HomeQ & Barclays & Deustche Banks

[dasbof]

I am using a mortgage modification company to help me get a modification from Homeq and even they are having a hard time with Homeq. Homeq said they will not modify a fixed rate loan and now the modification company is escalating the negotiations to higher ups and the lenders and put an extra negotiator on it. They say I will hear something soon. I have read articles that say 85% of mortgages can legally be modified so Homeq is not being honest when they say they cant modify your loan. What a nightmare this has been for the last 3.5 months. Curious to hear any body elses homeq horror of success stories. I am also very interested in how the new goverment plan will help.

[Moe Bedard]

Hi dasbof,


Welcome to the forum and than you for joining...........


All of the success stories are located in the success section of the forum with the servicers name in the title.

The modification given is up to the investor on your loan.......Homeq is just a servicer........and they have to follow the guidelines of the pooling and servicing agreements that are put in place between them and the investor.

[workingmom43]

I'm a Homeq customer as well. Since they are a servicer, I called Barclays and told them about the problems I'm having and they referred me back to Homeq. Are wer stuck dealing with them?

[dasbof]

I hired a modification company back in November 2008 and so far no deal on a modifcation. They tell me they got rejected first because I was not late (homeq servicer) and then they escalated up the channel directly to the investor. Every time I am told to just be patient and give it more time and the negotiators are working on it, etc. etc.... Now the new obama plan seems suited for my situation. I am not late but very strained from losing about half my income. I now see that homeq has on their website a mention of the new obama plan and say they are evaluating whether the plan will be available to homeq customers. I dont know what to do to get better communication out of my current "attorney backed" loan mod place. Everything seems to take forever. I feel like I should just ask for my 100% no hassle guaranteed thousands of dollars back and just go it alone. What do you all think??

[angel83]

Originally Posted by dasbof

I hired a modification company back in November 2008 and so far no deal on a modifcation. They tell me they got rejected first because I was not late (homeq servicer) and then they escalated up the channel directly to the investor. Every time I am told to just be patient and give it more time and the negotiators are working on it, etc. etc.... Now the new obama plan seems suited for my situation. I am not late but very strained from losing about half my income. I now see that homeq has on their website a mention of the new obama plan and say they are evaluating whether the plan will be available to homeq customers. I dont know what to do to get better communication out of my current "attorney backed" loan mod place. Everything seems to take forever. I feel like I should just ask for my 100% no hassle guaranteed thousands of dollars back and just go it alone. What do you all think??

Me too! I am 180 plus days in and still NOTHING!

[Moe Bedard]

It is the investor on the loan where the difficulty would lie...............if they are not willing to approve a modification.......or if they are not modifying their pool of loans.......or if they are not participating in the new program (which is voluntary for the investors) ...............it is very difficult to change that decision............as any modification proposal would still need to be approved by the investor.


If this is the only property you own............you may want to try going through NACA instead............they are a non profit HUD approved counseling agency and their Home Save modification services are free............they also negotiate within a different dept. of the servicer which is set up specifically for the non profits to try to get the investor to accept the NACA modification proposal............
here is the link to look it over.................
https://www.naca.com/refinance/refinanceTenStep.jsp

[dasbof]

Thank you for the reply and thanks for this site! I have asked my modification company to share with me who is my investor and so far they have not shared that with me. I have given them ample time I believe (4 months) to get this done and they still say they are working on it and to give them more time. I guess I will give them a little more time before I demand my money back and go it alone with NACA or somebody else. Is it usual to go over 4 months to get a modification?? Also I want to see what homeq says about their participation in the obama plan and also what effect the bankruptcy "cramdown" legislation has on the investors and servicers. Thanks again.

[Dan Bailey]

dasbof,
If you look in the "Success stories" section, you'll see it is not uncommon at all for the process to take longer than 4 months +.

[dasbof]

Thanks for the reply. I am hoping Homeq can get on the ball and get on the obama plan. I would definately qualify. Sad to hear it has taken many people over 4 months. I sure would like more and better communication from my modification company. I am holding on by me teeth to not be late and working my heart out. Come on modification......

[workingmom43]

It's a waiting game that can stress you out, but we have no choice. We're all hanging in there.

[Dennis66]

Why won't the modification company you hired tell you who the investor is? You did pay them afterall.

[workingmom43]

I don't know about everyone else, but I did my mod on my own through the CFO and investor that I found no this site. Even with that, it still takes a while for Homeq to finalize the new terms. I wasn't paying anyone a dime to do this.

[Dennis66]

I did my mod myself also (with GMAC); I'm confused why the OP's mod company hasn't given the investor information if they requested it.

[dasbof]

that is what is confusing me too. Why wont they tell me who the investor is. I just emailed my mod company again today (three weeks since last reply to my emails) and I want an update. Is that too much to ask?? I paid $2500 for them to handle this for me and they said it would be no problem. I need some more info soon. This struggle is wearing on me.

[Moe Bedard]

Dennis............the reason why you were able to find out that the investor on your loan is FreddieMac is because their pooling and servicing agreements with the servicers do not prevent this exchange of information...........as the others do.

dasbof............these pooling and servicing agreements are legal documents that are drawn up between the investors and the servicers...........and prevents the servicers from exchanging this information freely with a customer........although some reps do.........they would be in violation of these agreements, most likely without even realizing it.



The PSA(Pooling and Servicing Agreement) lists the responsibilities and duties owed to the trust by the Master Servicer. From there, the Master Servicer often generates a sub-servicing agreement with the Primary Servicer (the one servicing your loan) to lay out responsibilities and duties expected from them. Many times, this secondary agreement copies provisions laid out in the pooling and servicing agreement. Here are some of the provisions and responsibilities defined in a PSA regarding how the loan is serviced. The PSA:

Governs the allocation and distribution of loan proceeds and losses to the bondholders.

Describes how loans are to be serviced including guidelines to make sure the trust complies with the REMIC (Real Estate Mortgage Investment Conduit) provisions of the tax code.

Standardizes practices and procedures to meet REMIC requirements and to protect the bondholders

[dasbof]

I finally found out that Deustche Banks owns my loan. Only took 4 1/2 months to find out. Also finally heard from Homeq and they want a little more info for modification. Also wanted to let people know about the AIG angle. Barclays (who owns HomeQ) received 8.5 Billion in money from AIG and Deustche Bank recieved 6 Billion. That is our tax dollars going to foreign banks! So as far as I am concerened they had better participate in the Making Homes Affordable modification plan since they received US government bailout money.

Making Homes Affordable need to get their butts in gear and start modifying some loans.