Need Advice for Homecomings Financial

[still hopeful]

Hi! I'm new here and would like some advice on how to go about getting a loan modification from Homecomings Financial. We have a 1st and a 2nd with them. The first mortgage is at 6.625% interest only ($1,092 monthly pmt), and the second mortgage is at 10.85% 30 year fixed $297.36 monthly pmt). We are having financial difficulties and have not paid for July, August, and September. Last week, 2 Fedex packages came (one for each loan). The package for the 1st loan was a repayment agreement that stated if we paid $1,000 on Sept. 15, and $1,000 on Oct. 15, they will review our situation to determine the best option for resolving the remaining delinquency.

The 2nd package was a "Fast Forward" program of making a down payment of $297.36 (which is my normal pmt), followed by 2 consecutive monthly pmts of $297.36 and they will forgive the remaining delinquent interest and bring acct current, and extend the ter of the loan by 2 months.

We have had an extremely difficult time with this property. It was vacant for about 6 months. During that time, there was a break-in and the burglars took all our appliances. Then when it was finally rented out, the tenants paid for one month then they had to be evicted. Right after the eviction, we were notified by the management company that water was left running, and well, you can imagine what happened. Needless to say, insurance had to step in and it took until April for the property to be rent ready. Still no takers until the end of June. We are about $400+ negative every month on this property and so my husband & did not think that the offers would do us any good so we sent a letter and faxed it to them stating our situation and asking if the bank had any other alternatives for us because right now we are financially strapped and would have to sell the property if they do not have any options for us.

Does anyone know whether there will be other options for us? I haven't heard from them and so I don't know whether I should send the fax to somebody else or just wait for them to respond. Could I please get some advice?

[Moe Bedard]

Hi still hopeful,


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

have you thought about asking for a short sale/hardship package instead and to put the property on the market with an agent that is well versed in short sale negotiation?

It just seems like by what you described here, the property isn't making financial sense and by not having to worry about it, you might be in a better financial position in the future............

Homecomings Financial
1-800-206-2901

[still hopeful]

That is our Plan B. Actually, when we were doing well and we had extra cash, we put $5,000 towards the principal of the 2nd. Our plan was to pay it down by paying extra monthly. If the loan modification doesn't work then our option would be to just sell the property. It would be nice though if they modified the loan. If I sent the letter I faxed the loss mitigation dept. to Javid Jaberi, do you think that would help? I've been reading all the posts regarding GMAC/Homecomings Financial.

[Moe Bedard]

I am not sure if it will help to email Javid but you can try.............only because you already were sent the modification documents which might have closed out the file for now until you had finished the repayment plan..............so you might need to start the process again.........