HomEq This company should be held accountable for their unfair practices! North Highlands, California
I am the Cheif underwriter and a principle in a loan modification company; Marsh Robert Group(Marsh Robert.com) I personally prepared and submitted a loan modification request for a family in Arizona. They would have been prime candidates for any lenders modification critera. The household lost significant income in the economic downturn when one of two employment contracts were cut.
The father goes out and finds a job teaching special needs kids. He continues in his original employment contract remaining and continues running his part time business. He still is making much less than he was when he bought his house and has fallen behind in his payments to HomEq at this point. He calls them several times to hear "you do not qualify for a modification" he keeps calling until a lady says, "well, with three jobs, surely you can get more hours at one of them and catch up."
That's when he gives up and calls us. We jump through all the hoops of asking about where and how to prepare his modification package to their standards and where to send it. After the usual few calls of "we don't have it" and then "we show we have a package but it is not yet accessible", I talk to a lady. It is soon obvious that I am talking to the same one my Client had given up on!! She was quite proud that she had told him he did not qualify and it was all his fault because when someone else told him he did, he wouldn't call her back for her to review his file again.
Explanations from me like, "Maam, he was feeling overwhelmed, you had not helped him in the past, and we were preparing a professional package for him during that time to clearly show he was a worthy viable candidate" were dismissed out of hand as he had not given her the respect she deserved by immediately calling her when she told him to. It went down hill from there!
No understanding, no criteria, no logic just no! ....and then the HomEq websites accuse loan mod people of scams... These guys are only a servicer! They have a fiduciary duty to their investors that requires modifications in this economic climate. Class action anyone???
Gene ****
Overgaard, Arizona
U.S.A.
3 Updates & Rebuttals
Gene Call
Overgaard,Arizona,
U.S.A.
It just gets more ridiculous!!---Update!!
#4REBUTTAL Owner of company
Wed, February 25, 2009
Update from Gene, the loan mod guy!
I write a certified letter to the CEO of HomEq--absolutely no response. I call again and start through the "please hold" charade and get another great HomEq rep! "we told you he has been denied." "The conversation will not end there. You are doing mods and he is entitled to one." "No he is not." He didn't meet our response deadlines."
"Yes he did" "No!" "You guys are bullies." "We need to move on with this or I will involve lawyers and the AZ Attorney General." "What ever; if he has money to pay an attorney, he has money to pay us" (voice rising) begins yelling so I interupt--"I am not getting in a shouting match with you. . ." She yells good by and hangs up....
Is this one of those grade B movies---they have found a bunch of "clones" to work for them that enjoy pretending from their high and mighty throne that they are faultless and they have to protect "Daddy HomEq" from the "bad people" trying not to pay their exorbinant interest, fees etc.
Having a technicolor nightmare beats trying to deal with these people!
Gene Call
Overgaard,Arizona,
U.S.A.
HomEq Employee rebuttal--you make all the points of my original complaint beautifully!!
#4Author of original report
Tue, February 17, 2009
You are probably the employee that was so proud to provide my Client a denial. Your self righteous attitude certainly is the same as that I and many other people on Rip Off encountered. I know very well you are servicers. That was exactly my point. HomEq breaches its fiduciary duty when it does not act in the best intrests of its investors---the people who funded the mortgages you service. For HomEq to unequivically deny a mod request without review or at the very least informing us as to the actual lender so that we might contact them directly is a blatant breach of your duty to them. I can't beleive your investors havn't sued your socks off!
How dare you insinuate my Client is a slacker and looking for someone else to pay for his mistakes. He is a hard working prudent individual that got caught in this economy. My Client had a government contract that was not renewed because of government cutbacks. He went out and found another job and kept two part time jobs. What was HomEq's response to his effort? "Well, one of the three jobs will surely give you more hours if you ask." HomEq's staff and attitude are out rageous.
Then you have to take on mod companies. Some are not legit; some are. People hire us because they can't stand to deal with people like you--nor should they have to! Some, like me, are very serious about advocating for people being bullied and manipulated by companies like yours!
Noneya'
Antelope,California,
U.S.A.
You need to understand one thing...
#4UPDATE Employee
Sun, February 15, 2009
HomEq is a SERVICER. The 3rd party in your loan. We service the loan and abide by what we are allowed to do. Consumers need to understand that there are so many restrictions and guidelines we need to follow. Yes, mods are available. Yes, you may fall into the eligibility guidelines shown at homeq.com, BUT theres so many things that are going on in the backround, that it may not happen. Bottom line is YOU signed and agreed to this loan. You are responsible for making the timely payments. Be glad you are a home owner, because if you were renting, it doesnt matter what the economy is like, you rent is going to stay the same. If you are 3 days late, be ready for that notice.
So, undrstand that mods amay be available, but doesnt mean we are giving EVERYONE one. If you cant modify your loan, refi... short refi...short sale...died in leiu.
And yes, modification companys out there are scammers, if they charge you money. If you can afford to pay them, why is it that we would consider modifying your loan? They do NOT have any more power then you do. All they are going to do is call us and ask all the questions that you as a barrower can ask. And we will tell them the same thing that we would tell you.