HOMEQ Modification SUCCESS!!

heidi79 · 01-29-2009, 10:06 PM

I'm helping my father to apply for a loan modification with Homeq. I've given them the financial info they asked for over the phone, now they are asking me how how much money has available for a "down payment" He is 3 months behind on his payments.

Are these down payments mandatory with Homeq? They are asking how much he has without giving me an idea of what they are requiring. If they are asking I'm assuming the financial information I have them as OK.

He has a 9.25% and it's set to adjust again. Anybody have any input on this? Has anyone been able to submit a loan mod application with Homeq without any "down payment"

Moe Bedard · 01-29-2009, 10:40 PM

Hi Heidi,

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

In some cases a modification will need what is called a Good Faith Payment which is usually equal to one or two months of the new modified payment. It is usually due with the modification itself...........so if they are asking for something up front, you may not be dealing with the right dept. What you would need to do is to email your dad's hardship letter to each of these emails and follow up with a call to Keith........this will help you get to the correct dept. and what you would need to ask them to do is to capitalize your dad's arrearage back into the principal to bring the loan current.

If this is the only property that your dad owns and is owner occupied, another avenue that you may want to pursue for help is with NACA...........they would be able to put together a low fixed rate loan modification based on your dad's financials, which tends to be a more permanent modification.............then going through the servicer.
here is the link for that...........
https://www.naca.com/refinance/refinanceTenStep.jsp

Keep us posted on how it goes.............

heidi79 · 01-29-2009, 11:03 PM

***, do you really think these higher-ups even pay attention to these emails? Seems to me these people are inundated with other issues!

Anyway, I will definitely do as you say and keep you updated, he hasn't finished his letter yet and we're getting all the papers together to fax out. He has another house, but this one is the one he lives in.

Moe Bedard · 01-29-2009, 11:15 PM

We have helped over 250 members on this forum to get to success.........so we must doing something right.......

heidi79 · 01-29-2009, 11:36 PM

Wow! Thanks so much, I'll let you know as soon as I have some news.

my2ty · 01-30-2009, 10:39 AM

I am in the very same boat. I have talked to loss mit. several times and they always want to put me in a payment plan, and not a loan mod. Our original payment was 700 and the adjustment was 1065. They payment plan is 2200 a month. We only make 3800 a month and paying 2200 a month is not working. I asked for loan mod again this week and they told me to send in financial and pay stubs they would get back to me.

heidi79 · 01-30-2009, 11:23 AM

MY2TY, I'm at the point where they are going to consider me for the mod. You shouldn't take anyting less, what kinda payment plan is that? Almost 3 times what you used to pay! These people are ridiculous.

Be strong and persevere with them. Be careful with the financials, be sure to show some extra money left at the end of the month and work off of the monthly mortgage payment that they have you at now. Keep on top of them!

ChuckleDoodle · 01-30-2009, 03:34 PM

Heidi,

When I did my loan mod, they didn't ask for any down payments. I just had to fax them a boat load of info- tax returns, pay stubs, etc. I think they were matching what I sent them against what we had talked about on the phone.

As for the emails and phone numbers- yes- use them. I wasn't getting ANY help from the regular "800" number people. It was only when I sent my hardship letter to the CEO and other people (that *** had recommended) when I got any sort of positive response.

It took a few weeks, but they finally came through for us. Which incidentally surprised the heck out of me.

ChuckleDoodle

heidi79 · 01-30-2009, 03:48 PM

It sounds like they plug in numbers as you give them as far as the expenses and the computer automatically tells them what they can offer you. I'm sure then they have to have the supporting paperwork for the verbal info.

The difference could also be that the investor is different on your loan than mine and that's why they didn't require a down payment. I'm pretty sure these reps are told to get as most money as possible from people.

I'm sorry, again were you past due or on time with your payments?

ChuckleDoodle · 01-31-2009, 07:35 AM

Oh... Sorry about that. We were not late. Although- about 2-3 months before our loan mod request- our car broke down and we didn't have the money to fix both the car and make our mortgage payment. When we called to request a one month "deferral", they siad they couldn't do that. But -- they could take the one month split it into 6 mini payments and tack it on to our next 6 months of payments. They also did not charge us a late fee for the missed month.

It was wierd- every month we had the late fee showing on our statement but it also showed it being removed.

So when we called about the loan mod, we were 3 months into paying an extended payment- trying to catch up. Then we got hit with the rate increase which would have made our payments increase another $600-700 on top of the regular payment + the "mini" add on. That's what put us over the top.

So I guess the answer is both yes and no. Not so much they were harping us everyday for payment- like the tend to do when you are even 2 days past your payment day; but behind a little- with their approval.

Hope this helps.

ChuckleD

heidi79 · 03-03-2009, 10:52 PM

A great update today on my Dad's loan. I called in to follow up on how the application was going and they gave me some awesome news . . . . I'm not going to tell my dad anything until we have it in writing. But Loss Mitigation told me he had been approved for:
A 5 year plan with interest at 4% for the first 2 years and 5% for the remaining 3 years, so his payment will end up at around $15oo per month, before it was $2,000 plus per month.

I faxed in his hardship letter to the fax *** gave me and I guess that's what got things done quicker! I'm super happy for him but again.... not going to really say anything until I have those papers in my hand. I've had a tough time with Homeq and I just don't trust anymore. They did ask for a 4K down payment.

Moe Bedard · 03-03-2009, 11:04 PM

That is great news Heidi!
Congratulations!

heidi79 · 03-03-2009, 11:23 PM

Thank you so much ***, for your suggestions! I'm pretty sure that it's true, I just really need to see the paperwork. As soon as I recieve it, I'll come back and let you know.

workingmom43 · 03-09-2009, 01:11 PM

Hi Heidi,

I was offered the same deal from Homeq. They want a good faith payment I think to show you're responsible, especially if you haven't made payments. I'm currently behind 5 months, so they asked for 2 months and then the other payments will be added to the end of the loan. They know we should have money, especially if we're still working and haven't paid a house note in almost 6 months. I'm waiting to get my paperwork back. I'm sending the money this week. I'm just praying the offer will be what they quoted on the phone. I don't want any tricks played on me after waiting this long.

heidi79 · 03-10-2009, 07:46 AM

workingmom, I feel good about what they told us over the phone. The lady told me should would fax me a letter detailing the terms, that was 3 days ago and I don't have anything as of today. I called Friday and she said she'd fax it shortly, still nothing. I'm going to call back in a second to ask for it again.

Now, this offer is only verbal for now and she says it's preliminary, nothing goes through until after they've received it signed back will the funds and all paperwork, then it will be a final approval. I'll come back with any updates, I hope yours goes great!

workingmom43 · 03-10-2009, 08:43 AM

It would be great if the final offer turns out to be better than the one quoted. Since this new stimulus plan is effective, I'm keeping my fingers crossed that these incentives will make a difference. I've heard of people getting rates as low as 1% for P&I. I'll post further info when I see it with my own eyes.

heidi79 · 03-10-2009, 09:29 AM

I just got a fax with the letter, it just asks for the down payment money by a certain date. There are no written terms on it. I spoke with loss mitigation and say the offer is only verbal and prequalified. They say as long as there are no problems with financials when they are sent in, there should be no problem.

There are no guarantees, so now we're going to send in the money and hope for the best!

I've got a friend who was offered a 1.75% for five years, I haven't seen it either so can't say for sure. I'll advise if everything goes well.

Dan Bailey · 03-10-2009, 09:31 AM

I hope this works out for you heidi...fingers crossed!!

heidi79 · 03-10-2009, 09:49 AM

Thank you Dan, I'll keep everyone updated on how it goes, have a good day!

workingmom43 · 03-10-2009, 10:16 AM

I fax'd back that letter on Monday (3-9) and I asked how long it will take to get the final documents, and the girl said since they are inundated with requests it may be a couple more months. So hopefully by June this will be final. Just make sure you FAX back anything they ask for within 10 days like the letter says or they'll cancel your agreement.

heidi79 · 04-24-2009, 06:03 PM

Just an update: We were supossed to send in the $4K down payment by 3/31, he didn't have it all together on time so I called in and they faxed me a new letter asking for the money on or before 4/30.

We sent it in to Cash Control at Homeq a couple of days ago, now we have to fax the docs they asked for and hopefully soon they will look at those get a final approval done.

My fear is that they get the docs and the down payment and not approve anything. All in all, I know they want to resolve this and begin to recieve their payments on time. I'll update as soon as we have something new.

workingmom43 · 04-24-2009, 06:27 PM

I had the same worry, but once I wired the money a few days later I got the final documents sent overnight mail to sign stating what my new payment was and when it was due. My new payment begins in May. These lenders are finally working things out....it just took longer than it should have. I feel sorry for people who paid for services and haven't had anything done and can't get their money back.

heidi79 · 04-24-2009, 07:06 PM

That's good to hear, hopefully it won't be much longer. As soon as I have everything done I'll update.

I've been hearing a lot of people paying different companies and getting no results. Advise these people to get a copy of the agreements they signed and go to a reputable attorney. The attorney can contact the loan mod company and demand the money back!

coke123 · 05-11-2009, 10:53 AM

I am battling with HomeQ also ... where did you send that hardship letter to?
i am getting doors shut in my face at HomeQ i dont like them too much right now

thank you

heidi79 · 05-11-2009, 01:02 PM

The emails that *** gave us are:
keith.becher@homeq.com and art.lyon@homeq.com after sending email with hardship letter there I received a call back.

So just an update, the "qualifying payment" was sent in and the paperwork they wanted also, they say someone will be in contact with me within the next two weeks, we'll see.