very interesting

[Joel Fraser]

I have been reading everything on this forum for several months now, and about four weeks ago, began my attempt at a loan modification. I have my first and second through homecomings, i am in an interest only loan and the house is worth 150,000 less then what i owe. I got talked out of my 30 year mortgage by a lender i thought was a friend and stuck in this loan that i now cannot get out of, due to the house not being worth anything. Long story short, my income is not what it was and i am struggling. I called homecomings and they took all of the information over the phone. I called back a week later and suprise, they said that the Modification was approved and it was waiting for investor approval. I called back two weeks later and they told me it was all done. (Whoa, easy huh) The person on the phone could not tell me what it was, but said that i would be getting the loan docs in a week, if i didn't to call back. I called back the next week, and spoke to someone in loss mit. They said here are the following terms, My second mortgage was not touched at all. They adjusted my first from 7.00 percent to 6.95 percent. Saving me a whole 4 dollars a month. To make it worse they shortned the adjustable by one year, so now it would adjust earlier then it was going to before. I kindly told them what i thought of that deal. I made about seven phone calls that day, and it is not going anywhere. Meanwhile, i made my August payment on time, (I have never missed a payment or been late). Instead of crediting my account, they had frozen it. They cashed my check, but never credited it to my account. Now they say my account is past due and are trying to hit me with a late fee. I told them to cancel the mod and make my account current, they have yet to do it. This is so much fun. I went from really excited with homecomings from the first conversation, to now i will never do business with them again.