Homecomings Financial Predatory Lending Practices Minneapolis Minnesota
In early 2002 we took out a mortgage on a property through a lender. The original lender was great! Unfortunately, towards the end of 2002 the loan was sold to Homecomings Financial. Initially, they were merely unresponsive. We would question payment application dates, escrow allocations, and other oertinent information. However, they either failed to respond or if they did it was simply to say they were unsure what we were asking.
In early 2003 I was laid off from an employer of 10+ years with little or no severance package other than benefits (insurance etc...) and took a lesser job to try and mitigate the damage and meet at least a portion of our obligations. It was at this point Homecomings diaplayed its true nature. We had fallen just over 30 days past due and we had stayed in touch to make payment arrangments. However, they continued to call frequently and while there were contacts noted there were - conveniently - no payment arrangments noted. At one point I was even told that arrangements meant nothing - they could change the rules whenever they wanted "it was their game' to quote the lady I spoke to.
At this point they began to return payments 3-4 weeks after they were sent and continued to escalate the situation. Bear in mind they were carrying a mortgage of $185,000.00 on a house worth $275,000.00 - I have found from others on the web that this is frequently the case. They are more interested in turning the proerty for an immediate profit than in carrying the mortgage. Fianlly after a number of months of this game they sent the mortgage for foreclosure. We called to ask what we needed to do to get out of this situation and were told we needed to pay nearly $10,000.00 ($3,500 were fees) or begin packing to move. He also stated they knew we did not have that much so we should just sign the papers and get it over with.
After tapping both of our 401K's for hardship loans we paid the amoutn and started - what we thought was fresh. However, they began the cycle all over again and began assessing phantom charges and then applying payments to those to put us past due.
Thankfully, I was finally able to obtain another position similiar to what I was laid off from and our finances were immediately put in order. We refinanced through Ameriquest (AWESOME PEOPLE) the total antithesis of Homecomings. Although Homecomings changed their payoff three times in 5 days increasing it by over $10,000.00! We are still waiting for refunds from Homecomings for escrow monies paid but based on their track record I am not holding my breath.
We have contacted a lawyer specializing in Class-Action Litigation against large company's and we are moving forward in the process. Anyone interested in joining please provide the following: Name, Address, Contact Number, E-Mail, Brief Synopsis of your situation for the attorney to review. They would be the ones contacting you. You can reply to this message and I will contact you to e-mail the information and I will send a confirmation of receipt.
Mark
Springfield, Nebraska
U.S.A.
7 Updates & Rebuttals
LeeAnn
Akron,Ohio,
U.S.A.
Ameriquest is not your answer
#8Consumer Suggestion
Thu, January 13, 2005
In your letter you said you had finally gotten free of Homecomings by refinancing with Ameriquest. Well I hate to tell you this but that is what got us into the same trouble. We had a loan through Countrywide and refinanced with Ameriquest. All payments through Countrywide and Firstar(Ameriquest is a broker) showed perfect until after 6 months they transferred our loan to Homecomings. I have read every story here and they have done everything listed and more. We have been dealing with them since April of 2003. We are going another round with them now. I am contacting the NCRC consumer rescue program. Originally when we refinanced Ameriquest inflated our appraisal by at least $15,000 which is illegal. So hopefully we can finally find some help.
Nick
Port Orange,Florida,
U.S.A.
Homecomings disaster nightmare
#8Consumer Comment
Wed, January 12, 2005
I agree that Homecomings has a hidden agenda. My loan was sold to Homecomings after I made only 1 payment. For almost 2 years I had a great payment history. Then came the hurricane season of 2004 in central florida. After 3 disasters Homecomings did everything to be as incooperative as possible. They apprehended my insurance settlement for almost 4 months than they hit me with fees that were more than my deliquency. They would bounce me around from person to person and have not sent any correspondence even when I demanded it. All the departments have different amounts due and i have even been hung up on. I am still going through a nightmare situation with them they currently are holding up my disaster assistance cause they haven't corresponded with me. We suffered 3 back to back hurricanes and they still tries to foreclose on me knowing that we had insurance and federal aid processing. I have complained to the Fl dept of banking and i will complain to any media as well. Count me in on a class action suit. All I want is to get away from this company but they have damaged my credit so bad no body will refinance me. Any advise would help Thanks,
Nick
Port Orange,Florida,
U.S.A.
Homecomings disaster nightmare
#8Consumer Comment
Wed, January 12, 2005
I agree that Homecomings has a hidden agenda. My loan was sold to Homecomings after I made only 1 payment. For almost 2 years I had a great payment history. Then came the hurricane season of 2004 in central florida. After 3 disasters Homecomings did everything to be as incooperative as possible. They apprehended my insurance settlement for almost 4 months than they hit me with fees that were more than my deliquency. They would bounce me around from person to person and have not sent any correspondence even when I demanded it. All the departments have different amounts due and i have even been hung up on. I am still going through a nightmare situation with them they currently are holding up my disaster assistance cause they haven't corresponded with me. We suffered 3 back to back hurricanes and they still tries to foreclose on me knowing that we had insurance and federal aid processing. I have complained to the Fl dept of banking and i will complain to any media as well. Count me in on a class action suit. All I want is to get away from this company but they have damaged my credit so bad no body will refinance me. Any advise would help Thanks,
Nick
Port Orange,Florida,
U.S.A.
Homecomings disaster nightmare
#8Consumer Comment
Wed, January 12, 2005
I agree that Homecomings has a hidden agenda. My loan was sold to Homecomings after I made only 1 payment. For almost 2 years I had a great payment history. Then came the hurricane season of 2004 in central florida. After 3 disasters Homecomings did everything to be as incooperative as possible. They apprehended my insurance settlement for almost 4 months than they hit me with fees that were more than my deliquency. They would bounce me around from person to person and have not sent any correspondence even when I demanded it. All the departments have different amounts due and i have even been hung up on. I am still going through a nightmare situation with them they currently are holding up my disaster assistance cause they haven't corresponded with me. We suffered 3 back to back hurricanes and they still tries to foreclose on me knowing that we had insurance and federal aid processing. I have complained to the Fl dept of banking and i will complain to any media as well. Count me in on a class action suit. All I want is to get away from this company but they have damaged my credit so bad no body will refinance me. Any advise would help Thanks,
Nick
Port Orange,Florida,
U.S.A.
Homecomings disaster nightmare
#8Consumer Comment
Wed, January 12, 2005
I agree that Homecomings has a hidden agenda. My loan was sold to Homecomings after I made only 1 payment. For almost 2 years I had a great payment history. Then came the hurricane season of 2004 in central florida. After 3 disasters Homecomings did everything to be as incooperative as possible. They apprehended my insurance settlement for almost 4 months than they hit me with fees that were more than my deliquency. They would bounce me around from person to person and have not sent any correspondence even when I demanded it. All the departments have different amounts due and i have even been hung up on. I am still going through a nightmare situation with them they currently are holding up my disaster assistance cause they haven't corresponded with me. We suffered 3 back to back hurricanes and they still tries to foreclose on me knowing that we had insurance and federal aid processing. I have complained to the Fl dept of banking and i will complain to any media as well. Count me in on a class action suit. All I want is to get away from this company but they have damaged my credit so bad no body will refinance me. Any advise would help Thanks,
Anne
Gretna,Nebraska,
U.S.A.
Same situation Gretna NE. These people must be stopped!
#8Consumer Suggestion
Tue, January 11, 2005
Hi we have had the same situation with these people. We are in Gretna NE you are in Springfield my attorney needs to talk with your attorney we are trying to contact people to work on a class action suite as we are practically neighbors we need to join force immediately. These people must be stopped!
Annemarie
Williston,Vermont,
U.S.A.
put me in! this company needs to be taken down
#8Consumer Comment
Thu, September 02, 2004
if you look at all the people complaints on here, they are all basically the same...
i would like to be involved in the class action suit! this company is operating illegally, and making numerous people lose their houses, and their hard earned money..the fee's are outragous, and of course they are illegal! i have a complaint on here, and am still in the same situation i was when i filed my complaint...i have been trying to close a loan to refinance since january of this year! the fee's keep going up...