- Report: #214934
Complaint Review: Homecomings Financial - San Diego California
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Homecomings Financial
9350 Waxie Way San Diego, 92123 California, U.S.A.
Phone:
858-874-7400
Web:
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Homecomings Financial Bad-faith lender, ripping off for my equity in my home San Diego California
Disabled, I have tried negotiating with this lender for forbearance on a foreclosure sale. They advertise they want to do workouts if a borrower is having trouble but beware: they want financial statement and other information about you but have little interest in actually doing a fair deal.
This lender sent me a "Repayment Agreement" that contained a deadline to cure in it I could not meet, poorly crafted language that gave me no assurance the sale would be continued at all and a promise that I would nevertheless give them a large sum of money up front.
The gist of the agreement was that I could give them $7000, they would take my money and then foreclose anyway. I wouldn't sign it and now the house is going to sale. I told them if they wouldn't commit to continuing the sale, I would need to use that money to get myself another dwelling.
I counteroffered, $7000 now, full house payment in November and thereafter, $3000 after Thanksgiving, and the final cure when I get my retroactive SSDI. The house is appraised at $163,000 and my loan balance is $94,500. No go. They want the house. This is a bad lender, go elsewhere for your mortgage loan.
Susan
Lakewood, Colorado
U.S.A.
This lender sent me a "Repayment Agreement" that contained a deadline to cure in it I could not meet, poorly crafted language that gave me no assurance the sale would be continued at all and a promise that I would nevertheless give them a large sum of money up front.
The gist of the agreement was that I could give them $7000, they would take my money and then foreclose anyway. I wouldn't sign it and now the house is going to sale. I told them if they wouldn't commit to continuing the sale, I would need to use that money to get myself another dwelling.
I counteroffered, $7000 now, full house payment in November and thereafter, $3000 after Thanksgiving, and the final cure when I get my retroactive SSDI. The house is appraised at $163,000 and my loan balance is $94,500. No go. They want the house. This is a bad lender, go elsewhere for your mortgage loan.
Susan
Lakewood, Colorado
U.S.A.
1 Updates & Rebuttals
Chris
Arlington,Texas,
U.S.A.
So why dont you just...
#2Consumer Suggestion
Thu, October 26, 2006
Ok, so you have an income issue, you are disabled, and you are behind in your mortgage. You do not say how late you are or how much behind you are, but over $10,000 is assumed by your counteroffer Without more info, I have no idea (nor does anyone else) if your offer is good or not, but assuming it is not good enough ( if you have $20,000 past due, then 7000 now and 3000 two months from now is not a good offer ) then your best option is a refi, but with you not making money, and being behind that might not be possible so why not sell the place, you have 68,000 in equity (less any fees ect), but hell, that is real money sell the place before it forecloses, get the equity in your pocket and buy something you can afford for now till your financial picture is better I know it sounds cold, but if you can not cure the debt (bring it current) and they will not accept your offer then you have only 3 options, 1 foreclosure, 2 refi, 3 sell. Oh, I know everyone says mortgage companies what the house, but that is not true, I have purchased several properties from mortgage companies, and on every one they lost money! In your case they might make some money, because you have some equity, but most houses that foreclose have less than 20% equity Good luck to you
