Homecomings-offer - Loan Modification Forum

whitelightning65 · 02-27-2009, 12:31 PM

Hello to one and all, and THANK YOU for this site.

OK i'm trying to find help/info in behalf of my sister who lives in Michigan. She has 1 mortgage with Homecomings Financials. She has become on-employed and thus has become behind in house payments currently, 2 months. She has been tring to talk to Homecomings to find out her options and mainly about a modification. She has been getting the run-a-round for the last month being told no one's here to talk to you right now, call back later or we'll call you back within 48hrs and that never happens. Has anyone have experinece with homecomings to tell me what their process is and if there is a special # to call. She has visited their web site and submitted a "Financial analysis form" and a letter explaining her situation. Thank you for any help you may offer.

pjd123 · 03-01-2009, 10:04 PM

Hello whitelightning65,

My mortgage is with Homecomings as well. I'm in California and not trying to keep my house. I can tell you that they wouldn't even talk to us about a mod until we were a couple of months behind. The filed the NOD when we were exactly 3 months and 20 days late. I wish I could tell you they will help your sister, but I haven't seen anything like that. They may offer to reduce her interest rate for a few years, but for us, that wasnt enough help. It was just prolonging the inevitable. Being in different states, I'm sure there are some differences as well. Good luck to you and your family.

pjd123

Dan Bailey · 03-02-2009, 06:17 AM

White lightning,
Glad you found the forum and posted.
Since she has tried contacting the lender, written a hardship letter and done their financial analysis form- and gotten no response/help....it may help her to contact NACA:https://www.naca.com/refinance/refinanceSubmission.jsp
They are a non profit HUD approaved homeowners advocacy orginization that will help her go to bat.

whitelightning65 · 03-03-2009, 08:22 AM

Thank you for your input/suggestions. Finally found out that Homecomings did receive paper work and they apologized for nobody getting back to her. Unfortunately, they said, a specialist was not available to talk to her but someone will call her within 24 hrs. She'll be callng them in 24 1/2 hrs i'm sure.
Question- I've seen post where people mention their "investor" apposed to there lender company. Are these not the same???
Thank you.

Dan Bailey · 03-03-2009, 08:31 AM

whitelightning,
Your mortgage company is the "serviser"...they take care of/manage the loan for the "invester". You cannt contact the invester...or, if you do, they will re-direct you to the serviser, the invester pays them to deal with us.

whitelightning65 · 03-03-2009, 08:39 AM

Ok, thank you very much. That make sense to me. We weren't going to try and contact them just wondering if there was a difference between them. Thanks for the info once again.

Dan Bailey · 03-03-2009, 08:40 AM

no problem

whitelightning65 · 03-19-2009, 03:10 PM

Hello friends and neighbors, just looking for some input. We just received an offer for a modification from Homecomings. We have an ARM which was at 9% when we started to apply for a loan modification, it dropped to 8% last week. The Homecomings Modification person just called today and they are offering a 6% fixed and they are putting our 2 late payments "in the back of the book" so that will be our final 2 payments in the remaining 20 something years. The offer sounds pretty good to me and it is my understanding that it wouldn't of mattered if we went through someone else like hope for homes etc. Am i right in my assumption. Thank you for any input.

Moe Bedard · 03-19-2009, 04:10 PM

Congratulations!

whitelightning65 · 03-21-2009, 05:12 AM

I was wondering if anyone knows...
1) if a person is only allowed to get their loan modified only once during their home ownership

2) and is the results the same weather you ask for a modication yourself through the mortgage company or through NACA, Hope for homes, Hud, and etc.
Thank you

Moe Bedard · 03-21-2009, 09:34 AM

That would depend.................

If the modification is not a part of the new Home Affordable modification program..............some investors will modify a loan if there is another hardship situation.............after 12 successful payments on the original modification are made...........but the new program only allows a modification of the loan...........one time.

NACA does there own Home Save modification program and it is based on affordability and the workouts are all low fixed rates for the life of the loan.............that doesn't always happen going directly to the servicer.........because they have guidelines that they have to follow which may result in a step rate modification that isn't fixed for the life of the loan. But NACA has a criteria where you can only own one property to go through them.

jennmw · 03-23-2009, 07:54 AM

Congrats! We just got our interest rate from 13.38% to 9.9% with homecomings on our 2nd loan.

whitelightning65 · 03-23-2009, 08:04 AM

Thanks *** for the info. I guess if anyone is just starting the process and reading this thread i would suggest trying NACA first. I would think someone could get the best modificaton that way if they base on what can be afforded. CONGRATULATIONS to you too jennmw.

02-27-2009, 12:31 PM	#1 (permalink)
whitelightning65 Member Join Date: Feb 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Homecomings-offer Hello to one and all, and THANK YOU for this site. OK i'm trying to find help/info in behalf of my sister who lives in Michigan. She has 1 mortgage with Homecomings Financials. She has become on-employed and thus has become behind in house payments currently, 2 months. She has been tring to talk to Homecomings to find out her options and mainly about a modification. She has been getting the run-a-round for the last month being told no one's here to talk to you right now, call back later or we'll call you back within 48hrs and that never happens. Has anyone have experinece with homecomings to tell me what their process is and if there is a special # to call. She has visited their web site and submitted a "Financial analysis form" and a letter explaining her situation. Thank you for any help you may offer.

03-01-2009, 10:04 PM	#2 (permalink)
pjd123 Senior Member Join Date: Dec 2008 Location: Placer County, CA Posts: 485 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Homecomings Help needed Hello whitelightning65, My mortgage is with Homecomings as well. I'm in California and not trying to keep my house. I can tell you that they wouldn't even talk to us about a mod until we were a couple of months behind. The filed the NOD when we were exactly 3 months and 20 days late. I wish I could tell you they will help your sister, but I haven't seen anything like that. They may offer to reduce her interest rate for a few years, but for us, that wasnt enough help. It was just prolonging the inevitable. Being in different states, I'm sure there are some differences as well. Good luck to you and your family. pjd123

03-02-2009, 06:17 AM	#3 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Homecomings Help needed White lightning, Glad you found the forum and posted. Since she has tried contacting the lender, written a hardship letter and done their financial analysis form- and gotten no response/help....it may help her to contact NACA:https://www.naca.com/refinance/refinanceSubmission.jsp They are a non profit HUD approaved homeowners advocacy orginization that will help her go to bat. __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

03-03-2009, 08:22 AM	#4 (permalink)
whitelightning65 Member Join Date: Feb 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Homecomings Help needed Thank you for your input/suggestions. Finally found out that Homecomings did receive paper work and they apologized for nobody getting back to her. Unfortunately, they said, a specialist was not available to talk to her but someone will call her within 24 hrs. She'll be callng them in 24 1/2 hrs i'm sure. Question- I've seen post where people mention their "investor" apposed to there lender company. Are these not the same??? Thank you.

03-03-2009, 08:31 AM	#5 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Homecomings Help needed whitelightning, Your mortgage company is the "serviser"...they take care of/manage the loan for the "invester". You cannt contact the invester...or, if you do, they will re-direct you to the serviser, the invester pays them to deal with us. __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

03-03-2009, 08:39 AM	#6 (permalink)
whitelightning65 Member Join Date: Feb 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Homecomings Help needed Ok, thank you very much. That make sense to me. We weren't going to try and contact them just wondering if there was a difference between them. Thanks for the info once again.

03-03-2009, 08:40 AM	#7 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Homecomings Help needed no problem __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

03-19-2009, 03:10 PM	#8 (permalink)
whitelightning65 Member Join Date: Feb 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Homecomings-offer Hello friends and neighbors, just looking for some input. We just received an offer for a modification from Homecomings. We have an ARM which was at 9% when we started to apply for a loan modification, it dropped to 8% last week. The Homecomings Modification person just called today and they are offering a 6% fixed and they are putting our 2 late payments "in the back of the book" so that will be our final 2 payments in the remaining 20 something years. The offer sounds pretty good to me and it is my understanding that it wouldn't of mattered if we went through someone else like hope for homes etc. Am i right in my assumption. Thank you for any input.

03-19-2009, 04:10 PM	#9 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,888 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Homecomings-offer Congratulations! __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-21-2009, 05:12 AM	#10 (permalink)
whitelightning65 Member Join Date: Feb 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	General Modification Questions I was wondering if anyone knows... 1) if a person is only allowed to get their loan modified only once during their home ownership 2) and is the results the same weather you ask for a modication yourself through the mortgage company or through NACA, Hope for homes, Hud, and etc. Thank you

03-21-2009, 09:34 AM	#11 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,888 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Homecomings-offer That would depend................. If the modification is not a part of the new Home Affordable modification program..............some investors will modify a loan if there is another hardship situation.............after 12 successful payments on the original modification are made...........but the new program only allows a modification of the loan...........one time. NACA does there own Home Save modification program and it is based on affordability and the workouts are all low fixed rates for the life of the loan.............that doesn't always happen going directly to the servicer.........because they have guidelines that they have to follow which may result in a step rate modification that isn't fixed for the life of the loan. But NACA has a criteria where you can only own one property to go through them. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-23-2009, 07:54 AM	#12 (permalink)
jennmw Member Join Date: Feb 2009 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Homecomings-offer Congrats! We just got our interest rate from 13.38% to 9.9% with homecomings on our 2nd loan.

03-23-2009, 08:04 AM	#13 (permalink)
whitelightning65 Member Join Date: Feb 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Homecomings-offer Thanks *** for the info. I guess if anyone is just starting the process and reading this thread i would suggest trying NACA first. I would think someone could get the best modificaton that way if they base on what can be afforded. CONGRATULATIONS to you too jennmw.

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