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HomEq Servicing / Forclosure Procedures

1 GA, United States Review updated:

I had the worst loan, an 80/20. It's my first home and I unfortunately trusted the lenders and agents I worked with to help me. Nonetheless, I fell behind in Nov. and Dec. and called to make arrangements. Keep in mind that this is my 2nd mortgage, the 20%. My first mortgage worked with me and everything was fine. HomEq told me that they had already sent me into foreclosure. I tried to work out something but they wouldn't accept anything. I told them that the 1st mortgage worked with me and they have the majority stake in the property. They acted as if they didn't know there was a 1st mortgage. The 1st mortgage told me that they were just trying to scare me. March came around and the foreclosure went through, according to HomEq. They sent a real estate agent out to offer me $1500 to move out in 2 weeks. I refused so they filed papers in court to evict me. I gathered all of my paper work and headed to court. I let them know that the 1st mortgage had not been satisfied by the 2nd. Since my loan was in good standing with the first, they couldn't evict me. The judge signed the order and I was out on the 6th of April. I told the 1st mortgage what had happened and they said I shouldn't leave, but I was not going to come home one day with all of my belongings on the front lawn! HomEq went in and secured the house and had it listed in MLS. I am not sure what happened, but they started calling again. I called back and they said I had 8 payments due. I said no, they foreclosed and the property is now in their possession. He said the foreclosured had been rescinded. I asked if it was before or after they kicked me out! He said it was rescinded last week.

So, I think they thought it would be an easy money maker. I only owed them $25, 000 and they thought they would weed out the 1st mortgage and make a killer profit. I don't think that the 1st mortgage was going to allow that, and that is why this is happening now.

And yes, I created my own mess. I am not blaming HomEq for me falling behind, but I do blame them for trying to take advantage. For those that can make every mortgage payment on time every month, I hope that you never suffer a job loss or major illess that could put you in my position.

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Comments

  • Lu
      28th of Jul, 2009

    Did you move back in the house?

    0 Votes
  • Jl
      7th of Aug, 2009

    Homeq is a typical dishonest servicing company. While they are certainly within legal rights they purposely mislead customers and the companies they represent.

    It seems that most servicing agents would rather control delinquent files through the REO process. After all, if the companies they represented request the file to prevent foreclosure, then the servicing company is no longer needed $$.

    Unfortunately, most customers and originating businesses are completely unaware of the short circuit. Institutions could save tens of thousands by avoiding foreclosure and the customer could be relieved of the debt burden much sooner.

    So, remember, most servicing companies have only their interests at heart. If you want something done right, contact the actual mortgage originator. Furthermore, begin at the top and work your way down.
    Take it from someone who helps individuals in these messes all the time.

    [protected]@hotmail.com.

    0 Votes
  • Wa
      3rd of Apr, 2010

    Homeq is the worst Servicing company they are not a bank and no nothing about banking let alone real estate banking. They have glorfied clerks working for the company that dont know any real estate termnology. I have been fighting with homeq for two years to save my home. When trying to work out sometype of agreement after giving them $9, 999.00 to get caught up after being told needed to send $10, 000.00 but not except that because of IRS. and then came back with a forbearance agreement with a month payment of $5000.00 plus who on this earth can afford this. then after a year offered a modification agreement applied waiting for 5 months to be denied. Then asking why the story was the NPV with US Treasury so what does that mean no one could explain. So as there letter stated I rquested a breakdown and as to why I was denied because by law they have to inform you well that's been a week now going on two weeks and nothing in the mail yet I called making another request they told me to wait for the mail and then the Clerk hung up the phone on me while I was waiting to complete asking questions. I could go on and on but there is no use. I'm just going to hire an attorney for their unfair lending practices.

    0 Votes

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