HomEq Servicing / Forclosure Procedures
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 He said the foreclosured had been rescinded.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 He said it was rescinded last week.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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