A possible HomEq success and a definite Clayton Bank success story

[Joel Fraser]

Hello, Just thought I'd give an update on our HomEq loan mod. We were told by HomEq that we called them too soon- in September - our rate was going up in November. So I made our October payment on the 3rd, faxed them the requested docs on the 6th and then called them today. They are going to send us loan mod papers! They are offering us a 6.25% fixed for 5 years. There will not be any prepayment penalties if we decide or are able to refinance later- which we will- I hope. After reading other threads about HomEq- I am cautiously optimistic and am keeping everything corssed until we get the actual papers. Since I had to wait for HomEq- I decided to send them my hardship letter explaining that we were still waiting for our first lender to make up their minds. I emailed the letter to the Bank President yesterday and had a phone call today from one of his people. We talked, she said she would run the numbers. She called me back (less than an hour later) to offer me an interest rate decrease for 2 years! Our second mortgage is going from a 12.735% to 6.35% for 2 YEARS! After 2 years, it will revert back to the 12.375%; which is fine- we never had problems with our second mortgage- it was always with HomEq. So we're one down and one to go. Hopefully I will be able to be a true success story within the next few weeks. Moe and Cat- There are not enough words in the world to say THANK YOU! You are lifesavers. If it wasn't for this website, I wouldn't have known what to do or how to go about it. THANK YOU THANK YOU THANK YOU! candy :D