SUCCESS!!! - With HOMEQ!!!

[minnfred]

Wow. I guess I should have known that HomeQ is difficult to deal with for many people. I have had my problems too.

My story?

$280,000 mortgage at 8.9% This was a refi. Adjusts now to 10.9%. Fell behind last year when my wife's sister fell ill and her three kids moved in with us. We now have 8 kids. Their mother died in July of 2007. Anyway, we fell a couple months behind. Kept working out plans, but they always were a band-aid. Too much to afford, but kept the foreclosure process off for a while. They would only let us pay off the past due and other fees over 6 months.

Then one day, voila! They could do it for 14 months. We agreed and have made 5 consecutive payments. We get a letter today saying that the April payment will increase by $600. The original mortgage was $2400. With the payment arrangement, it is currently $3600. We can barely make that. But on April 1, it will reset and move to $4200. I cannot afford that. Really. My wife and I are resolved that we are going to lose our home.

What can I do to try to start a loan modification? We cannot absorb the reset. In reality, in nine months we could eat it. However it will reset in 6 months to the max of 12.9%. That should add yet another $600 or so.

Help me. Please. How do I do this so that they will modify the loan.

Thanks!

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

As this is demonstrated hardship, you need to call HomeQ and immediately start on the loan modification process. Get to the Loss Mit department or Home Retention department whatever they call it there and get the packgage sent out. Gather up the documentation for the hardship and write a hardship letter, put together the financial statement and get all of your ducks in a row. Please at the same time call 995 HOPE or ACORN and they will intervene for assistance. HOPE is 888.995.HOPE, occassionally one of the counselors does not work out for some people, so for sure ask for another one if this happens to you. ACORN is also extremely good in these situations http://www.acorn.org, these are non-profit agencies that will assist you in this endeavor.

Meanwhile stay on top of this and be proactive and focused in your goal....this is a second job, stay on top of the Agencies assisting you and the Lender/Servicer daily...do not fall through the cracks.

[Moe Bedard]

Minnfred,
I don't know what number you are calling for Homeq, but that sounds like the collection dept. and they will say anything to get you to pay the payments you are behind.....
Here is the Loss Mitigation number to try:

Homeq Loss Mitigation

1-866-822-1471
6:00 am - 2:30 pacific time

[minnfred]

That is the number I called. I am really shocked that they say what they do. I honestly feel like they do not care if I lose my home and the investor behind it loses his investment.

[Moe Bedard]

Have you tried what Poppy suggested in a previous post to get either HOPE or Acorn involved in helping you?

Here is the other number I have although everyone that is dealing with Homeq has used the one you are using.....

HomEq’s Loss Mitigation department at (800) 414-0969,
business hours of 7:30am to 4:00pm, PT, Monday through Friday.
We will assign your case to a Workout Specialist who will work with you to find an acceptable alternative.
__________________

[minnfred]

Re: HomeQ and Loss Mit Dept
Thanks. I called HomeQ today to try and work out something. However, the lady was really rude. Over and over again she said it was not her problem and that I need to make the payment.

I asked about extending our payment plan to keep the costs down. Can't do that.
I asked about a loan modification. Was told that if I had not received a letter that I am eligible for one, that I am not eligible for one.
I asked about other options. None.

I was told that my only option is to break the plan I am on now and see if a new one could be worked out. Nice.

She was rude. I assured her that I did not and could not make the payment in April. She told me to get the money. And if I broke the plan, I would be subject to more foreclosure fees.

What am I to do? Really? Chapter 13? I even called the CEO begging him for help.
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[Moe Bedard]

that post was already answered here.........

I gave you an additional number above to try.......
and we do have a couple of Homeq successes in the success forum, there might be some valuable information on what you can do too.

Please at the same time call 995 HOPE or ACORN and they will intervene for assistance. HOPE is 888.995.HOPE, occassionally one of the counselors does not work out for some people, so for sure ask for another one if this happens to you. ACORN is also extremely good in these situations http://www.acorn.org, these are non-profit agencies that will assist you in this endeavor.

Minnfred....you are talking with collections, not loss mit or home retention departments, so call in and ask for the loss mit number to the general number for HomeQ, do not take no for an answer, be nice, but firm and assertive. This is not the department that you want to speak to when they get rude and dismissive, that is generally the collections department. For that matter get someone rude, just tell them that the dog is in the trash and hang up and call back in again. Works for me.....

[minnfred]

I actually got a hold of Mr. Becher. The CEO of Homeq. He took some info and is running somethings and will call me tomorrow.

Reality is, another payment plan will only stave off the inevitable. In 6 months, it will reset one more time to the max. Then will be truly unaffordable. I can only hope to freeze the interest rate.

Honestly, I am not expecting good things.

Stay on the path and track of modification, ask about the possibility of repayment to modification program...or just plain modification.

Do not give up with the refrain of Modification...the squeaky wheel gets the grease.

[minnfred]

Mr. Becher called Friday afternoon. He needs more time and will call me on Monday. He mentioned extending our payment plan at the adjusted rate or modification. I am going to press for the modification. Our mortgage calls for another rated adjustment in 6 months to the max of 12.9%. if this happens, we are in the same boat. Calling for another payment plan etc..... What sucks is that my wife and I were really happy with the current plan. 8 more months and we could easily afford the home and have some money left over. But I guess they do not care.

Hope it works out. But at least he is helping us. The other people just say they do not care.

Keep pressing for modification being that I am a smart @ss I would tell him that it is the moral thing to do. However, that probably would not go far to further your needs. Bring in down the human level, that would be my suggestion, we all have families, we all have loved ones and we all need a place to live...somehow or another we need to connect that way to bring it down the a common level.

Somehow or another I do believe that we still all connect on that basis, or at least I would like to still believe it.

[minnfred]

Well. Heard back. Working on a hardship loan modification. They realize that extending the payment plan to incorporate the higher interest rate would extend it from 8 more months to 36 months. When it would reset again in 6 months, it would extend it further and further, etc.....

They suggested a loan mod. Sending papers tomorrow.

I hope it works!

Any helpful hints?

Yes get the modification papers in now....fast....before they change their pea sized little brains. You need to have between 200.00 and 250.00 surplus left over after all expenses...yeah right, I know...

We are not real familiar with HomeQ but there are some success stories in the Success area, check them out for hints, there are littered in the stories, particularly regarding the budget and expenses/income issues. Do not stop calling and do not let down your guard. Make sure that if they make agreements like this that you fax the agreement as you understand it to them to confirm the agreement, make sure that your name, loan #, property address and last 4 of primary borrower SS# are on every page you fax. Document all calls, name phone number, try to get extensions....direct fax lines....

Call daily and you really should also do the QWR that we talk about, it does have some real good effects at making them more tolerable to deal with and far more cooperative.

QWR -- there are examples of the letter in the Tool Box. 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. Send this three times certified return receipt required and also send it to the Broker, Title Company and all others in the Chain of the Transaction.

This thread has a really good example:

My Countrywide escapade and Hi!

[minnfred]

Well, update time.

Sent in the required papers. Hardship letter. Pay stubs. Declaration page from homeowners. Tax return.

Yesterday, heard from HomeQ. They have completed the work on their end and have sent them off to Wells Fargo for approval. Should I be a tad bit more optimistic at this point? They said we should hear in a week or two.

What is the success rate when it gets to this stage? The guy at HomeQ was positive in his response that he felt it would be fine.

Thoughts?

[Moe Bedard]

minnfred,


Every investor is different...........however, the loss mitigation personel know what the investor is looking for so that is how they package the modification and work the figures for presentation to the investor. It sounds like it is moving along, and that is a good sign.........

Keep us updated.....

[tajelina]

Minnfred... I'm watching your story closely, as we are in the same boat but a step or two behind you.

HOPE sent Homeq a proposal pkg for loan modification a few days ago. HOPE tells us the "process" should take 7-14 days. This site tells us NOT (regarding the time frame, I mean)!

I see your posts started in February (I think)... so it's taken 2 months for Homeq to get you to this point?!

Wish this forum had a spot for PM's, I'd love to talk more with you.

Good Luck and God Bless!

[minnfred]

MODIFICATION COMPLETE!!!!!!!

Got the papers today. You will not believe what happened! They not only gave us a 5 year fixed rate, THEY LOWERED the INTEREST RATE!!!!!

Went from 8.9% to 5%!!!!!

They did tack on all past due to the loan (fees, etc....), but at this point, my workout payment was $3,600, then reset to $4,200. Our new payment is ..........



$2000!!!!!!!!!!

Can you believe it????????

[minnfred]

Wow. Our loan mod was approved today. 5% fixed for 5 years!

Our payment was as follows:

$3,600 under a repayment plan through Feb. 09.
Reset this month to $4,200 through Feb. 09.
Would have reset again in 6 months.

New payment due May 1???? - $2001.15

Can you believe it? Honestly, for all the hassle of working on payment plans with Homeq, this mod was painless. Called Keith Becher (need to call him again!), worked with another guy there. Sent papers. Sent more papers. In about a total of 6 weeks, had the approval! Did have to make one $4,200 payment though...

Perseverance guys and girls. Stick with it!

[RudyJay]

Good for you.. Congratulations

[elpjohnson]

Awesome!!!! Congratulations to you!!!

[MLG619]

WOW! That is awesome! Gives me hope that I will be able to do the same thing. I can't get loan mod b/c of back taxes owed, trying to get that taken care of. Maybe I should email the CEO and explain my situation? Could you help me with any of the contact info. Mine resets in May by an extra $400 and then again in November. You got an great deal!!!

[mar639]

Congratulations!!! You got a great rate!

[colahhh08]

Congrats!! That is a great rate, way to keep at them.

[Moe Bedard]

Congratulations, another one for the history books. Thanks for sharing your story and paying it forward.