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HomEq Servicing/Wachovia / Subprime violations, RESPA violations, Illegal prepayment penalty

Alexandria, VA, United States Review updated:
1
Contact information:
Phone: 571.334.1348
HomEq Servicing personnel purposedly delayed my refinancing until I was far enough behind in my FHA mortgage payments and could only qualify for a subprime mortgage. My original rate of 6.75 was denied by HomEq and I was forced to take out a 2/28 ARM, increasing my mortgage payments by hundreds of dollars that I knew would eventually force me to be in arrears again. I had no choice but to sell my condo but when I did, HomEq, now owned by Wachovia charged me a substantial "prepayment" penalty for paying off my mortgage. Despite varied letters of complaints, I still have not received the over 6k that they took. If Wachovia/HomEq hadn't of forced me into a subprime ARM, I would of have still been in my original home and could of have easily afforded the mortgage payments now. I don't think it's right to be penalized for being forced to sell your home to avoid foreclosure, especially when the mortgage servicer was the one that forced me into a mortgage that I couldn't afford.
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Dd
  6th of Feb, 2009
Agree Disagree 0 Votes
Take advantage and not even a bat of the eye...These businesses prey upon the fear, of losing our homes. That's pathetic! They have the power and the duty to their mortgage holders, to be a part of the solution, yet, everyone is getting theirs, corperately. Great. These companies are being rewarded for being irresponsible. Why aren't more people, up in arms? My mortgage company hides behind, an LLC. And that division (HomEQ) takes pride in, being the 'muscle' for Wachovia's debt collection SS.
I signed an PITI loan in 2006, then Wachovia the bought loan, from Ace Mortgage, then rewrote my contract without my signature. Now the muscle wants taxes and Insurance for 2008 and 2009. Last year I didn't have the full amount for insurance, no problem them amertized it into my 30 loan. Now for the next 27 years of the loan, every year they buy the insurance, my mortgage payment goes up another 120 dollars a month. Do the math, I live on a fixed income. Disabled Vet and single, with a college aged son. Who needs the help? Shame on you Wachovia...

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