Add my husband and myself to your complaints. We do the western union also, easier to keep the records. They just returned our payment after holding it for 2wks. Was just on hold for over an hour. (this isn't the first time). Of course, as always, no one answered my call. My husband was put on hold one time and then the person who did it just left and didn't bother to transfer him to anyone else. My complaint is the same as everyone elses. POOR CUSTOMER SERVICE!! My advice to everyone is stay clear of this co. Every year they tell us that our escow is short and that our taxes are behind (even though they are the ones who pay).