Home Eq - Almost Success?!

[HSK1976]

Hi Everyone. I am a little frustrated - or should I say VERY frustrated with Home Eq!! I can see that I'm not the only one around here, ha. So, a little background. My husband and I began to fall behind on our mortgage in December 2008. We contacted Home Eq but they were absolutely no help. Then January we fell behind, and February - before you know it, we were in March and they were beginning to threaten with foreclosure. We contacted them MANY times to try to modify our mortgage but they said we couldn't because they modified us last year. We didn't ASK for that modification - they decided to freeze our interest rate (it was going to adjust from 6.25 to 8.25) due to the economy.... it was purely an offer from them. Anyway, now they used that against us and said they already modified once before and can't modify again.

We offered them two months payments and they wouldn't take it - they said we had to pay everything we missed PLUS late fees, which were outrageous. We then hired a counselor that promised to help us modify. He then contacted Home Eq on our behalf and NOTHING.

Finally, i began to do some research on the internet. I found this website - and got the CFO's names and email addresses. I emailed them and WITHIN 24 HOURS - I received a call back. ALL OF A SUDDEN, they had a "program that fit our needs". They offered to take whatever money we can give towards our due balance and put the rest at the end of the loan and lower our interest rate from 6.25 to 4.5, which was a great offer. We took it.

My husband is self employed and now they are asking for his business's bank statements from the last 8-12 months.... i want to know, what does his business have to do with our personal income? We provided his personal bank statements - but do they have a right to ask for the business? I don't get how this is a reasonable request?

Please let me know or help me understand if this is something that i should just send over or question?

Thanks!

[Evan Bedard]

Hi HSK1976,


Most lenders will request buisness bank accounts for homeowners that are self- employed. This is probably because self employed borrowers cannot provide paystubs..

[MAXIE19]

That's correct. A lot of self-employed people lack independent proof of income like a W2 or 1099. To compensate for the absence of these documents and to help in verifying the income that you stated or submitted, banks will typically request copies of your business bank statement. At least four months is the norm, some banks want more. The regular and consistent deposits as well as the source of the deposits delineated in the banking statement help verify the borrower's income. Your personal bank statements do not suffice because the funds originated from another account.

[Marie T]

WAMU/Chase asked for profit and loss statements and the business bank statements for the last 4 months as I am self-employed. My husband is W2 income so his was easy - just paystubs from last 4 months.

[BabyGirl]

Originally Posted by HSK1976

Hi Everyone. I am a little frustrated - or should I say VERY frustrated with Home Eq!! I can see that I'm not the only one around here, ha. So, a little background. My husband and I began to fall behind on our mortgage in December 2008. We contacted Home Eq but they were absolutely no help. Then January we fell behind, and February - before you know it, we were in March and they were beginning to threaten with foreclosure. We contacted them MANY times to try to modify our mortgage but they said we couldn't because they modified us last year. We didn't ASK for that modification - they decided to freeze our interest rate (it was going to adjust from 6.25 to 8.25) due to the economy.... it was purely an offer from them. Anyway, now they used that against us and said they already modified once before and can't modify again.

We offered them two months payments and they wouldn't take it - they said we had to pay everything we missed PLUS late fees, which were outrageous. We then hired a counselor that promised to help us modify. He then contacted Home Eq on our behalf and NOTHING.

Finally, i began to do some research on the internet. I found this website - and got the CFO's names and email addresses. I emailed them and WITHIN 24 HOURS - I received a call back. ALL OF A SUDDEN, they had a "program that fit our needs". They offered to take whatever money we can give towards our due balance and put the rest at the end of the loan and lower our interest rate from 6.25 to 4.5, which was a great offer. We took it.

My husband is self employed and now they are asking for his business's bank statements from the last 8-12 months.... i want to know, what does his business have to do with our personal income? We provided his personal bank statements - but do they have a right to ask for the business? I don't get how this is a reasonable request?

Please let me know or help me understand if this is something that i should just send over or question?

Thanks!

Will you share the email or other contact information? I have been negotiating with HomeEq for about a year with no success. I would like a straight forward answer. I am a single Mother and feeling veryconfused as to what my next move should be. Can you help me?

[Evan Bedard]

Hi babygirl,

Here is the number to their loss mitigation department:

HomEq’s Loss Mitigation department at (800) 414-0969

[kjenkins7]

Originally Posted by BabyGirl

Will you share the email or other contact information? I have been negotiating with HomeEq for about a year with no success. I would like a straight forward answer. I am a single Mother and feeling veryconfused as to what my next move should be. Can you help me?

Babygirl,
Make sure you email Art Lyons and Keith Becher.

keith.becher@homeq.com

art.lyon@homeq.com

They wont call you back or email but the 2nd monkey in command will (laughing i hope). No but for real someone from there executive team will call you back in what they call "executive office of the president" and start to escalate your loan. Now this person will basically push to put you in front of a loan counselor who will review your bank statements, hardship letter, etc. All the normal documentation stuff. Just keep pushing and should have some results in 2-3 months from start to finish.
Have any question, ask as i have been round and round with these folks for awhile now.

[BabyGirl]

Originally Posted by kjenkins7

Babygirl,
Make sure you email Art Lyons and Keith Becher.

keith.becher@homeq.com

art.lyon@homeq.com

They wont call you back or email but the 2nd monkey in command will (laughing i hope). No but for real someone from there executive team will call you back in what they call "executive office of the president" and start to escalate your loan. Now this person will basically push to put you in front of a loan counselor who will review your bank statements, hardship letter, etc. All the normal documentation stuff. Just keep pushing and should have some results in 2-3 months from start to finish.
Have any question, ask as i have been round and round with these folks for awhile now.

Thank you for your help-

The Homeq representative is telling me that I need to make at least one payment a month so that they will have the time to modify before they have to foreclose! I explained that if I had the $3657.00 (does not include taxes or insurance) for the first and $500.00 for the second each month, I would not ask for their help.

I have sent in all my paperwork and they said they would call me back in 20 business days. I call them about every week to be sure they actually have all the paperwork. They review the file and say "yes, we have everything", then the next week they say we needed one more thing so we had to stop working on your file until we recieved it. I send it. Then the same cycle repeats!

My home is worth $240,000 and I owe ~$480,000. Why would they not want to work with me?

I have saved enough in 60 days to make one payment. I was told (by the Homeq servicer) that I need to send one payment to them immediately to avoid forclosure. AND then make at least one payment each month. However; one payment is all I have. I am 60 days behind now. I began to work with them almost a year before and after the payments adjusted (doubled). I have used all of my savings. Homeq can't hear me!

My fourteen year old daughter gave me her life savings to buy us time in our home. She's been real sick. I paid her back first and now I will try to negotiate with Homeq. I want to keep my home, but I may need to accept that it is not possible.

I am a Nurse who works very hard to care for our Nation's Veterans. Now I need someone to step up and make things possible for me and my daughter.

Thanks again for your help!

[kjenkins7]

Originally Posted by BabyGirl

Thank you for your help-

The Homeq representative is telling me that I need to make at least one payment a month so that they will have the time to modify before they have to foreclose! I explained that if I had the $3657.00 (does not include taxes or insurance) for the first and $500.00 for the second each month, I would not ask for their help.

I have sent in all my paperwork and they said they would call me back in 20 business days. I call them about every week to be sure they actually have all the paperwork. They review the file and say "yes, we have everything", then the next week they say we needed one more thing so we had to stop working on your file until we recieved it. I send it. Then the same cycle repeats!

My home is worth $240,000 and I owe ~$480,000. Why would they not want to work with me?

I have saved enough in 60 days to make one payment. I was told (by the Homeq servicer) that I need to send one payment to them immediately to avoid forclosure. AND then make at least one payment each month. However; one payment is all I have. I am 60 days behind now. I began to work with them almost a year before and after the payments adjusted (doubled). I have used all of my savings. Homeq can't hear me!

My fourteen year old daughter gave me her life savings to buy us time in our home. She's been real sick. I paid her back first and now I will try to negotiate with Homeq. I want to keep my home, but I may need to accept that it is not possible.

I am a Nurse who works very hard to care for our Nation's Veterans. Now I need someone to step up and make things possible for me and my daughter.

Thanks again for your help!

Yes make sure you send an email to those 2 contacts i sent and stop communication with the service reps. They are are basically just debt collectors. Waste of time and no levearge. Homeq's goal was simple, to make no effort to help until they have sucked every penny out of you. Should say thats the goal of all banks right now. Why i am furious with how Obama and our govt has handled this, they prop/bail out the banks, and then once they are back and cash flow positive they turn on the homeowners and do nothing in return. The Obama administration should be helping "us" not the banks. So remember that when you are talking to Homeq (in this case). DO NOT MENTION ANY MORE MONEY YOU HAVE, not from your daughter, not 401K nothing. Your goal is (and i am sure its true now that you have exhausted everything) is to seem desperate. SO email those 2 contacts, give it 2 days and if not strike again. Keep going, they will call you back. And when i say "they" i mean Art and Keith's colleages in the "executive office of the president" . They once you establish this new contact ONLY DEAL with him or her for everything going forward. This person then will escalate everything for you and put in in front of a loan counselor who will need all that "paper work" again. The loan counselor is in the "Special services" department. They will review and get back to you. IN the meantime you draft up a very GOOD HARDSHIP AFFIDAVIT/LETTER. This is key to getting your "in house" mod. Get examples from this site of some that people have and i bet you have the same. Since you are now delinquent this process should move rather quickly. They will weight all options. Also make sure they apply for HAMP as well. Just keep pushing, Homeq is according to HAMP the worst servicer in the US right now so expect to push push push these people. As for losing your home i wouldnt worry about that, b.c if you can prove that getting your payment down to 31% of gross is affordable they will help you. Also would need a solid Hardship letter. All things i am sure you have.
Also i read about a month ago another member from this site who hasnt paid for almost a year so sit tight you wont be going anywhere for awhile. Homeq is just the worst, so expect to treat them like babies and check on them every day or twice even. I ended up calling the CEO if you need that number let me know.

[BabyGirl]

Thanks K!

I sent an email to those two addresses you gave last week. Nothing yet. I will follow-up today. The CEO number may be neccessary. I am trying to stay positive and enjoy the moment, however this is an unbelievable situation. We have been caught in the World's largest Ponzi scheme and our Government is helping the crooks. How can they have such a large percentage of our people in forclosure and act like it is not that serious? You know I could go on!- B.

[BabyGirl]

Originally Posted by kjenkins7

Babygirl,
Make sure you email Art Lyons and Keith Becher.

keith.becher@homeq.com

art.lyon@homeq.com

They wont call you back or email but the 2nd monkey in command will (laughing i hope). No but for real someone from there executive team will call you back in what they call "executive office of the president" and start to escalate your loan. Now this person will basically push to put you in front of a loan counselor who will review your bank statements, hardship letter, etc. All the normal documentation stuff. Just keep pushing and should have some results in 2-3 months from start to finish.
Have any question, ask as i have been round and round with these folks for awhile now.

I just recieved a call from Shaun McCabe in the Exec offce at Homeq- Thanks!
He is "walking my file to the desk of a reviewer and I will hear from her within 10 business days or by the 26th. I know that it doesn't really settle anything, but it was good to hear form someone that they will really look at my modification paperwork and I have a real phone number! Imagine that!
Again- Thank you and may God Bless you!- B

[BabyGirl]

Originally Posted by Evan Bedard

Hi babygirl,

Here is the number to their loss mitigation department:

HomEq’s Loss Mitigation department at (800) 414-0969

They (Homeq) called me back! Thank you for your support and for keeping this forum going. The LoanSafe forum is my only human refuge in this storm. Thank you Moe! -B