Homeq

[christyk]

We are running behind on our mortgage payments due to financial troubles that we have had and have called Homeq several times to see if there was anything we could work out with them. Every time we have reached someone they have said, "they are only our servicing company" and refuses to tell us who owns the loan (as it has been sold several times). Then they proceed to tell us that because they are only a servicer they are not able to work with us. Any advise? We are officially now in the foreclosure department.

Thanks in advance!

[momof2]

Hello there. Sorry to hear of your troubles. I too am w/Homeq. Was in foreclosure, was told they only service my loan, they didn't have the authority to modify, blah, blah, blah . . . finally, I emailed the CEO w/my story after reading several posts here. The very next day someone from Loss Mitigation called me to discuss modification (a term they had previously told me could not be done). I am at work right now, but I would be happy to fill you in on the text/language I used that may have gotten his attention. It took almost a full 3 months to modify my loan (with followup emails and telephone calls fairly constant during the three months), but it is done now. Don't give up if you want to stay in your home!!

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

There are some questions that we need answered, they are the servicer and representative of the investor and if you were in the Loss Mit department should be able to provide a Modification package.

Have you adjusted? Is there Income into the Household? What kind of loan, was it a refi or purchase transaction, interest rate now and then? Value of property now and then? How delinquent, why? Any additional information that you can provide would assist in allowing us to help and pose solutions.

[christyk]

We have been in the home about two years. We are in a interest only, adjustable rate loan that is scheduled to adjust in about three more years and to move to interest plus principal next year, currently at 7%; We purchased the home for $275k and due to interest only still owe that same amount. We did an 80/20 loan and the second loan is through Countrywide, home value is still around the same, no appreciation; We are right now 90 days past due and the reason is due to an issue we had in another home where we were owner financing someone and had to go through a long drawnout process where they knew how to work around the system of filing multiple bankruptcies and not completeting and contesting the foreclosure, long, long story, but we have paid payments for mulitple years while that person lived in that home for free. We have been able to keep everything floating while paying those mortgage fees, attorney's fees, etc, but just can't keep our head above water right now. We finally do have the person out of the home now, but have had to do major work to the home and it is now sitting vacant as nothing in the market here is moving very quickly and have been considering just making it into a rental now. Long and short of it, it has been a major financial burden on us and we dealt with it for almost ten years and now just cannot afford everything due to the debt we have gotten in it trying to keep the other home out of becoming past due and messing up my credit (kind of ironic now how messed up my credit is!!).

From dealing with this person in the other home, I could probably quit making payments to Homeq today and stay in the house for some time without making a single payment as I know all the ins and outs of doing that through dealing with it, however, do not want to do that and would like to keep the home if possible.

Thanks!

Institutional Foreclosure goes a lot faster than what you experienced. Sorry to say they have it down to a fine science. Since you are in a position that allows you a greater period of time before the loan adjusts, there may be some significant difficulties in obtaining a Modification at this time. My suggestion in your case is to get Homeq to do a forbearance program where in over a reasonable period of time you can pay back the 90 day arrearage while still making the current payments.

Granted this has to be financially comfortable for you so as such you need to request when you call in the Loss Mit department and arrange to get the package for a Forbearance agreement to try and bring the loan current through long term repayment of the past due amount and if at all possible see if they would capitalize a portion of it (add it to the principle along with the repayment of a portion of the arrearage).

[mauimalia]

How did you find out the CEO's email address? I would love to find the CEO of Chase? Also, are the servicers in general not supposed to disclose who the investors are?

Maria

[Moe Bedard]

Don't know the email but here is the rest.....

JP Morgan Chase & Co.
Attention: James S. Dimon (CEO)
Office of Secretary
270 Park Avenue, 39th Floor
NY, NY 10017

Phone: (212) 270-6000 Fax: (212) 270-1648

[Bucklest]

***,

Where is your story? I would love to read it!

Maria...knowing who the investors are is unlikely to gain any foothold in this process, we know that they are all modifying, however the real issue is the Trust of CDO that you loan is in and the ability of that particular Trust or CDO to allow a less than anticipated return due to the modifications that are being requested. Each one is written differently, some do allow modification, early on none did. Now with some changes to accounting standards and the failure of these Trusts and CDO's they are more prone to allow the modifications of the instruments that are bundled in the offering to provide the investors' (there are lots of them in the individual Trusts and CDO's) the rate of return that they need to obtain not to fail. The main investor may be a Trust or CDO that is owned by Deutsche Bank, but then it was sold out in more directions that you can imagine.....therefore allowing many to benefit from the rate of return anticipated. Obviously now the anticipated rate of return is just not what they expected originally.

The big picture is that where once they would not modify, like last September, now they are, not all of them, but a far larger amount than were before. We have some that will, and some that will not. More and more they are in order to survive themselves.

[Moe Bedard]

Bucklest (Terri)
My story is on the forum if you go into my profile and click on threads started by me and go to the bottom thread, mine are the Chase ones......you will be able to read it there.
It is another novel...

[mauimalia]

Thank you, ***, for your kind reponse. Believe it or not, I did create a basic letter to the CEO of Chase and it went through on the fax. After that I literally faxed my State Reps, Senators, Henry Paulsen, President Bush, Gov. Arnold etc. My husband said it couldn't hurt. I personally don't think anyone really cares, but atleast they all know I am copying everyone and I will :voice my opinion when the time comes to show the cards in your hand, so to speak.

Maria

Fax and call and write every elected official that you can dream of, the more the merrier, and make your voice heard...

[Mel10]

Originally Posted by momof2

Hello there. Sorry to hear of your troubles. I too am w/Homeq. Was in foreclosure, was told they only service my loan, they didn't have the authority to modify, blah, blah, blah . . . finally, I emailed the CEO w/my story after reading several posts here. The very next day someone from Loss Mitigation called me to discuss modification (a term they had previously told me could not be done). I am at work right now, but I would be happy to fill you in on the text/language I used that may have gotten his attention. It took almost a full 3 months to modify my loan (with followup emails and telephone calls fairly constant during the three months), but it is done now. Don't give up if you want to stay in your home!!

I am in the process of contacting HomEq to modify my loan. I would really appreciate your input as to what you said to them and how you got them to budge.

Thank you for joining the forum and welcome.....

There are so many people in this thread...could you please start your own thread under Tell Your Story and we will all chime in. The Main Page of Tell Your Story has a Clicky thing in the top left of the column and you can start your own thread so that we can get you the information that you need.