| Junior Member
Join Date: Mar 2008
Posts: 3
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | HomeEq 2nd Mortgage Foreclosing
Glad to know I'm not alone after reading all the posts! We bought our house in New Hampshire in late 2005, taking out an 80/20 both through New Century. In April 2006 these were sold, the first morgage, $252,000 to Chase and the second, $63,000, to some group but serviced by HomeEq. My Significant Other (SO) lost his job in early part of 2007 and we managed to stay afloat on the loan payments while he worked lesser paying jobs, received unemployment, etc. until about September of 2007.
In November I contacted Chase and HomeEq both. Chase has been great. HomeEq has been a nightmare. Different story every time I call, rude employees, supervisors never available etc. In November I was told I could apply for a modification and was given all the information to send in, including the fax number. I called the next month, December, to check on the status and there was no record, so I faxed it all in again. Meanwhile, I'm not making any payments because I'm waiting to find out what the modification is going to be to see if I can afford it still. Looked into selling the house but told by realtor would only sell for about $275,000. We bought it for $315,000 with the 80/20 no money down, but did put a $8,000 roof on the house in early 2007. In January I call again to check on status of modification. Told by HomeEq "we don't do modifications, we don't know what you're talking about, we have no authority to do them". Finally got someone on the line who said "we had a program for awhile but we had to take it down and not sure when we'll roll it out again." I argued and argued and then was told a supervisor would call me back in 24 hours about a possible payment plan for the arrearage, based on what I had sent it for the modification. No call came, of course! What did come on 2/14 was a foreclosure sale notice from an attorney, with a sale date of 3/21. I couldn't figure it out because I didn't recognize any of the names on it, nothing said HomeEq. At first I thought it was Chase but when I talked to them they said it was not them, they were working on my modification, I didn't have an attorney file, etc. So, I call the attorney and he explains he is doing this on behalf of LandAmerica who apparently services foreclosures for HomeEq????
I call HomeEq. They don't know what I'm talking about, they don't see a sale date, but when am I going to pay off my arrearage. Go through the whole thing again. Told that my payment plan was denied on 1/18 because my SO was unemployed. I told them not true, in fact I had sent in his paystubs with the modification paperwork which is what was supposed to be being reviewed, so why they would think he was unemployed is beyond me. This Rep starts in on the whole "what modification, we don't do modifications, never have, you're confused" etc., etc. I said Ok, tell me this, what is the status of my mortgage. She replies, You're in foreclosure but no sale date. I ask again, why then do I have a letter from an attorney with a sale date? She's clueless on this. I ask what is the total amount I need to pay to get my mortgage out of foreclosure. She said had to "order the fees" that have been incurred and this sometimes takes 3 hours, sometimes 24 hours. I ask what do I just owe in payments? They can't tell me!!!! What?!?!
I call back 20 hours later, and they still don't have the fees yet so can't tell me an amount. I ask again about the foreclosure date and the rep has no clue and asks me to fax her the letter. I wait a few hours and call back and get a bozo so immediately ask to be transferred to someone else. I get a decent human being, Wanda!!! She easily sees in the "attorney notes" that there's a sale date, so the letter is valid. She also is able to calculate the total amount I owe to stop the foreclosure - $3,600 in payments and $3,400 in fees/interest/etc. I tell her I don't have $7,000. I tell her about the whole modification story and she says that HomeEq had anticipated being able to do modifications so were telling people to send in their information for a modification, but then the modification program was never implemented! She asks why I didn't get into a repayment plan and I tell her apparently someone decided my SO was unemployed and denied it, but nobody ever informed me of this, all I got was the foreclosure sale notice. She quickly calculates if I can pay $2,500 by 3/14 then I would have to pay $1,600/month for April, May June and July. That's $1,000 more a month than my regular payment!! I tell her I don't have anywhere close to an extra $1,000/month for any month, let alone four in a row. She says that's the maximum they could spread them out, four months.
I called a bankruptcy attorney in town and will meet with him Friday, 3/14. One thing I've read online is that if my home is no longer worth what my second mortgage is covering, than in a Chapter 13 filing, the judge can strip it from being a secured loan to an unsecured loan and basically it's treated like any other unsecured debt in a Chapter 13. I called our real estate agent to ask her what she thinks it's worth now but haven't heard back. I imagine it's down another $10,000. That leaves about $13,000 secured on my $63,000 HomeEq second mortgage. I'm hoping the attorney will tell me that the second mortgage can be modifiable in a Chapter 13, or that this strip down thing is possible and I can even walk away from it. I know the first mortgage can't and that's ok because Chase has done that for me. The paralegal who took some information when scheduling my appt. with the attorney said she can't beleive the second is foreclosing when the first isn't foreclosing, and that the value of the house is barely covering any of the second. She said why aren't they willing to do a modification? I told her that was one longgggg story!
I also called the NH Banking Commission today to inform them of the misinformation and mistakes done by HomeEq. I consider myself reasonably intelligent and I am lost and confused on everything going on with HomeEq. I'm not even clear on who holds that mortgage and if I could have all along worked directly with that entity on a modification since HomeEq was saying they are just a servicer and have "no authority" to do modifications.
So there's my HomeEq Horror Story. I'll keep you posted. Thanks for letting me vent! It's late here on the East Coast so I need to get some sleep to have energy to fight the fight with HomeEq another day!!
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