Homecomings Financial (A GMAC Company) These scavengers want to start a new ARM every two years starting the interest at the top again, thereby assuring that the "homeowner" never has any equity in the property. After two years religiously paying, I have accrued $500 principal against $33,000 in taxes and interest. These predators won't return calls, offer a web address to communicate with them, and only threaten foreclosure. Queen Creek Arizona
In August, 2006, I obtained a 212K mortgage from Equifirst and paid 65K down in order to get affordable payments. After only two months, Equifirst sold my loan to a bunch of crooks and predatory lenders called Homecomings Financial (a GMAC company). These people are ruthless in that they install a new ARM every 2 years restarting the interest at the top making sure the "homeowner" never has any equity in the account. While Equifirst promised me a fixed rate after two years, these sharks jumped my APR to 8.3750% informing me that this rate will increase again after two more years. I am in desperate straits in that my house has been devalued from 212K to 113K after an appraisal last week, and I can not even reach the predatory company to discuss the matter. I tried to get a new fire policy at a lower rate to save money, but Homecomings added a new policy anyway and charged my account. I sent a copy of the new policy, but they never replied. They just kept the money. I see over 450 compaints on the ripoff website, so now I know that I am not the only one who is being taken to the cleaners. Is there nothing I can do to stop this outrage? These people are vicious scam artists and need to be stopped. James C. Ard
Jim
Queen Creek, Arizona
U.S.A.