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Homecoming Financial Complaints - I am upset with the company not loweing my payment

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Homecoming Financial

Posted: 2009-02-04 by   H.Tolly
I am upset with the company not loweing my payment
Complaint Rating:  50 % with 2 votes
Company information:
Homecoming Financial
United States

I called Homecomings Financial and talked with their representative. I had spent a lengthy time on the phone, over 45 minutes and it was to not avail. He kept repeating the same company line over and over. I was asking for a lowering of my payment or interest rate which is 11% which seem impossible for them to do. I asked to be referred to his supervisor. I spent another 45 minutes of fruitless conversation with the rep who didn’t understand the definition of negotiates. She was no help and basically stated that if had my finances in order and didn’t need to lower my rate or payment then I could have my rate lowered or payment reduced. I then spent another 15 minutes asking to make a complaint which also seem difficult for her to manage. This is a real badly managed company with very poor customer service.
Comments United States Mortgage Companies
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 284 days ago by   Al Smith 0 Votes
Well sir, I don't know all the details of your loan, but based on what you have written, there is nothing to negotiate. If you agreed to and signed a loan for 11% then that is the rate unless there is a clause in your note to say something different. In my experience in the mortgage servicing industry the only mortgages that come to mind that has an option for a reduction in interest rate is a 12 or 24 month 1% reduction clause. Meaning if the borrower paid their payments on time for 12 or 24 months then the loan can be reduced by 1%. In your case they do not have a reason to negotiate with you because there is nothing to negotiate. They have a document that you signed saying that you agree to the 11% interest payment.

As for lowering your payments, the only thing they could do is remove your escrow. This would reduce your monthly payment, but you will still be responsible to pay taxes and insurance on your own. This would not be a good move because if you do not give them proof of insurance annually they may put forced placed insurance on the home costing a ton more than conventional insurance.

This time the mortgage company is right.

If you want a reduction in monthly payment, you may want to refinance the loan at a lower interest rate.
 87 days ago by   EdwardHollister 0 Votes
Same here. I have a secondary loan from them with 11.5% interest rate. I called and asked them to reduce the interest rate and no help from them at all. They are saying I have to miss atleast 4-5 payments before they will consider my application for lowering the interest. Looks like they suggesting me to do foreclosure on the property? Why do they do that? I think this company need to file bankruptcy and shutdown. They are monsters.

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