HomEq.. rip off review fee, non-refundable, for subordination position
I recently had an opportunity to refinance my first mortgage for a great rate of 6%. In order to do so, HomEq, holder of my second mortgage had to accept, as it does on with my first mortgage a suborninate position.
When contacted by my attorney, HomEq informed us that they would not even begin the process of review without a check from me for $250.00 dollars, NON-REFUNDABLE!! Following their requirement I immediately sent them a check for the $250.00. They began their process on January 3, 2002. My window, locking in on the 6% rate for refinance was to come due on the 14th of January.
Giving this time frame, both my attorney and I personally pleaded with HomEq reps to move the process along so that I would not lose my opportunity to re-finance at 6%. We were both met with a wall of disconcern, and told by both customer service reps and a supervisor/manager, that my request would be handled in the order in which it arrived. I made again, a personal plea for assistance, and told the customer service rep that I would lose the 6% refinance rate if they didn't help move the paperwork. Actually, all we needed was a verbal ok, and a closing date could have been set. The refused!!
End result of all this is that my window date of January 14th has come and gone. I have lost the opportunity to refinance at a probably "one time only" rate, and to add insult to injury, I am out the $250.00 "review fee." Needless to say, I feel I have been "ripped off" in spades.
Robert
Torrington CT
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5 Updates & Rebuttals
Anon
Miami,Florida,
U.S.A.
Sounds like a total scam!
#6Consumer Suggestion
Tue, February 18, 2003
Refinancing is hot right now with the low rates, so it isn't totally surprising that the company would be swamped.
However, they took your fee, in what appears to be bad faith if they didn't actually do any "reviewing" for their $250 review fee. It doesn't sound like your lawyer earned his fee, either.
Do an internet search under "predatory lending" and "fair credit reporting act" to find out what some of your rights are. It is very common for predatory lenders to slow up the paperwork for mortgages and refinances because it isn't in their financial best interest to allow a consumer to refinance.
You know your situation best, so read the laws and try and determine if it was willful predatory tactics, or a company legitimately overwhelmed with the sheer volume of refinances being done right now. At the very least, they should have given you a time frame for an answer when they asked for your money.
Good luck!
Lee
Marshville,North Carolina,
U.S.A.
"KNOW FIRST WHAT YOU ARE TALKING ABOUT"
#6Consumer Comment
Mon, February 17, 2003
This comment is to Kristy of Charlotte.
You stated, "Make your payments on time"!
I am in a huge battle with HomEq concerning what they say, "I am in default, (2) months plus accrued attorney fees and late fees.
I have sent them (20) months worth of Western Union reciepts showing that I am not. Response: Not according to our records.
We (HomEq) put in a new computer system and it kicked your loan out as default!
NOT SURE WHAT THAT HAS TO DO WITH THE PROOF THAT I HAVE PRESENTED, THAT THEY ARE CHOOSING TO IGNORE!
This has been going on for months and I think they are trying to find a loop hole of some sort to retain the bogus charges that they have applied to my mortgage!
Worse, all of this shows on my credit report and will continue to show until I either give in or if they ever decide to rectify the situation.
I was told, we (HomEq) are not concerned what your records show! Bottom line is; "You as a consumer are responsible to pay whatever our records indicate"!
Kristy
Charlotte,North Carolina,
Come on....
#6Consumer Comment
Wed, May 01, 2002
I would like to make a remark to Jan, who just made a rebuttal concerning Homeq. If you were dealing with my company and you talked to me in that respect I wouldnt make you a priority. Come on, what kind of language is that? You hope someone burns in hell? Thats pretty upsetting that there are people out there that wish this on people. You would not have a problem with Homeq if you got your payments on time, and didnt expect requests made by you to be replied in a days time. However, I would be annoyed too if I didnt get a response in a timely fashion from a company. The professional way to handle that is to move up the ladder. Request to talk to a supervisor, and if that doesnt work, keep moving up. Stay on the phone until you get your answers. But to tell innocent people you hope they burn in hell is not going to get you anywhere. Do you deal with other companies in this fashion? If you are professional and assertive, you will receive professional answers. I would never want to deal with such a negative person.
Jan
Montgomery,Alabama,
Rebttal to Customer Service Rep
#6UPDATE EX-employee responds
Tue, April 30, 2002
That's why all employees, from the president to the cleaning people will all fry in HELL before God. Keep up the good work and you will make it there before your time!
Michael
Charlotte,North Carolina,
You feel ripped off because of this???
#6UPDATE Employee
Mon, March 18, 2002
I really cant understand what your problem with this is...if we were to "rush" everyones personal items through that requests it, people would complain that we did not accept them in the order recieved....you give a company a total of 11 days to get this information from you, process it, and make a decision....things like this take time...As for the fee...things like this cost money, and take time, we demand a fee to keep people from asking for these reviews constantly....