HomeEq, has anyone had success with modification?

[Bridget]

We are now officially in foreclosure on the home we have raised our kids in. We tried to get the loan modified back in September when we knew we were in trouble, but HomeEq states that you have to default before they will even consider helping. We are now trying to get the loan modified with HomeEq, they want $6100 dollars to stop the foreclosure process and will still not guarantee they will modify our loan. They won't send me anything in writing with new terms before they get the money? Is this normal? I called HUD today and we did a conference call with HomeEq, they told HUD the same thing they told me, money must be received before they will begin looking at the modification. HUD advised that I send the money. Any advice would be great, we have until Feb. 13th to send them the money.

[Moe Bedard]

Bridget,


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

The timing may be too short, but if this is the only property that you own...you may want to try to go through NACA and see if they will be able to help you out.............their servcies are free and they are also a HUD approved counseling agency...................
click here for the info and to get started...............
https://www.naca.com/refinance/refinanceTenStep.jsp

[Bridget]

I heard this morning that a new program offered by the government is in the works and will be available to homeowners on April 4th. If we are in foreclosure, will this still apply to us?

[Moe Bedard]

Whether to wait or not will be up to you............. whenever a new program is announced...........it takes a while for it to get going........ and the investors that are on the loans would need to agree..........so there are a lot of factors involved in being approved for anything that comes out.

[jacksjean]

I attended a NACA workshop in January 2009. In attendance was a manager employed by Homeq. He said he was attending a NACA workshop as a "home purchaser" attempting to apply for a NACA loan.....(I always thought we should promote our own employer's business....) During the Q&A session, he stated that as a manager of Homeq with loan modification job responsibilities, he automatically denies all loan modification requests if the note holder is current on their account. He said he will only review mod requests if the note holder is >90 days late. A NACA representative then told the audience that note holders should always escalate their requests up to the next level of management when they encounter denials. The Homeq employee didn't seem to like this answer and sat back down.

[Bridget]

That is absolutely incredible - especially that he was there to modify. We let the deadline pass that they were requesting the $6100 for. The collections gal, who I conferenced in with HUD called the next day asking what we needed to move forward in the modification process, my husband told her we wanted the mod in writing or a good faith estimate, she at least said she would discuss with her supervisor, of course we haven't rec'd a call from any supervisor. I am going to look into the NACA and I believe we may hire a real estate attorney - I am sooo stressed about this, maybe an attorney will get farther than I am.

[Bridget]

oh yah, and no sale date was in their system - HUD asked.

[workingmom43]

I'm going through the same thing with Homeq...told to give money before they would think about reviewing file since I turned down the first offer as it was based on my income before my overtime was eliminated. I'm going to hire a lawyer as Homeq seems to be afraid of them. I'm not going to agree to something I know I can't afford. They only want to reset the loan back to the original rate which wasn't working.

[Bridget]

We did contact a lawyer on Friday. Basically what she told me was that HomeEq will not start the process of modification until that first payment is given to them - but she has had success with HomeEq - I think many of the lenders are waiting to see what the Obama home package entails.

[workingmom43]

I see why people are doing short sales because these modifications are not easy, especially with Homeq. I think their investors don't care anymore and would rather let people foreclose. I'm trying to be hopeful, but Homeq keeps giving me the same answer no matter what my hardship is. They have proof my income has dropped and feels that because they're going to leave with me $100 surplus I should be grateful. It's really sad what they're doing and not guaranteeing they'll give you a mod after you pay them.

[workingmom43]

Success, success with Homeq. This is great!!!! I followed the advice on this site to contact their CFO and Barclays, and yesterday 2-23, got a call from their Customer Relations Dept. I went over all of my income/expenses for about an hour and it didn't seem like things would be good because I had a surplus of about $100-200. The guy said he would crunch some numbers and see what they could do. He was saying everything from a payment plan to only resetting my loan to 7.6% from the current 9.2%, no help. Well this morning, 2-24, I called them back to see what their decision was. I was told I would be given a modification rate of 4% for the first 2 years and then it would go to 5-5.5% for the remaining 3 years of the 5 year mod. I couldn't believe it!!!! My payment is going from $2,000 to $1,200 (including taxes/insurance). i h

[workingmom43]

hit post too soon....cont'd.....All they are asking, which is reasonable, is a good faith payment of $3,500 and my remaining delinquent payments of $3,500 will be capitalized in the loan. Don't give up people....I think these CFO's and investors are giving up the fight!!!