Dealing with HomEq and hoping for success!

[Dlrey]

Okay, well time for my story which obviously is going to sound very familiar, therefore I will try to limit the details and just provide a summary of the facts.

First off, my husband and I were both self-employed in the housing industry our business basically dwindled to nothing. I secured a job last year and my husband was just able to secure employment this month. Now we are in a stable financial position and can afford the payments, however we are now six months behind and in foreclosure.

Second, I have stayed in touch with Loss Mitigation on a regular basis and made many attempts to offer funds and a feasible repayment plan without success because they insist on a large lump sum down which I did not have at the time.

Third, I now have available funds to put down but I am so far behind that the amount is astronomical in proportion! I do not want to enter into a forebearance plan with them because I will have to commit to exhausting all of my funds and a payment that will put financial hardship upon us again and will inevitably land us right back in the same position all the while remaining in foreclosure until the forebearance plan is satisfied. All options I do not feel are feasible for us.

I contacted 995-HOPE and went through the steps of financial consulting and they have passed on my financial recommendation to HomEq and I submitted a hardship letter today requesting loan modification.

Finding this site has been a life saver for me because I would not have known what steps to take without the guidance found within these web pages. I am hoping that they will work something out with me so bringing my loan current again. I am totally prepared to give them some funds down if it will secure my future in the home. I would LOVE for them to switch me to a fixed rate lowering my rate so that I can be financially comfortable with making the payments. Even a rate freeze would be fantastic as my rate is now at 9.18%making the payment affordable for me right now. Obviously a lower rate and adding on the delinquent balance and the astronomical attorney and "corporate advance" fees into the balance of the loan would be a better option.

Any suggestions on what steps to take next would be greatly appreciated!!!! And lots of good luck wishes too!!!

Thank you!!!

[Moe Bedard]

Hi Dlrey,

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

What you need to do is put your hardship letter into the body of an email and email it to the email contacts below...........this is just another step you can do to insure movement on your modification..............

Hope this helps........
Please keep us posted........

HomeQ
Loss Mitigation
PH 1-877-867-7378
Fax 1-866-577-1227





Homeq works with Neighborworks America
www.nw.org

[Dlrey]

Already done!!! Thanks to the info I found in the other thread!! Like I said... this site has been wonderful for me!!!

Question... do I need to submit a QWR too?

[Moe Bedard]

It really isn't necessary right at this time...........

I mean the rate that you were given was because you were self employed......probably limited or no doc.......and maybe stated.......so not really predatory....being self employed we didn't qualify for very great loans....unfortunately that is all they offered self employed individuals at that time..........

If your response time slows up significantly then go to the QWR.........

[Dlrey]

Thank you so much ***! Actually, I wasnt self employed at the time the loan was originally written, however my husband was. We actually got a pretty decent rate at the time for our situation... I believe it originated somewhere in the 7% range. I am not really concerned that there were any fraudulent issues with the actual loan, however I am sure that the astronomical "fees" they are charging me is pretty bogus crap! Right now they have me with $2,257 in attorney fees and $2381 in "corporate advances"!!! When I asked what "corporate advances" were, the Loss Mitigator answered with... "fees we have paid in advance such as market analysis, etc"!! RIGHT!!!! am hoping that I can negotiate those down "if" they will do the loan mod for me. So, at this time I havent requested a breakdown, but I am considering requesting the details in writing. I think I will do that anyway.

[Moe Bedard]

Dlrey,

You can QWR the file to have them break the fees down for you to exactly what they are, and if you do this then they will have to comply....
if your taxes were delinquent this could also be in that figure.......

corporate advances fall into three categories...

1. atty fees and costs...
2. property, school or county taxes
3. late fees and costs and inspections.

typically taxes and insurance are placed along with an escrow under corporate advances.

Put together a QWR (Qualified Written Request)

In that letter demand your Life of Loan History, Copy of Note, Deed of Trust, Riders, all Assignments of the Deed of Trust, TIL, Right of Rescission (if refi), Lender Final HUD-1, Copy of Initial Loan Application and Final Lender Loan Application, all Disclosures and all Loan Documents in your file, Copy of Appraisal.
and in your case also demand a payment stream for all fees and payments and where they were applied to.

There is a blank copy of the request in the Homeowner's Tool Box to the Left of the Forum

Make sure you send it certified mail return receipt required to addresses below:

HomeQ
Account Research/Correspondence
CA 3345
P.O. Box 13716
Sacramento, CA
95853-3716


HomeQ
Customer Service-CA 3360
4837 Watt Avenue Suite 200
North Highlands, CA
95660

[Dlrey]

Just and update.... still no progress here. I have not received a response back from my "assigned account rep" and I have called every 24-48 hours and requested a return call from her... nothing yet. One person says they have the hardship letter on file and the next says no they dont! Par for the course! I just resent my request along with another copy of the letter to the CEO's and requested to be contacted ASAP!

So frustrating!

[Dlrey]

Okay, well after sending my fax to the CEO's with a header in bold indicating that is was the SECOND REQUEST, I was contacted the following day by an individual in the foreclosure department that said she was directed by her VP to contact me regarding my hardship letter and request for modification!!!! YIPPEE!!!! She updated my financial information and said she would get back with me on Monday after her VP reviewed my request. True to her word, she called me back on Monday and requested copies of paystubs, bank statements, escrow stuff, etc. I faxed them over to her that afternoon and I am waiting to hear back from them with their proposal. Apparantly, I do qualify for a modification and they needed to know how much I had available to send to them. I provided an amount that I was comfortable with and I am now just waiting with my fingers crossed!

[Moe Bedard]

Oh YAY........I hope you get good news too.....

Please keep us posted.........I will keep my fingers crossed....

[Dlrey]

Please feel free to offer advice.

I finally received a modification agreement from HomeQ today. However, it is not what they originally told me we would be looking at. The interest rate is much higher than they originally suggested, making my monthly payment unaffordable. I have 10 days to respond and to send my down payment, but my first pymt is due on the 1st of Sept. Do I have any grounds for negotiation here? I cant agree to the terms the offered, but I am afraid of losing the home.

[Moe Bedard]

So they didn't even freeze it at the 9.18%?
What are the terms they gave you exactly?

[Dlrey]

Originally Posted by *** Damiano

So they didn't even freeze it at the 9.18%?
What are the terms they gave you exactly?

They originally offered to freeze for 5 years at 8%, but they came back with 9.75% and it is just too stiff a monthly payment for me to agree to.

[cybex]

HomeQ, tried to get me to agree to a loan mod. that would have made my loan very unaffordable. After 4 months of getting the run around I finally spoke to someone who informed me that I was not going to get the help I need. I think HomeQ job is to string you along until your loan is sold. I was also told HomeQ is not going back to the investors for approvals instead they are only doing what ever the contract says (the contract between the mortgage service company and the bank). Good Luck.

[Dlrey]

Do you suggest requesting an adjustment to interest rate? I dont know if they will even negotiate any further or not. Has anyone had to do this?