Complaint Review: HomEq Servicing

As said before, the $17,738 includes what you're past due and what will come due during the Payment Plan, as well as fees. Since you're still late until the payment plan is complete you can still accrue late charges. Those get included into the plan so you don't have to worry about them being on your account once you're current. I bet if you add all these numbers together and divide by the number of months your payment plan is you'll get the amount you're paying.

If at any point you feel as if you funds aren't applied correctly, you can always request written proof of where each penny has been applied.

I can assure both of you that I am not an employee from Homeq, but I've been put on that same sort of plan as it looks like you're on and it worked it just as well as I couldve expected after going 2 months behind. I had 2 loans with Homeq when I lived in Brooklyn, both for the same property. me and my wife got a little carried away for our honeymoon expenses, and long story short the month we got back we were only able to make the payment for the smaller loan. keep in mind we both still made the same income that we had been when we first got the loans and we were more than comfortable making that monthly payment in normal circumstances. The issue was that it would've been impossible to make 2 whole payments in between paychecks. My wife finally gave in and spoke with them over the phone (only the fifth time that SUNDAY that called our house) and they mentioned the payment plan to her, and it turned out she was familiar with repayment plans because she herself had fallen behind on her student loans years ago and had no choice but to use a plan to catch back up on those. Of course her understanding made me feel better about it so decided to do it and ended up paying about $200 more than our normal payments for precisely 5 months, which was difficult, but I do know it stopped them from calling our home and businesses at all ours of the day, 7 days a week. (which should be against the law), and we didnt have to worry about borrowing money from friends or family after actually considering doing that at one point.

As far as "rewriting your loan", that was the first thing my wife asked about too. Sad things is, that would indeed be terribly illegal. Just as tired and tattered said, they are only "servicers" of our loans. They basically didn't make or technically "buy" the loans either, they are only soliciting their mortage services. They have no ownership rights, so apparently no right to just change the parameters of our laons. Those legalities are ridiculously inconvenient i agree.

That was really the only few times we spoke with them just because we havent had any issues since. Tired and Tattered why is it we should avoid phone contact with them. If there is something I should know about their practices I would love to hear.

Angie, you are not alone in this madness of the fraud committed by HomEq and so many other servicers of mortgages. There are thousands of us all across the country. When you get comments like those from Haha they work either for HomEq or other fraudulant mortgage servicers. As far as I know none of the servicers of mortgages are honest or reliable.

The one thing you need to do is stay off the phone. Unless it is legal to record in your state do not talk to them on the phone. Get everything in writing. There is a whole site dedicated to mortgage servicing fraud. Check it out. It will show you just how wide spread this fraud is. It also can be very useful in that others will help you and support you in any way they can. Good Luck Angie and hope to hear from you on (((ROR redacted)))

sorry, allowing you to give a competitors name would instigate others to just file against their competition, to only come back later to suggest their company your comments on this policy are welcome! CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

Look out Mr. Haha. By now everyone knows you are working for HomEq Servicing. Please, don't you respond back, you are giving yourself away. Only a person that work for HomEq can break down the basic amounts and come up with the answer the way you did when you gave your answer to Angie in Baytown, Texas. You look her Mr. Richie Rich there are people out here that need a little help. We're not asking for money, but to rewrite the loan and put the over due amount owed on the end of the loan. Its very easy, if only people out here in this world would only listen and not sit back and judge people that are trying. All of this need to stop, just take the past due amount and add it to the back of the note. This is not refinancing., its call, having a heart.

It looks to me like you're looking at a payment plan confirmation letter. There should also be a list of dates on the second page which are actually payment due dates, with the amount that is due right next to them. A payment plan is something mainly for people who are 2 or 3 payments late on their mortgage. It involves the process of spreading out the payments that you are late on so you can pay them back gradually over the course of a few months.

It basically sets you up to be making the normal payment each month plus a fraction of the payments that are late. Its a way to avoid foreclosure when your only other options are to either make 2 or 3 payments at once or lose your house. Heres a breakdown of those dues you're confused about:

Past due payments $6,880.36 - This is the money you owe for however many months you are currently behind.

Accrued Late charges $58.61 - These are late charges that you have already been assessed as a result of paying after your grace period had already passed.

Returned Payment Fees $25.00 - This is a fee that occurred because a check that you provided to Homeq was returned. A check can be returned if there is not enough money in the account to cover the payment, or in the case of an electronic check, the checking account information provided may have been incorrect.

Corporate Advances $102.34 - This could be any number of legal fees. Depending on how late you are with your payments these could likely be fees for property inspections, broker price opinions, and a breach letter that you may have received if you went as far behind as a month and a half.

All of the aboves fees is what you are currently due for, which means on the repayment plan this is what is being divided up and spread out over the course of a few months, ON TOP OF THE REGULAR PAYMENTS. Heres the rest:

Forecasted Payments for Plan Period $10,320.54 - This includes the payments that you're going to be responsible for in the upcoming months while the repayment plan is in effect. So lets say you are behind on December and January's payments, and you are set up on a plan that divides those two payments up and spreads them out for four more months. The next month you will have to pay February's payment + a fraction of your past due payments, and you'll do the same thing up until May. This 10,320.54 is "forecasted payments" because they are the payments that you will be due for by the time the plan is over.

Forecasted Late Charges $351.66 - On repayment plans, you're monthly due date isn't necessarily the first of the month. You will have the option of setting your due date for later in the month if you need that extra time or if it correlates better with your pay day. However if the date you set up is outside your grace period, which is usually the 16th, then you will continue to be charged a monthly late fee. These late charges have been "forecasted" for the future months that will fall under the repayment plan.

Net Amount Due $17,738.51 - This is the total of all of the fees listed above and payments listed above. This is the total due by the time the payment plan is done. It is not what is due right now.

I hope this helps you understand. It is all completely standard, and of course legal. It is in no way stealing, rather it is a gracious forgiving of your delinquency and a chance to get back on your feet. Also, I wouldn't recommend turning those papers over to the FBI. They probably wouldn't know what to do with it.

I would like to know if anything comes out of this. I had the very same problems with them.