HomeComings Financial review: Predatory lending practices! 29

Finally, the judge invited me to show cause against GMAC Homecomings Financial tomorrow...I pray that God will be on the Judge's side to touch her to let this GMAC loose and pay up for what they have taken away from me and my family.

I 'm on forclosure and i do not know why i have been sending my mortgage to homecomings usa all of the sudden they sold my mortgage to dutches bank, and home comings did sent me no letter to let me know about the transfer .

ALL PEOPLE WHO HAD BEEN CHEATED OR HAVE COMPLAINTS AGAINST HOMECOMINGS REPORT IT AND GET HELP TO SAVE YOUR HOUSE! STOP FORECLOSURE NOW AT

WWW.NACA.COM

WWW.BBB.ORG

Would someone print all these and send them to Homecomings and the US Govt. Not the local AG office. US GOVT
Let them see these for themselves.
Print these and send them! Please!

HOMECOMINGS FINANCIAL MORTGAGE A GMAC COMPANY, WORST BANK EVER, WORST BANK EVER! THEY CHEAT PEOPLE AND KICK THEM OUT!

JOIN ME IN A LAWSUIT AGAINST HOMECOMINGS. THEY CHEATED ME BY PAYING THEM $10, 000.00 TO STOP FORECLOSURE ON MY HOUSE, THEY TOLD ME THEY WOULD REVIEW MY ACCOUNT FOR 3 MONTHS FOR A LOAN MODIFICATION, MEANWHILE I HAD TO MAKE MY MONTHLY PAYMENTS OF $2430.00, WHICH I DID.

BUT, THE FUNNY THING IS THAT AFTER I PAID 10K, I CALL BACK NEXT DAY. AND THEY SAID THEY DENY MY LOAN MODIFICATION IN LESS THAN 48 HRS, WHEN IT SUPPOSE TO TAKE 3 MONTHS TO REVIEW. THEY LIE TO ME. THEY LIARS, LIARS, LIARS!

I KNOW THERE IS ALOT OF PEOPLE GOING THRU THE SAME PROBLEM AND I WANT TO HELP YOU. SO, JOIN ME IN A LAWSUIT AGAINST HOMECOMINGS.

EMAIL-ME AT KINGS4669@YAHOO.COM

We went with JC Mortgage and they sold the loan to Homecomings. We tried to refinance by the 2 years adjustment time and JC Mortgage wouldn't refinance like they said they would and no one Else will either because we had 2 30 day no pays in one years.

YES Homecomings wanted us to send them crazy amounts of paperwork like taxes, pay stubs, all bank accounts, and even a letter explaining why we feel behind on our mortgage. The most annoying thing was we had told them at least 12 times about my husband going into Real estate when the market started it's deep decline and we had no income and every time they said "We will note your account". Once we got them the paper work it took them 4 months before they came up with a plan for us, but by then it was too late we had to leave we just couldn't afford it.

There's a lot more to say but we plan on going after Homecomings and JC Mortgage for bad lending practices and we don't want a post to ruin it for us.

So please if anyone knows an attorney that works with this sort of thing please let us know.

It's very scary to read the above postings. We are in a similar position. In March we contacted Ditech GMAC mortgage ( we have since found out that somehow our mortgage is now with HOMECOMINGS!) to attempt to gain an extension since my husband had just lost his job. At that time, we were advised that there was nothing that could be done since we were not behind in our payments. We were "advised" to get behind and then contact them again. We did so and were sent the financial paperwork to complete and return to receive the extension. We faxed the paperwork back as requested and then were told that Ditech/HOMECOMINGS "doesn't do extensions." I spoke to an idiot in the Loss Mitigation department and was told the only thing he could do was collect a down payment from us and then go to an "investor" to get the OK to work out a payment plan. In addition, he requested 2 years of tax returns, pay stubs, etc. At this point, we asked if he worked for Ditech and were told YES...yet when we phoned the number on the caller id, we discovered it was a company called HOMECOMINGS! Funny how we took the original loan out with Ditech and yet are dealing with these idiots (and I really am trying to use a nice word here) at HOMECOMING. Has anyone else had a similar experience?

I have read all of your comments, and I am another victim of Homecomings. Althought, my rate hasn't been ajusted yet (it will in 2 moths), I am a good customer, never late, and trying to be responsible about this adjustable rate deal, but they do not want to talk, and they can't help me refi as my home has negative equity. Today, I was able to talk to Loss Mitigation Department [protected], I first called [protected] and customer service transfered me, the loss mitigation dep. told me that I "qualify' for a rate freeze, but somebody in the higher ranks will call me within 2 weeks to discuss other possible solutions. This sounds to me like a whole bunch of crap, but I don't know if I should give them a day or two. I mean they basically said: they would do it, but I am going to get a call explaining other options... What do you think?`

Have any of you had any luck with lawyers for getting on Homecomings about Predatory Lending? I'm in Virginia BTW... God help all of uS !

I have only read a few of the complaints above, but am right there with them. If you read Patti Keeves comments... make that DITTO for me. I have perfect credit score, or let's say did and last June, I started trying to get a refinance on my Homecoming Mtg loan - but no one can help me, it's interest only and loan to value is not acceptable. I have missed the last two payments because I went from an 1195 a month payment just over 2 years ago to now 2495. I can not afford this and I have made several calls to Homecomings with no assistance. The last two payments even show escrow for insurance and taxes which I pay, I don't have escrow! They told me to vacate my house and they will take over on foreclcosure. I'm being left with much choices. The last phone call, I asked them to refinance my loan at a fixed rate 30 yr, they refused. One person who was somewhat nice - 4th call did say he would put in for a loan modification which would leave me on an interest only loan with a 5 year fixed payment ARM back to the previous payment 4 months ago of 1395. Then he told me they needed to do a drive by and that I would have to pay the escrow because when they modify they will included that in my loan. I said, "how can you charge me back escrow for something I paid out of pocket". He said, "let's work on the modification first" It may take up to 2 weeks. I have not heard a word since... that was a week ago. Oh, and then he said, they would need to do a drive by appraisal. I better not get charged for that! I'm in Minnesota. I'm looking for someone to assist me - any leads, please let me know also.

I am reading a lot of complaints(most of which I have the same) but has any one actually recieved any help? If so please let me know!

This company is stealing homes and raping our communities! We have had to deal with this company in not one but two forclosure situations due to their misplacement of our payments. They have now started a foreclosure process in wich they want us to pay two payments we do not owe and rejected our normal monthly payment, wich would in their eyes woul have put us three months behind! The real funny thing is that we send all of our payments Wester Unoin so that we know when it recieved, and the day they denied it was the exact day we sent it.. so, it wouldny have been 90 days late in their eyes either! They literally are stealing our home from us! They are really the worst mortgage company ever! We also have a special needs child (severe Autism) and I am in a complete panic and am enduring panic attacks and depression because of this! What are we to do?

I need a lawyer in Delaware county to take our case on a contingent basis.

They bought our mortgage off on National Home Mortgage.
Then, they told us that instead of 1300. a month, we had to pay 1800. a month because they forget to put the taxes and insurance into the equation.
Then they got the money and didn't pay the taxes.
Then we were put up for sheriffs sale by our borough.
After that, we had to pay all the legal fees for the lawyer.
the list goes on and on and on. someone help me please...i know its only months before we go bankrupt because of these jerks and lose our home

Mother of 3 children, one with down syndrome, and a husband who only clears 2200. a month for family of 5. remember, they raised our mortgage 500. from 1300 to 1800 and we are royally screwed

My husband and I have Homecomings Financial and they are the worst lender there is. We have the 2 yr ARM, and at the first adjustment we went from 6.5% to 9% and we are currently at 11% with another adjustment on the way. We fell behind on the mortgage and I called Homecomings, they put me into a repayment agreement that was $2500.00 a month. Then my husband's job slowed down and I was unable to make those payments, so before I got behind on that I called them again. The Customer Service Rep put me into another Repayment agreement this one only being a four month plan. This time my payments were reduced to what my normal payment would be, then she tells me that I have to do a balloon payment of $9500.00 at the fourth month of the plan. I told her that I could not do that. She said that in four months we can look at redoing the plan so I wouldn't have to do the balloon payment. We agreed to the plan (like a fool we trusted them). Come December my husband had been laid off from his job and we were certainly unable to make this large of a payment so I contacted them like I was instructed to. However this time since my husband was not working they are unable to do anything for us. Now the foreclosure proceedings have begun and there is not much more that I can do at this point. Because my husband is laid off we can't refinance. We have plenty of equity in the home but no one to refi us. When calling Homecomings Loss Mitigation Department it is a joke. They refuse to help you. I currently have our home listed to sell but the market is so bad right now. If there is anyone who has been able to recover from this please let me know.

It appears that a lot of us have the same thing in common. This company sucks and they take advantage of you. Has any of you ever took this company to court for over appraising your house just so they can get more money out of you? If so, please let me know so I can see what steps you took. Thank you

HEY! Why don't we all form a group and really nail Homecomings? We could give ourselves a name, and get media coverage, perhaps get a big ad in the NY Times, or some other well known paper, and tell the world ow much Homecomings SUCKS! I am up for it!

I am avictim of PREDATORY lending! It was started by a broker/owner MICHAEL NIKRAVESH, of EXECUTIVE HOME LOANS in Southern California. He wrote up a loan that he KNEW was a TIME BOMB waiting to go off, with me as the VICTIM! I was stuck with a PICK A PAY loan that had a low payment I COULD afford, but it was NEVER explained to me that that amount would only raise my mortgage balance! He also structured the loan so that it had an "equity line of credit" a.k.a. a second with a payment of $500. that quickly went up to $1,000! So, if I made a payment that would lower my mortgage balance I would have to pay a total of $6,330 per month! Since I had been paying the lowest amount $2,330.(which I thought would lower the mortgage balance, but just take longer to pay off the loan) my mortgage balance had increased by over $20,000 in less than a year! I asked Mr. Nikravesh to help me get a better loan, but he refused and also told me that NO ONE ELSE would TOUCH MY LOAN AS IT EXISTED EITHER! SO IN OTHER WORDS, HE KNEW IT WAS A CRAP LOAN! It was a virtual death sentence! After a bad check was written to me for about $3,000, my bank account went nuts with bounced checks and many, many fees that added up to hundreds of dollars! I was unable to even make the lowest loan payment for a couple of months. I called Homecomings about a possible loan restructuring so that I could have a payment that would lower the loan balance, and be more affordable for me. They said they didn't do that. I tried writing to the main office, and sent several certified letters explaining the fact that my loan was of a predatory nature, and that the LTV was VERY high, no equity left, and that the home needed quite a bit of repair, so they obviously would lose hundreds of thousands of dollars selling to a new owner. I am a widow, a cancer survivor with fragile health, and I am not rolling in money. I am trying to fight this with every available resource available to the public. I have lived in this house since 1991 and have a lot of belongings that I will never be able to move. I am terrified when I hear of such ruthless practices such as displayed by HOMECOMINGS! Does this sound like we live in the USA? This sounds like some third world country, only they would probably have more respect. WE ARE THE VICTIMS, and yet WE ARE BEING TREATED LIKE CRIMINALS! WHEN ARE OUR GOVERNMENT OFFICIALS GOING TO STEP IN AND PROTECT OUR RIGHTS? I suspect that HOMECOMINGS DOESN'T CARE if they sell the houses for less because they will then CHARGE THE EVICTED OWNER FOR THEIR LOSS! THEY FIND THAT EASIER THAN DEALING WITH A "PROBLEM" CLIENT! EITHER WAY THEY WIN, AND WE ARE LEFT TO TWIST!
After I even had a forclosure prevention specialist write a letter suggesting possible remedies for my situation, I just found out I am in FORCLOSURE! I keep reading different remedies, and horror stories, but I don't know who, or what to believe! If anyone has suggestions, please let me know (besides telling me to go get packed!).

I have read your complaints. There is something that can be done, if the right fact pattern emerges. Do you have an arm? Have you asked for a modification? Do you have 3% equity in your home? (If not, not the biggest problem) Did they refuse you because you are not yet delinquent? Did they charge you for a BPO/appraisal pursuant to your application for a modification without, first, telling you they would do so? Prior to the resetting of your mortgage, were your payments timely? If you can say "yes" to all of the above, email me. Perhaps I can, at least, point you in the right direction. It would also help if you can honestly say that the originator, broker and title company did not explain the terms of the "adjustable interest rider" in your contract. That's how predatory lenders are getting people. The rudders refer to some very complicated mathematical formulas without explaining, in plain English, what it all means. But, if someone were to explain the language on those two pages, very few, if anyone would go through with the deal. Usually, they just tell the consumer "hey, it'll adjust, but--by then--you will have refinanced." That's, itself, deceptive because they do not tell you--if you are in a jumbo--that banks are much less likely to want to refill those. So, it never was a cake walk. In any event, these lenders/brokers certainly do not explain that these rates adjust every six months up to a ridiculous high and your payment is calculated using some complex math. They end result of these two factors is that your payments will double or triple over the next year or two. It's this scheme that makes them vulnerable. And it's all right there, in black and white in you contracts for a judge to see.

Homecomings is the worst company out there, Our Interest rate skyrocketed to 13% and is still going up. When we went to refs, Homecomings has made it look like we haven't made a payment for months now because of a screw up with our taxes, but instead of calling us they overpaid by $1000 out of our escrow. Please email any info on how to stick it to these guys and give them the lawsuit that they deserve.

I agree with all your post, homecomings is the worst. I have an interest only loan that was fixed for 2 years at 7.25 and adjusted this past May to 10.25. My payments went up 1100 per month. For six months I was trying to get HF to refinance and wave the prepayment penalty because I knew the market was going south. One month before the reset they still would not wave the prepayment penalty which was 25K. Well since then I fell behind and it has been a financial struggle to make ends meet. The funny thing which is kind of comical, HF sent me a letter stating my rate is going up to 12%, how funny is that. They got freaking nerve. I think I am going to send them back a letter with my keys and put lol! Fortunately, for me I relocated from South Florida to Nevada and I have a place to live. My place is been on the market for a while but I am at the point they can just have my house.

MY HUSBAND WAS LAID OFF FROM THE FORD PLANT ON JUNE 29 OF 2007. WE HAVE 2 MORTGAGES & HOMECOMINGS MORTGAGE IS ARM & RATE IS 10.25 & WILL BE INCREASING WITHIN MONTHS. I HAVE ATTEMPTED TO CALL HOMECOMINGS MANY TIMES TO SUBMIT COMPLAINTS ABOUT HOW THEY SPEAK TO THERE CUSTOMERS. THEY ARE VERY INCONSIDERATE & RUDE TO CUSTOMERS. THEY DO NOT LISTEN TO YOUR SITUATION & THERE BEST RESOLUTION IS SELL YOUR HOUSE OR GO INTO FORECLOSURE. I COULD NOT BELIEVE THEY ADVISED ME TO DO THIS. I TOLD THEM I HAVE A FAMILY & 2 YOUNG CHILDREN. THIS IS OUR FIRST HOME & WOULD LIKE TO KEEP OUR HOME. THEY WILL CONTSTANTLY TRANSFER YOU TO DIFFERENT DEPTS & WHEN YOU FINALLY GET TO THE CORRECT DEPT THEY WILL NOT ASSIST YOU. WE HAVE BEEN TREATED LIKE TRASH & THERE IS NOONE OUT THERE TO HELP YOU. I AM THE ONLY ONE WORKING IN THE HOUSEHOLD RIGHT NOW & IT IS VERY HARD TO PROVIDE FOR OUR FAMILY. PLEASE HELP

I have read many of these emails about people who have alerted Homecomings about the potential of significant financial harm relating to the resetting of their interest rate. Some of you have noted that you have not been able to get anyone to deal with you. A few suggestions for those of you looking for help:

(1) There are certain ethical prohibitions against attorney advertising. So, attorneys are reluctant to reach out to you without some express request from you. So, merely telling your story will not get done.
(2) If you are seeking help, each state's consumer protection laws are different. Disclose which state you live in. This will help any attorney reviewing this site identify whether s/he can potentially assist you.
(3) If you are seeking help, provide your full name (that goes for any posting to any complaint site). That will help an attorney track you down in the absence of the site providing any other information. Again, that's only if you are seeking help.
(4) Finally, if you are seeking help, be specific about what you mean when you say they refuse to deal with you. Do they say "we will not help you?" Do they tell you your request is being reviewed, by never contact you again until you miss payments?" There is different legal significance of each statement.

Now, for those of you who are not yet delinquent, and are not upside down in equity, but have one of these bad loans which is scheduled to reset this year or next, here are a few suggestions. This also applies to those of you who are delinquent, but only became delinquent after your mortgage reset:

(1) Write everything down, as it unfolds.
(2) Write Homecomings. Use their correspondence addres, not the payment address (you should be able to get this from their website under "contact us" or something similar).
(3) Request a modification of your contract. There is a form on their website specifically for such a request. Look for the link that asks "in over your head?" If you do not see that, look for something similar. But, in any event, still write a letter (keep copies of everything). Tell your story (i.e., what kind of loan; when will it reset; any changed financial circumstances).
(4) Mention recent media coverage of the subprime lending practices that have led to the mortgage meltdown. In particular, President Bush denounce the selling of loans to subprime barrowers in which the lender failed to adequately disclose the effects of these reset provisions that result in substantial increases in payments, thus making the loans unaffordable to otherwise good customers. This practice has literally devistated the finacial markets, causing the Fed to drop interest rates by a half point, a significant retreat, to save the economy. The President and the FHA have admonished servicers of these bad loans to work with their customers to modify or refinance these loans. The FHA has even issued new guidelines.

If anyone out there (especially attorneys) wish to speak with me about my experiences with Homecomings, please contact me via email. I urge anyone having problems with this company to file complaints with anyone who will listen, especially your states Attorney General, the FTC, and HUD. Eventually someone will have to do something about this awful company. This is hands down the absolute worst company I have EVER dealt with.

I have the worst predatory mortgage my financial advisor has ever seen. (I wish I would have been using her when I signed for the mortgage.) Who can we talk to about getting on a fixed rate with no penalties and no points?
Thanks for any help. I'm willing to go to the State Attorney General or a local attorney to resolve this issue.

Homecomings Financial is the absolute worst mortgage company on the planet. They're so unorganized, that they can't tell you anything, until they check it out first. Whatever that means. I got the Minnesota State Attorney's general on their case, and they started to cooperate with me. Even the Fed's are starting to write to these lenders, to tell them to back off, and work with their loan holders. But I don't think Homecomings can read anyways, so that letter won't get the attention it deserves. They've been all over me, to foreclose on me. I told them I'll fight them every step of the way if I have to. This is truly a predatory lender. Maybe I should sue the mortgage company who set this mortgage up in the first place. They knew what kind of lender Homecomings was, and they still set this up.

The papers were pushed in front of me, at blinding speed, and when it was all over, the mortgage officer said to me" I'm sorry about this ". I went away wondering what she meant with that statement. Now I know.

Homecomings is an absolute joke. When our payments were being made by mail, we had late charges assessed because they claimed the payment did not reach their office on time. When we started making the payments online, their system kept telling me that my debit card was invalid and that I needed to make an electronic check payment instead. The charge for doing this was over eight dollars per transaction! Ridiculous! They have since changed their online payment methods and there are no fees now -- go figure! Many people must have complained about that one. Also, if you made any payments lower than the amount due, they would be held in a "special account" where Homecomings would gain interest but you would not benefit until the entire amount due was received. Once, they even denied a payment from me when I did not attach the "late fee" to it. In addition to our problems, we have an ARM that adjusted this month. We made our payment (150 more than the old one), but wanted to talk to Homecomings about refinancing before the ARM adjusts again. Do you think I can get anyone to talk to me? No.

Homecomings is the worst company I have ever dealt with. We have an interest only ARM we are trying to refit out of and can not get ANYONE to work with us. After being put on hold for over an hour 3 times, hung up on, transferred to lala land, and finally being told there is nothing they will do for us because the loan to value. I guess we will let them foreclose because we can not pay the increase when the ARM comes due. It's a pity because our credit scores are in the high 700's with a flawless payment history. These people will ruin perfectly good credit and ruin the lives of hard working AMERICANS!

I am trying to find a lawyer who would be willing to take on a predatory lending case against Homecoming as well. Do you have any lawyers you can suggest to me?