HomEq question

[paladinjoshua]

Has anyone had any success with getting a modification from HomEq that is not a bandaid? I mean, is there anyone who has received a 30-year modification from them?

I have a 5-year modification from HomEq, but the value of my property has dropped so much, in 5 years it will still not be worth what is owed. In fact, in my most optimistic assessment of property values, it will be at least 10 years before the value catches up with the debt.

[Moe Bedard]

I searched through the forum archives and could not find anyone. Sorry.

[3boys'mom]

I'm dealing with HomeQ. they're taking forever to tell me if the inspector that checks occupancy in my house reported back with a positive answer. The funny part is that I called last Thursday morning and at 4 pm same day he was knocking my door. So I've just started to apply for the HAMP program and we're in the deepest limbo.

[heidi79]

Hopefully soon, we will hear of SOMEONE getting a permanent modification for 30 years fixed with the HAMP program! When it happens, the website administrators should post it in HUGE letters, LOL, so that so many will have some type of hope.

[chiamonga]

We are trying to do a loan mod thru HomEQ as well. We are so confused and I am stressed out over what we should do. We bought our house in 07 for $480K, we owe $440K (due to -amortization) and it's worth about $320K. We were offered a 5 year loan mod where the loan was split in 2. The contract says we will be forgiven for the $15K that we owe and for the next 5 years and get a 1099. It also says we will be paying 5.25% on $289K, the $174K will be deferred "indefinitely" although the contract doesn't say indefinetly, this word was only used in my conversations with the HomEQ people. After the 5years the interest rate goes back up to the original terms 8.75% to 12.99% adjustable rate. We are concerned that there is a catch with the deferred amount. Has anyone had this offer? Do you pros out there have any advice? At times I feel like we are passing up a sweet deal and at other times I feel like we are being taken for a ride. We don't know whether to walk away or keep paying. If we keep paying will we eventually walk away if we can't afford the 12.99% if it ever gets there? Because of our financial situation we are filing for Chapter 7 bankruptcy but really want to keep our home. We live in California, if this makes any difference. Thanks and God bless everyone who is stressing over these situations.

[3boys'mom]

chimonga: a pretty twisted deal..huh? is it the HAMP program? don't worry so much..take the deal and worry in 5 yrs..God knows how things will be then...