Complaint Review: Homecomings Financial (A GMAC Company)

Homecomings Financial has abscounded with 5 mortgage payments during the 5 month delay for loan modicication request. Instead of applying the payments to keep account current, Homecomings has raised the principal balance owed by an extra $7000. After paying two years with no late payments, there has been no decrease in principal balance due to the 99% interest on the payments, and now the balance owed has been raised by over $7000 more. The loan modification papers they now want signed in prescence of a notary specify the company's right to raise the annual percentage rate every six monts. These people have perfected the scam of "homeowners" never being able to pay of or even pay down a mortgage! The fraudulent loan papers do not even have the right county in which I reside. The documents they want back immediately by return mail state that the property is located in Maricopa County, Arizona when actually it is located in Pinal County nearby. I only wish there was s9omething I could do about these outrages by the most predatory of all lenders.

Jim
Queen Creek, Arizona
U.S.A.