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HomEQ / setting payments too high

1 824 Stacey PlaceVA, United States Review updated:

I have a complaint against the way Homeq handled loan modifications, foreclosure and repayment plans. In September of 2008 I paid Homeq $14, 000 in an efford to keep my home from foreclosure. I was forced to sign a document 2 days before the foreclosure in an effort to keep my house off the market. The payment plan was impossible for me to maintain because I am unemployed and was only receiving unemployment at the time. I did have other income from my late husband's pension but it was not enough to make the $2600 monthly payment requested by Homeq. I told them it was impossible to make. Homeq in turn told me either to sign or my house will be sold in foreclosure. I signed the paper and made one payment in November 2008. In December I put my home on the market and it did not sell. On February 9, 2009, Homeq called me and requested $6, 200 and they would allow me to modify my loan. My monthly payment would then be 1500 per month. The problem is I did not have the $6, 200 to keep my house from being auctioned off. My house was put up for auction on February 25, 2009. No one purchased it.

Am I allowed to purchase my home back? Did Homeq handle my account correctly? I asked if I could have the sale date moved back in an effort to allow me to raise the money needed to stop the foreclosure. I would really like to repurchase my home. I am not working at the present time but am actively looking for work.

HomEQ

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Comments

  • Me
      7th of Mar, 2009
    0 Votes

    we are going through the same, the bank charge sooooo much money for interest rate i been living in my house for 5 years and i havn`t paid anything towards the house yet, and at the present time i`m not able to pay for my house mortgage because i do not have a job, i called my band to help but of course they have no option for help, they just know how to take our money but if we need them to lower the interest rate they have no answer :( this is not fair.
    i bought my house for $250, 000 at that time which is 5 yrs. ago it was worth it but at this time is worth about 180, 000

  • Po
      27th of Mar, 2009
    0 Votes

    Of course you can buy your property back! But, okay, I'm confused. You want to buy your property back, but you don't have a job? You'd either have to have cash or find a lender dumb enough to finance your loan (besides HomEq). If you went through a foreclosure, your credit is as good as your job skills (very low). Why not try to cure the debt your past due for? I mean if your thinking of buying the property back then that means you have some cash right? If you can't pay for the full purchase price, why not cure the amount that was past due. You can take advantage of the recession period and keep the property that way.

  • Ho
      12th of Jun, 2009
    0 Votes

    Spragling,

    Works I guess :p

    In response to your complaint. It is a sad story that is occuring all of the US. I actually went and looked at "your" house 3 hours after it listed in MSL as an interested buyer after the banks were closed on a Friday.

    In all honesty, I had an offer on the table the next morning to purchase it.

    It is sad when these things occur. I was in a similar situation after my divorce in 2005 and found I could not keep up with the mortgage and was forced to put my old house on the market. It was, amazingly, almost the exact same configuration of "your" house, but it did not have woods on one side.

    I saw the markings on the wall in the kitchen area of the children's height, felt the history there, and promissed myself that I would cut that section of the wall out and ship it to you if I got it. Unfortunatley I was informed later that I was in competition with another buyer, upped my offer by $5, 000 and lost even though, supposedly, the other buyer's offer was lower and closed later (I sure hope that other buyer was you).

    My agent tells me that the other buyer is having a home inspection next week, so I doubt that you will be able to do anything about it after it is sold.

    I am sorry for your loss. I wish you well and hope that things work out for you.

  • Fr
      13th of Oct, 2009
    0 Votes

    House has major problems with foundation. Suspect that selling agent knew/knows about it. I am very interested if anyone knows anything concerning this. Please contact via message.

    Thanks,

    Frank

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