Homecomings Financial, Inc. False Website Claims, Predatory Lending Practices Dallas Texas
I actually appear to have had better results with my efforts than many others posting to this site, though the outcome seems about the same.
As this entry is long because of the detail: You will find that Homecomings isolates anyone of responsibility from public availability. It makes claims on its website of willingness to work with people who are having problems making payments, but does not even provide proper contact for that on the website. They have severe problems managing mail and correspondence, have independable fax machines, and do not accept e-mail communication on specific matter regarding accounts.
You can't call them and get anyone of responsibility. You can't mail them and have any certainty the letter will be received, you can't fax them and be sure it will go through legibly, and you can't discuss anything through e-mail -- and they take no responsibility for any of this as the clock ticks on your next mortgage payment, while the more you get behind, the more difficult the process of even making a payment becomes.
In addition I have learned in my research that Homecomings purchased at least the Dallas office from Capstead Mortgage, which was run by cronies of Jack Abramoff. Homecomings acquisition of Capstead came on the heels of a shareholder lawsuit against it, which may also have quietly influenced the withdrawal of a U.S. Supreme Court nominee. I was not able to find out to what degree the Capstead staff and procedures remained intact with this transition.
The only way Homecomings stands up and takes notice at all is when someone contacts GMAC directly, and then the people from Homecomings you end up talking to do not deal genuinely with the consumers. That is what my experience shows, which follows.
My Experience:
Prior to having this mortgage I had not missed a rent payment in over four years, and our rent was high. I was thrilled to get a mortgage in the first place, as I needed one badly, and never thought I would get one. I had a small and a large mortgage with Homecomings, and no equity.
The first payment on each was never received, and I was not notified until much later, by then it was already late, and sending second checks for each meant tying up thousands, which I could not use to pay other bills, causing a domino effect. While one Homecomings representative told me "You can't put that on us," -- clarifying that Homecomings may never have received the mail -- the fact remains that their receipt of correspondence has been a continuing issue. In addition, when you get behind even a little, you can't make payments on-line! They actually make the payment process harder for you when you are behind in your payments!
The new home purchase required a move. This ended up meaning a job change, and it took me awhile to find full-time employment. It was still no major concern, except for bills that had gotten further behind because of the checks held aloft, as described above. That was in October. I worked two jobs to equal full-time hours most of January and February. In the meantime, we kept up the smaller of the two mortgages. WAMU bought it from Homecomings, and we have had no porblem keeping it paid.
Getting into March it turned out that some money I'd thought was for Homeowner's Association dues when we closed had only been for the Association, not for dues. It meant I was behind on those and hadn't noticed. By April I was fully employed in a good job, but it was clear that I would need some leeway catching up.
I tried contacting the phone numbers provided on the internet. The numbers assigned for contacting to make payments and the numbers for making special arrangements all went through the same phone tree. I only got people looking for me to make payments. After a couple of weeks it became clear this was getting nowhere. My wife filled out the form provided on-line, and we mailed it in (granted, it had some errors). I also included written permission for them to deal directly with my wife, as I work graveyard shift. The form said to allow five business days after they received it.
A week later I got a collection call. They knew nothing of the paperwork we had sent, which they didn't have to tell me since they had called me instead of my wife. By now we were into or approaching May. The person on the phone told me that they appreciated we were trying to work something out, but for now they needed a payment. I told them that was the idea of filing the paperwork. This paperwork has still to my knowledge not been received.
When again I could not reach anyone who could be helpful in making special payment arrangements, I looked up the phone number for the associated address in Dallas. The office is located in a significant conference center building there. There was no answer at that phone number, and no message machine, no matter how often I called or what time of day.
There appeared to be no way to contact anybody but bill collectors, none of whom had anything to do with making special payment arrangements. Certainly, those I did reach said that they had no access to the workout paperwork, so they couldn't say if mine had been received yet -- and how soon could I make my next payment?
Homecomings is a GMAC company, so I began working my way from the top down. I eventually found a GMAC office with some supervisory capacity over Homecomings (I'll call it Mr. P's Office). To this moment I have only received results after calling that office.
Soon after talking with Mr. P's office, I got a call from a Mr. G. Mr. G. was willing to help me work out a repayment plan. He also informed me that they were going to begin foreclosing on May 15, when I would begin being late on the third payment -- though I would like to note had I been able to reach this point, of setting up a repayment plan, when I first tried calling I would have been only one payment behind. I explained that making the payments is not a problem now, it is just catching up.
When it became clear that repayment would not work, he said he did not have the authority to make other arrangements. There was another department for that, "I assure you, Mr. Stone, a foreclosure would be a lose-lose situation." There's a loss mitigation department, and another called maybe loan modification, but I'm not sure. It was the latter in this case.
This other department, he assured me, was a new addition to the company, equipped "with more than 20 tools" to adjust loans. He needed certain information to get the ball rolling on that, and I could include authorization to talk to my wife as well (they had to deal with me directly until they got that, in writing -- and not over the internet, I learned). This was Thursday, May 3, 2007. I had spent most of the day on the phone trying to get ahold of someone, and about an hour talking with Mr. G. Friday I slept, my wife was not able to fax everything needed until later in the day.
Monday Mr. G called to let me know that the fax had not come through legibly. This was sent from a fax machine in the accounts payable office of a major corporation, which faxes things all over the world, everyday, with no problem. I find it strange that the one fax sent from it that had any problems was the one to the same company that had not received two payments and a stack of paperwork through the mail, and which set-up its phone tree so that whatever reason you call for you can only talk to bill collectors.
We faxed everything again. We did not hear back, and Mr. G did not return my calls. I could not get through to him. I tried calling the number for "urgent" matters provided on his voicemail. It was different than any numbers available online, but it also led me into a circular phone tree with only bill collectors on the line. The difference is that this had a scratchy connection, and all the bill collectors had thick spanish accents.
After going a couple rounds on that phone tree, I finally got one of them to understand that he could not help me, that workout papers were supposed to be in process already, and I needed to talk to someone in the appropriate department. He gave me an extension that only went to a disconnected number. I then contacted Mr. P's office, and they provided me with an e-mail for Mr. G. I e-mailed all the material, figuring at least that way I could verify that it was received legibly.
I still never heard from Mr. G. As the end of the week approached I contacted Mr. P's office again. In addition to asking to get ahold of someone, I made an escalated complaint through yet another office. On Friday, May 11 (I believe, possibly Thursday the 12th) Mr. G. got ahold of me again. At first he started trying to work out a repayment plan again, until I reminded him that a week before we determined that a repayment plan wouldn't work. He then looked at some other options, and said he would send this to the department to work out other options. I told him I would be able to make a full-payment on June 20 -- and explained that had I been able to get ahold of someone in April, it wouldn't be so far behind. He set up for the June 20 payment, and told me I could hear from the department to adjust the loan in the interim. I thought it was settled.
After not having been to the P.O. Box for a couple of days, yesterday, the 28th of May, we received notice that effective May 1st the loan was being sold to Aurora Loan Services with a March 1st due date for the next payment. This sounds like a set-up for foreclosure to me. The letter was dated May 17th, but was not mailed until May 23rd (postmark).
Let's summarize: Their website offers help making payments if you're having a hard time, but only offers phone numbers that feed through the same phone tree to bill collectors -- even separately provided numbers for urban problems. If you insist on talking with someone who can help, they provide you with a disconnected extension. You can't find contact info for anyone in the company, and nobody ever answers their officially listed office phone, which also has no voice mail. You can't be sure that a faxed communication will go through, and they won't accept e-mail, calling it insecure, though the people you can reach will talk to you on your cell phone all day. They hold the consumer responsible for any problems resulting from this.
They make it harder to make payments if you're behind, and tell you that they'll work with you on a payment plan while selling your loan to someone as you wait to hear from them. Then they let the letter sit on a desk for a week (unless it was backdated?) leaving the consumer with fewer than five business days notice that the deal is off, the loan is sold, and you are on your own now. Homecomings is not responsible for anything.
That is my experience, at any rate, and if it is not predatory lending and fraudulent servicing, I don't know what is. The kicker is that in eight months my property value has shot up 12.5 percent -- which is all equity -- and they still wouldn't work with me.
Peter John
Dillon, Colorado
U.S.A.
Click here to read other Rip Off Reports on Homecomings Financial
11 Updates & Rebuttals
Lesa
Tucumcari,New Mexico,
U.S.A.
Victims of Mortgage Servicing Fraud
#12Consumer Comment
Sat, April 26, 2008
So many have filed reports of abuse by mortgage companies and servicers. Go online and type in Mortgage Servicing Fraud. Read about the scams and fraud. If you are a victim go to www.loansafe.org and read some of the forums posted there. Advisors can guide you on loan modifications etc. and will promptly inform you if you need legal counsel to solve your problems. Be aware of your rights and read what others are doing to fight problems just like yours. Your morgtage company will probably be much more cooperative when they find out you have the intelligence to seek help from www.loansafe.org.
I Thank Ripoff Report for the exposure given to let others know about these corrupt companies. Loansafe helps give options on how to save homes from foreclosure and reassures the homeowner during the process.
So arm yourself with confidence and education and fight these crooks. You are not alone and you can win.
Noelp
SCOTTSDALE,Arizona,
U.S.A.
An Established Pattern of Abuse by Homecomings Financial
#12Consumer Suggestion
Sat, April 26, 2008
Over the past six months, my account has been systematically
forced into delinquency by the predatory servicing practices of
Homecomings Financial. These events are well documented and
plainly indicate a deliberate effort by Homecomings to expedite
the foreclosure of my home. CASE IN POINT:
My online account is routinely unavailable- usually on or around
my payment date- which prevents me from using their electronic
system. Billing information is inaccurate or out of date and any
attempt I make to bring my account current is counteracted by
such tactics as delaying or reversing payments, applying them
retroactively to cover those they've delayed or reversed and
refusing payments that would cure the default.
Also well documented are my repeated attempts to get assistance
through their fictitious Loss Mitigation process- a calculated series
of roadblocks erected to create a paper trail for the company while
keeping me from recourse by making it appear as if I'm unresponsive
to their contrived outreach efforts. CASE IN POINT:
They continually send letters requesting that I call to discuss my
options, schedule meetings or fax information but when I do, I'm
referred to someone who's on vacation, my call is dropped during
transfer, appointments are no longer available or my fax is never
received.
Their methods are transparent and though I find it unbelievable
that a company would victimize it's customers so ruthlessly, the
facts speak for themselves. There are hundreds of complaints on
the internet and in the courts from similarly situated individuals
who's experiences establish a pattern of abuse by Homecomings
that insures the company's profits at the expense of the borrower.
I have filed complaints with the FTC, the Attorney General, the BBB
and various other regulatory agencies and I urge anyone who has,
or suspects they have been victimized by this company to follow suit.
I don't know if we can save our homes but perhaps we can prevent
further harm by demanding that Homecomings take responsibility for
their devastating actions and address the situation appropriately.
Noelp
SCOTTSDALE,Arizona,
U.S.A.
An Established Pattern of Abuse by Homecomings Financial
#12Consumer Suggestion
Sat, April 26, 2008
Over the past six months, my account has been systematically
forced into delinquency by the predatory servicing practices of
Homecomings Financial. These events are well documented and
plainly indicate a deliberate effort by Homecomings to expedite
the foreclosure of my home. CASE IN POINT:
My online account is routinely unavailable- usually on or around
my payment date- which prevents me from using their electronic
system. Billing information is inaccurate or out of date and any
attempt I make to bring my account current is counteracted by
such tactics as delaying or reversing payments, applying them
retroactively to cover those they've delayed or reversed and
refusing payments that would cure the default.
Also well documented are my repeated attempts to get assistance
through their fictitious Loss Mitigation process- a calculated series
of roadblocks erected to create a paper trail for the company while
keeping me from recourse by making it appear as if I'm unresponsive
to their contrived outreach efforts. CASE IN POINT:
They continually send letters requesting that I call to discuss my
options, schedule meetings or fax information but when I do, I'm
referred to someone who's on vacation, my call is dropped during
transfer, appointments are no longer available or my fax is never
received.
Their methods are transparent and though I find it unbelievable
that a company would victimize it's customers so ruthlessly, the
facts speak for themselves. There are hundreds of complaints on
the internet and in the courts from similarly situated individuals
who's experiences establish a pattern of abuse by Homecomings
that insures the company's profits at the expense of the borrower.
I have filed complaints with the FTC, the Attorney General, the BBB
and various other regulatory agencies and I urge anyone who has,
or suspects they have been victimized by this company to follow suit.
I don't know if we can save our homes but perhaps we can prevent
further harm by demanding that Homecomings take responsibility for
their devastating actions and address the situation appropriately.
Noelp
SCOTTSDALE,Arizona,
U.S.A.
An Established Pattern of Abuse by Homecomings Financial
#12Consumer Suggestion
Sat, April 26, 2008
Over the past six months, my account has been systematically
forced into delinquency by the predatory servicing practices of
Homecomings Financial. These events are well documented and
plainly indicate a deliberate effort by Homecomings to expedite
the foreclosure of my home. CASE IN POINT:
My online account is routinely unavailable- usually on or around
my payment date- which prevents me from using their electronic
system. Billing information is inaccurate or out of date and any
attempt I make to bring my account current is counteracted by
such tactics as delaying or reversing payments, applying them
retroactively to cover those they've delayed or reversed and
refusing payments that would cure the default.
Also well documented are my repeated attempts to get assistance
through their fictitious Loss Mitigation process- a calculated series
of roadblocks erected to create a paper trail for the company while
keeping me from recourse by making it appear as if I'm unresponsive
to their contrived outreach efforts. CASE IN POINT:
They continually send letters requesting that I call to discuss my
options, schedule meetings or fax information but when I do, I'm
referred to someone who's on vacation, my call is dropped during
transfer, appointments are no longer available or my fax is never
received.
Their methods are transparent and though I find it unbelievable
that a company would victimize it's customers so ruthlessly, the
facts speak for themselves. There are hundreds of complaints on
the internet and in the courts from similarly situated individuals
who's experiences establish a pattern of abuse by Homecomings
that insures the company's profits at the expense of the borrower.
I have filed complaints with the FTC, the Attorney General, the BBB
and various other regulatory agencies and I urge anyone who has,
or suspects they have been victimized by this company to follow suit.
I don't know if we can save our homes but perhaps we can prevent
further harm by demanding that Homecomings take responsibility for
their devastating actions and address the situation appropriately.
Noelp
SCOTTSDALE,Arizona,
U.S.A.
An Established Pattern of Abuse by Homecomings Financial
#12Consumer Suggestion
Sat, April 26, 2008
Over the past six months, my account has been systematically
forced into delinquency by the predatory servicing practices of
Homecomings Financial. These events are well documented and
plainly indicate a deliberate effort by Homecomings to expedite
the foreclosure of my home. CASE IN POINT:
My online account is routinely unavailable- usually on or around
my payment date- which prevents me from using their electronic
system. Billing information is inaccurate or out of date and any
attempt I make to bring my account current is counteracted by
such tactics as delaying or reversing payments, applying them
retroactively to cover those they've delayed or reversed and
refusing payments that would cure the default.
Also well documented are my repeated attempts to get assistance
through their fictitious Loss Mitigation process- a calculated series
of roadblocks erected to create a paper trail for the company while
keeping me from recourse by making it appear as if I'm unresponsive
to their contrived outreach efforts. CASE IN POINT:
They continually send letters requesting that I call to discuss my
options, schedule meetings or fax information but when I do, I'm
referred to someone who's on vacation, my call is dropped during
transfer, appointments are no longer available or my fax is never
received.
Their methods are transparent and though I find it unbelievable
that a company would victimize it's customers so ruthlessly, the
facts speak for themselves. There are hundreds of complaints on
the internet and in the courts from similarly situated individuals
who's experiences establish a pattern of abuse by Homecomings
that insures the company's profits at the expense of the borrower.
I have filed complaints with the FTC, the Attorney General, the BBB
and various other regulatory agencies and I urge anyone who has,
or suspects they have been victimized by this company to follow suit.
I don't know if we can save our homes but perhaps we can prevent
further harm by demanding that Homecomings take responsibility for
their devastating actions and address the situation appropriately.
Peter John
Dillon,Colorado,
U.S.A.
From Original Poster -- Permanent Damage
#12Author of original report
Thu, February 28, 2008
My Homecomings issue is not dead. My mortgage is up to date with the new company without completing a re-write, or taking any extraordinary measures beyond working a lot of overtime when it became available. Once the write-up prep was in the works I just worked my butt off. By the time they sent me the paperwork, the loan was up to date. I had some issues getting the new company to accept that, but with some pushing they did, and I am satisfied.
My home value has now increased about 43 percent over the purchase price -- with no exaggeration. I now want to sell here, buy a larger home in a less expensive market with 25-30 percent down at a price $20,000 less than my current home originally cost, simultaneously reducing my monthly payments by more than half. Because of the Homecomings reports on my credit, when their policies lost me two months of payments before I even knew that my payments had not been received -- even with a down payment and a 50 percent cut in monthly payments from what I now pay, I may not qualify for a mortgage at all.
My payment problems were only a temporary problem for Homecomings, and their own policies made it bigger than it had to be. The damage they have done me is pretty d**n permanent.
I would like to add that since my initial issues I also filed a predatory lending practices and fraud complaint with the Colorado State Attorney General's Office, primarily on the basis of the apparently fraudulent website info -- which website, by the way, was changed right about that time. since I was no longer a loan holder with Homecomings I was unable to check to see if it had the same sort of problems as the old site.
The Attorney General's office dismissed my complaint after receiving a letter from Homecomings Attorney making similar affirmations to the rebuttal on this site. The letter basically alleged I was an irresponsible borrower and that I was just trying to cause trouble with a frivolous claim. It correctly stated that I was referred to a department for escalated complaints, conveniently neglecting to mention that this only happened after Homecomings sold the loan and after I had contacted GMAC's global media relations department. Nothing disputed the essence of my complaint, which was that mail was not received, phone lines only went to collectors, faxes came through only illegibly, and e-mails were rejected -- that they offered these ways of communication to help, but ignored or marginalized attempted contacts.
The Colorado Attorney General's office just took their word for it, and sent me a copy of their letter telling me they'd dismissed my complaint -- before I'd had an opportunity to respond. The only reason I didn't try to file a Ripoff Report on the AG was because I got such a good laugh when the sub-prime mortgage scandal broke and the government seemed so surprised (and they still blame it on consumers).
Thank you, Ed, for making this site so available! Anyone visiting this site wouldn't be surprised, and would know who is really to blame. This site has been screaming the problem out loud for years!
I have tried to figure why mortgage companies would try to drive consumers into foreclosure. I can only come up with one reason -- and I must emphasize that I do not state as fact that this is what happens, just trying to understand: Most of these companies are part of a parent company (Homecomings>GMAC; Aurora Loan Services>Lehman -- I do not suggest that in fact either of these follow the following possibility as a matter of policy, or indeed follow it at all. I'm merely considering the possibility that some companies do.)
These big financial institutions all have wholly owned and non-interfacing separately incorporated subsidiaries in all aspects of finance. One area of financial investment is investment in distressed properties -- Newsflash! A home under foreclosure is a distressed property. IF one company issues sub-prime loans, and another company invests in distressed properties, and both are owned by the same mega-corp parent company, the market could create general economic conditions that make it more profitable for the parent company to have an emphasis on distressed property investment, which behooves the parent company to encourage the sub-prime lender to push foreclosures.
When the potential profit margin in distressed proerty investment caps out it no longer behoves the parent company to support subprime loans that can be foreclosed on -- and I believe that is what really happened with the mortgage crisis. If our lawmakers don't see it that way, take a look at whose families they come from, what stocks they own, and what companies they've worked for.
Peter John
Dillon,Colorado,
U.S.A.
Response from Original Poster
#12Author of original report
Mon, June 18, 2007
The first thing I want to note is that at no time did anyone from Homecomings call me a liar or suggest I am stupid, as the respondent to my initial post has. They never once tried to blame me for any of the matters about which I complained. Apparently they do recognize that I am, in fact, a news editor and an award winning reporter.
Everything that I reported in my initial report is accurate, with no attempt to mitigate my own faults in the matter, as they are acknowledged in the post. I consider the rebuttal's suggestions as to possible other explanations for my problems such as "First time default" as libelous. He is correct that I lacked sufficient capital to copver several months expenses -- and when rent has reached upwards of $2,000 a month, savings can get tough, hence my desire to put equity in something. My home is already worth $20,000 more than when I bought it, so the investment is paying off already, but my budget is tight. Regardless of the fabricated aspersions on my character, my statements were true.
As I reported, I sent the payments for both my loans with Homecomings in the mail, neither were received, requiring additional funds to get tied up which made other bills fall behind. I consider the allegation that this was an intentional failure to pay libelous. Later correspondence also went unreceived, any attempts to contact through standard channels offered either found non-answered lines, disconnected lines, or bill collectors who only wanted to take payments. When they accepted that I was trying to work out paperwork I got transferred to disconnected numbers.
Nothing that the rebuttal states explains any of these communication problems.
I consider the implication that I did not properly plan new employment libelous. My new residence was no farther from my place of employment, distance-wise, than my prior residence. I had not anticipated any need to change employment. Circumstances not anticipated led to the need to change employment and I worked two part-time jobs for most of the time between.
The matters in my case are as I stated. My statements of fact are rebutted with conjecture. My experience as a customer was that every time I tried reaching someone through the contacts provided on the website I got the same phone tree to bill collectors, as with other numbers provided in correspondence, which were essentially the same. The white pages phone number for the Dallas office just rang and rang, and did not even have a message machine, with multiple calls made at different times of day. Despite the fact that this is a fact, nobody within the company has ever acknowledged that it is a problem.
I lost an entire month on this, and only got calls back from anyone who could help when I went from the top down through the office of Joe Penzibeam with GMAC. Even then faxes sent from a dependable machine used by an AP office of a major corporation did not go through. E-mail's were refused as insecure communication.
Despite the fact that this is a fact, nobody within the company has ever acknowledged that it is a problem.
I have learned some information since making my initial post. I contacted an even higher GMAC office in a professional capacity. I informed them of my experience, they hooked me up with a representative at Homecomings "Voice of the Customer." The professional matters related to it are pending and unimportant here. They will not matter until it is all resolved.
One thing I learned is that Mr. G., with whom I was preparing my workout paperwork would not have known about my loan being sold, as loans are sold in lots, not as individual loans.
Another thing I learned is that "Voice of the Customer" monitors the Better Business Bureau reports, and responds to comments there. They do not consider this a proper forum for response, so apparently they do not consider numerous posts here sufficient reason to act. However, if everyone who posts on this site also posts their compalint there, and enough of the same complaints come up
My "Voice" representative gathered information from Mr. G and prepared a package for the new loan company so that I wouldn't have to go over it all with them again, at least. She was quite helpful.
In addition, I had also e-mailed the new loan company even before I had any kind of account number. They also contacted me before "Voice" got the material to them. All of the stuff that Homecomings would not accept by e-mail, Aurora Loan Services had no problems accepting, including authorization to talk with my wife, as I sleep days. For me all of these attempts to contact the company, and going over matters with them, were equivalent to most people handling it at two or three in the morning, losing hours of sleep a week.
Homecomings would not accept authorization unless signed and in writing, which mail did not go through, which faxes did not go through, and which e-mails were rejected. My initial e-mail to ALS included my wife's phone number, and a request that they speak top her istead of me, and that was accepted. Had I been able to do so with homecomings in the first place, I might never have reached the point of feeling I needed to complain.
At this point my ONLY complaint about Homecomings is the difficulty getting a response for anything but paying a bill -- their general communication set-up. I also find it interesting that some of the companies the rebuttal lists as worse than Homecomings are still GMAC companies. I think on our end, people in general need to know more about how the mortgage industry operates. That is part of how I am handling this professionally.
In the future I am not going to wait a month to jump the chain of command so to speak if I have problems with any company I owe. I'm going straight to the top and work my way down the first time a phone tree takes me in circles, and that is my suggestion for everyone. Yahoo! Finance can tell you what companies own what companies. The SEC's EDGAR site can tell you important information about any publicly traded corporation -- that's where I found the Homecomings/Capstead connection.
AS far as Homecomings goes, or any GMAC company, GMAC is 51 percent owned by Cerberus -- note the spelling carefully -- which is revolutionizing the finance industry in 21st Century fashion -- I believe for the better. The biggest obstacle Cerberus seems to have found with sub-prime mortgages is delinquency, so the three-headed dog seeking to chase companies like GMAC away from the hell of bankruptcy, should take seriously if customer proceduresdrive distressed creditors further into delinquency, as was my experience.
Jody
Stockbridge,Michigan,
U.S.A.
I have Brokered loans to Homecomings for 10+ years and have great experiences with them
#12Consumer Suggestion
Sun, June 17, 2007
Out of the hundreds of banks I work with Brokering loans, Homecomings has always been one of my very favorites.
I deal with the Broker side, the dept that originates the loans, so I am working with a different Team than this poster is, but I can tell you that they are a very good upstanding company.
I used them because they provide BETTER customer service than Countrywide, New Century, Option One, and the rest of them.
I have called the consumer side of Homecomings on behalf of my clients, and I was always able to get through to, or at least be directed to, the right person I needed to speak with.
It sounds to me like this Borrower bought a house without having his new job lined up. He obviously had insufficient funds saved to be without income for several months.
What did he expect the bank to do to help him? They aren't going to say, that's okay, you can catch up with us when you have the money...!?
In fact, he sounds like a FIRST PAYMENT DEFAULT
This is where the Borrower does not make the first payment. This can make the loan unsellable on the secondary market.
The first payment is the most important of all.
I hear this time and time again, the old, THE BANK LOST MY PAYMENT EXCUSE.
Don't these people notice if the mortgage payment CLEARS the bank or not??!!
If it CLEARED, they can most certainly track it down in a matter of a couple of hours.
If it DID NOT CLEAR, than BIG DEAL that you had to reissue a check, It's not like you are PAYING again!
My advice is don't trash a banks reputation because you got into a loan you could not afford.
If you were honest with your Loan Officer in the 1st place, you probably wouldn't have even been APPROVED for this loan.
GMAC / Homecomings is a good company. I have used them for 10+ years, I have brokered loans to them, and they have also been MY mortgage company with NO PROBLEM what so ever.
Jody
Stockbridge,Michigan,
U.S.A.
I have Brokered loans to Homecomings for 10+ years and have great experiences with them
#12Consumer Suggestion
Sun, June 17, 2007
Out of the hundreds of banks I work with Brokering loans, Homecomings has always been one of my very favorites.
I deal with the Broker side, the dept that originates the loans, so I am working with a different Team than this poster is, but I can tell you that they are a very good upstanding company.
I used them because they provide BETTER customer service than Countrywide, New Century, Option One, and the rest of them.
I have called the consumer side of Homecomings on behalf of my clients, and I was always able to get through to, or at least be directed to, the right person I needed to speak with.
It sounds to me like this Borrower bought a house without having his new job lined up. He obviously had insufficient funds saved to be without income for several months.
What did he expect the bank to do to help him? They aren't going to say, that's okay, you can catch up with us when you have the money...!?
In fact, he sounds like a FIRST PAYMENT DEFAULT
This is where the Borrower does not make the first payment. This can make the loan unsellable on the secondary market.
The first payment is the most important of all.
I hear this time and time again, the old, THE BANK LOST MY PAYMENT EXCUSE.
Don't these people notice if the mortgage payment CLEARS the bank or not??!!
If it CLEARED, they can most certainly track it down in a matter of a couple of hours.
If it DID NOT CLEAR, than BIG DEAL that you had to reissue a check, It's not like you are PAYING again!
My advice is don't trash a banks reputation because you got into a loan you could not afford.
If you were honest with your Loan Officer in the 1st place, you probably wouldn't have even been APPROVED for this loan.
GMAC / Homecomings is a good company. I have used them for 10+ years, I have brokered loans to them, and they have also been MY mortgage company with NO PROBLEM what so ever.
Jody
Stockbridge,Michigan,
U.S.A.
I have Brokered loans to Homecomings for 10+ years and have great experiences with them
#12Consumer Suggestion
Sun, June 17, 2007
Out of the hundreds of banks I work with Brokering loans, Homecomings has always been one of my very favorites.
I deal with the Broker side, the dept that originates the loans, so I am working with a different Team than this poster is, but I can tell you that they are a very good upstanding company.
I used them because they provide BETTER customer service than Countrywide, New Century, Option One, and the rest of them.
I have called the consumer side of Homecomings on behalf of my clients, and I was always able to get through to, or at least be directed to, the right person I needed to speak with.
It sounds to me like this Borrower bought a house without having his new job lined up. He obviously had insufficient funds saved to be without income for several months.
What did he expect the bank to do to help him? They aren't going to say, that's okay, you can catch up with us when you have the money...!?
In fact, he sounds like a FIRST PAYMENT DEFAULT
This is where the Borrower does not make the first payment. This can make the loan unsellable on the secondary market.
The first payment is the most important of all.
I hear this time and time again, the old, THE BANK LOST MY PAYMENT EXCUSE.
Don't these people notice if the mortgage payment CLEARS the bank or not??!!
If it CLEARED, they can most certainly track it down in a matter of a couple of hours.
If it DID NOT CLEAR, than BIG DEAL that you had to reissue a check, It's not like you are PAYING again!
My advice is don't trash a banks reputation because you got into a loan you could not afford.
If you were honest with your Loan Officer in the 1st place, you probably wouldn't have even been APPROVED for this loan.
GMAC / Homecomings is a good company. I have used them for 10+ years, I have brokered loans to them, and they have also been MY mortgage company with NO PROBLEM what so ever.
Jody
Stockbridge,Michigan,
U.S.A.
I have Brokered loans to Homecomings for 10+ years and have great experiences with them
#12Consumer Suggestion
Sun, June 17, 2007
Out of the hundreds of banks I work with Brokering loans, Homecomings has always been one of my very favorites.
I deal with the Broker side, the dept that originates the loans, so I am working with a different Team than this poster is, but I can tell you that they are a very good upstanding company.
I used them because they provide BETTER customer service than Countrywide, New Century, Option One, and the rest of them.
I have called the consumer side of Homecomings on behalf of my clients, and I was always able to get through to, or at least be directed to, the right person I needed to speak with.
It sounds to me like this Borrower bought a house without having his new job lined up. He obviously had insufficient funds saved to be without income for several months.
What did he expect the bank to do to help him? They aren't going to say, that's okay, you can catch up with us when you have the money...!?
In fact, he sounds like a FIRST PAYMENT DEFAULT
This is where the Borrower does not make the first payment. This can make the loan unsellable on the secondary market.
The first payment is the most important of all.
I hear this time and time again, the old, THE BANK LOST MY PAYMENT EXCUSE.
Don't these people notice if the mortgage payment CLEARS the bank or not??!!
If it CLEARED, they can most certainly track it down in a matter of a couple of hours.
If it DID NOT CLEAR, than BIG DEAL that you had to reissue a check, It's not like you are PAYING again!
My advice is don't trash a banks reputation because you got into a loan you could not afford.
If you were honest with your Loan Officer in the 1st place, you probably wouldn't have even been APPROVED for this loan.
GMAC / Homecomings is a good company. I have used them for 10+ years, I have brokered loans to them, and they have also been MY mortgage company with NO PROBLEM what so ever.