Homeq modification

[maybethistime00]

Good morning and thanks for all you are doing. I too am with Homeq and have been quoted a "pre-approval" for a loan modification. But I was also told that nothing would be finalized until and unless I sent in $8,100. After they received that, they would review and make a final offer. Honestly, I don't trust them. I was going to respond to them today and make a counter offer of less money down, but down would only be paid after I had an offer in writing from them. I saw e-mail addresses in the beginning of the discussion and wonder if that would be a better avenue for me. I can afford to stay in the house with the payment they offered, but I can't make that large a downpayment. Nor am I willing to send any money without a written offer from them. I have other friends who have been able to do a loan modification with no downpayment.
So I guess I am looking for suggestions on if I should go around the loss mitigation department and move up. As well as if there is a likelyhood of them reducing the downpayment request. Any help you can give would be greatly appreciated. And thank you again for what you are doing with this forum.

[Moe Bedard]

Hi maybethistime00,

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

The modifications given are up to the investors on the loan.......Homeq is just the servicer on your loan...........and the good faith payments would also depend on how many months in default you are..............this would be the reason why your friend's modification terms would differ from yours and other members that have Homeq. You would need to ask Homeq if the investor on your loan would allow less of a down payment and put additional months into the principle...............

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

[maybethistime00]

Hi and thanks for the reply. I discovered that my loan is with Barclays Bank which I understand owns Homeq. Do you have information about them?

[Moe Bedard]

If your investor is Barclays............you would still need to go through the servicer, Homeq, to ask the questions you have on the modification................the investors do not deal directly with customers........

[maybethistime00]

I understand. I sent a letter off to the loan mitigation department yesterday asking for a lower downpayment. I'll see how it goes. In terms of how many months late, I had been paying until June when my rate adjusted. I guess each company is different. Thanks again for your help.

[maybethistime00]

Hello again. Well I finally got through to someone who gave me contact information to the "consumer relations" department. I sent a letter off to them with some market information on my neighborhoon and asked them to send me the modification information in writing so I could make an intelligent decision. I know we shouldn't expect logic, but I'm trying.

[Merlin]

I"m with HomEq as well, They offered me a reduced rate of 5.25% for 5 years, then it goes back to 6.99%. They also want a $7,000 Down Payment. I need a fix rate for the rest of the loan but they won't budge.
I'm going thru an attorney (G Paiva) for my mod. The lawyers found violations on my loan docs. My mod package was sent to HomEq by the attorney and I'm just waiting for the results. Hopefully it gets resolved in my favor.

[maybethistime00]

I have finally gotten an "offer" in writing, but haven't sent them anything yet. They say that once they get the downpayment, they will send me the documents. They changed my offer from an original verbal offer of 5% fixed for five years to 4.5% for two, then an annual move up by one point for the next three. I haven't sent the money yet since I have another few weeks. We'll see.

[Merlin]

Good luck on your mod, hopefully it works on your favor.

[my2ty]

What happened did you take the mod?

[maybethistime00]

I am very happy to say that I was made a reasonable offer and I have been able to keep my home. My second was reduced to a very low fixed rate and the first was greatly reduced so I can afford the payment. Both numbers included my taxes and insurance. I do know that they have tacked on fees onto my mortgage, but I believe in 5 years, I will be in fine shape.
I live in an area where there was a great deal of new construction and so many of the homes have been foreclosed on. One more doesn't help.
Thanks for the guidance everyone!

[my2ty]

I currently have a sale date of 4/7/09 and homeq is telling me the same thing that they told you. 2800 down and when receive the money will send doc. They will reduce to 5% for five years and put past due onto the note. I just wanted to make sure they made good on yours. thanks for the reply

[maybethistime00]

Yes they did. I have a fully finalized modification on my second and I had to pay the first for three months and then the paperwork will come through. They have finally been very cooperative. I'll keep you in the loop if anything changes.