Unfair business practices in issuing and servicing mortgage loans
Homecomings Financial Network Inc. provides residential mortgage loans and has offices throughout the United States, including San Diego, CA; Minneapolis, MN; and Dallas, TX.
Several legal professionals are investigating a potential class action lawsuit which alleges that Homecomings Financial Network Inc. has engaged in a scheme of unlawful and deceptive business practices in its "servicing" of residential mortgage loans throughout the United States. This includes deceptive practices when collecting monthly interest and principal payments, taxes, and insurance on mortgage loans. It is also alleged that Homecomings' mortgage representatives and consultants may have engaged in misleading and wrongful conduct with home buyers, specifically first-time home buyers or those with impaired credit.
Deceptive practices and wrongful conduct may include the following:
Imposing unwarranted and improper fees;
Intentionally or recklessly failing to process payments when received on time
Misapplying payments received to improperly benefit itself;
Prematurely referring accounts to Homecomings' collections and foreclosure departments regardless of legal and contractual grace periods;
Incorrectly referring accounts to Homecomings' collections and foreclosure departments after accounting errors occurred on the part of Homecomings;
Failing to provide customers with timely or clear information about the due date and amount of payments owed.
As a result of these practices, loan borrowers may have been wrongly classified as defaulting on their loan which may have caused consumers to fall behind in their monthly payments and subject to unwarranted fees and foreclosure actions.
If you have a mortgage loan that is serviced by Homecomings and if you have been subjected to any of the above or similar violations, please contact us immediately.
Homecomings Financial is owned by GMAC-RFC, an international financial services corporation which earns major profits each year, such as $2.9 billion in 2004.
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I am seeking legal advice to sue Phh,Ocwen GMAC Homecoming Financial for conspiracy to commit fraud. I have strong evidence that will support my claim from failing to report a 1098 form , failing to apply payments held in suspense account after completion of a trial plan and have western Union receipts of payments that do not appear on Payment History, and i can prove that any loan transferred from Homecoming Financial to GMAC in the year 2009 had engaged in a strategic tactic to profit off homeowners who were behind 2-3 payments by offering a multiple trial plans in order to hold payments in a suspense account and creating false and misleading mortgage statements to hide their unlawful acts of fraud including proof of intent to commit fraud against the IRS on a orchestrated method to conceal payments collected from Borrowers. It has taken me a duration of 4 years of investigating to discover their strategic and impressive acts of misconduct . Im seeking a experienced commercial litigator to file a Quitam lawsuit against these institutions.
Posted by sylvia p miro
on
my mortgage original date was 9/01/2005, maturity date 8/1/2035. My maturity date is now showing 9/2040, five years have been added to my mortgage. Please help me.
Posted by Marie gimbert Ratto
on
I got a hard money loan to in February to get out of default. They required me to pay everything including taxes. I sold in May and they still took the ten thousand taxes out of the sale.
Posted by Jalica
on
I went to Homecomings Financial under the state of Alabama to use my equity in paying off all my debts. In doing so, the representative named Scott, told me I would meet with their finance, when I did, they showed me how I would have enough equity to pay off $60,000 debt and to still have $30,000 in equity after giving them a list of all I wanted to be paid off. They wrote the checks and would be sending them to each merchant. My payment for my home was even lower than I started at $867 a month to just above $747 a month-taxes and insurance included. This was lower than what I started with under Standard Mortgage Co. This occurred in March 2004. When my son was killed in July 2004, it was not until going after my UM coverage that I learned Nationwide insurance had increased my coverage after attorney helped to secure my UM coverage that brought in changes to Homecomings Financial to sell me out to GMAC but not before I was being taken by JP Morgan and the Bank of Melon NY for mortgage default. The scam began in lending when I sought to meet with Homecomings financial after filing bankruptcy in 2007, to which I did not include my home since my payments were only $765 a month to $805 a month-the changes became varying with electronic payment based on levies of changes on my insurance of my home.I further believed Nationwide was working in tangient with Homecomings and GMAC to take my home even after going to my US Senator-continuing to speak with GMAC after ignoring my phone calls to get assistance then finally them pushing me out of my home with a Sheriff's eviction signed by a judge Michael Philips or Phillips Michael that did not exist according to the DA's office. Me and my family were evicted on 7 Jan 2010 or be arrested. What was unknnown to me was the predatory lending that involved the Baning Commission who was reported to as if payment was not received by Air Force and General Lemay foundation who paid an excess of $2,000 plus to help with what GMAC was reporting from their sublet Homecomings Financial. What was not reported was the manner inwhich they took my equity and forced me out of my home even after contacting Nationwide Insurance on the increase of my insurance that was later lowered to bring my mortgage back to the normal cost-later after $200 was removed from the ballooned payment. Later, this continued to be a problem when insurance was not showing up, and taxation was increased to which I met with the tax assessors office to tell my story in correcting the overage of mortgage and worth of my home. GMAC ignored my calls until I brought in the US Senator as to the wrong doing being done-with GMAC stating I had plenty of time during the month of Novemeber about the payment from $805 a month to $1057 a month. What happened during this holiday season was the eviction slipped in after calls were ignored and no one available to take my calls. My family and I were discriminated against in the manner inwhich all took place with the death of my son, to the increase of my insurance to changes in my mortgage to loose my home which gravitated to the banking commission and others involved. The eviction under the state of Alabama took place on Jan 7, 2010. Predatory lending should not be on my credit report as a foreclosure because it was scammed from the beginning with the equity I had in my home that was lost to inconsistencies and support of underlying criminal intentions.
Posted by Caudy Black
on
I feel that my husband was chosen just for profit. They knew he did seasonal work. They gave him the home anyway knowing he couldn't afford a 1300.00 house note. We went to the attorney general office several times but no help. Later we received a small settlement around 1200.00. I went to planning commission in Holly Springs Ms to report that the house wasn't completed and that the final inspection was forged.we never got any help. The address is 35 James Black rd olive Branch Ms 38654. Remax bought our home and gave us clean up fees. This is in no ways right that was the only piece of land that my husband had of his father who had long passed away. And before I forget the note went up to double that amount. I hope someone can help us because we live in a shack now.
Posted by California
on
Our payments kept going up without notice and we could not catch up. They wanted more money from us to refinance. We explained that we were facing a hardship. They didn't care and kept charging fees.
Posted by Georgia
on
We feel like we have been charged unfair fees and this has almost put us into foreclosure several times. Homecomings purchased our mortgage from a previous lender.
Posted by Florida
on
I never knew my adjustable rate was based on the "libor" rate and not the prime rate. I had no idea what this was. My payment went up $400 per month! They refused to refinance and no one else would either. They just kept charging late fees and making me get their expensive insurance.
Posted by Tennessee
on
My wife and I are currently trying to fend off bankruptcy and were offered an assistance program from Homecomings Financial to help with our mortgage payments, once I called to make my payment and enroll for the program I was told to make my payment they were going to charge me a $12 dollar fee to make it over the phone and then they were going to charge an additional $46 dollars a month in late fees as long as I was on their program. When I asked if I could speak with my wife first to decide if we really wanted to go on this program, I was told that if I hung up they would process my payment and if I wanted to enroll in the program I would have to make another payment when I called back later. I told the rep that the fees and the enrollment procedures seemed a little predatory she just chuckled and said "okay".
Posted by Arkansas
on
They have repeatedly assessed flood insurance premiums on property which does not require flood insurance, and have not removed the fees. They have put homeowner's insurance on the home which has been insured from day 1. They have raised our interest rate by more than 5 percent over the last 2 years. Our payments went from $530 / mo. to $838 / mo.
Posted by Georgia
on
Homecoming Finance foreclosed on our property. They added numerous late fees that we did not owe them and they sold our home. Now we are in court for the third time trying to save our house. We have suffered emotional and health stress because of this.
Posted by Missouri
on
Inappropriate late fee for this month-paid and processed 11/26/2007, due by 12/1/2007.
Inappropriate allocation of payments-Can't give exact amount, I am working on that now, but I believe it is inexcess of $1000
Cannot get information from company regarding my account
This is from the mortgage on my first house. I had to go through a short sale due to dropping home prices. They threatened foreclosure, etc. AFTER closing on the home.
What is place insurance?
I have a complete statement (except for the amount on the misappropriation of interest/principal/extra paid)
Posted by Kentucky
on
We were facing foreclosure. We were able to get a loan modification which has been an on going nightmare. They haven't posted our previous payment. They seem to have lost our modification docs and now we have to resend them. Every time I call I get a different answer. I leave numerous messages and no one ever calls me back. No one in this company wants to help. How do they stay in business?? Please help.
Posted by Missouri
on
We lost our home on 2/28/07. We refinanced and signed paperwork with one company on 10/29/03 and in December we were sent documentation telling us that starting on 1/14/04 Homecoming would take over our loan. In 2/04 we received a notification that we were 2 months behind and in foreclosure for not paying our mortgage payment to Homecomings. However, there was no way to be two months behind with them since they didn't even have our account at that point. They paid taxes they were not suppose to be paid by them, charged late fees, drive by fees, insurance. Claimed to never have gotten money sent by the bankruptcy court, didn't credit our account correctly, opened an escrow account, kept raising my payments when the money shows it was paid, went into a repayment plan that they decided a figure on by inaccurately telling us we made more money than we did. Didn't send statements but occassionally, didn't show payments made on statements, misapplied payments, treated rudely, never able to talk with the same person, home was sold on the court house steps in February to themselves. Their lawyers are just as crooked.
Posted by Texas
on
In October of 2007, my husband and I were trying to refinance our home through a different mortgage company. In the process we found out that Homecomings reported to the new company that we had late payments for the months of August 2007 and September 2007. We were informed this through the new company and by mail in a letter from a law firm. I immediately contacted the law firm and faxed copies of my cashier check receipts to show the payments made. Now they are saying it's for July 2007. I am disputing this also. Now when we had our house built in 2000, our original loan was through Seabreg Mortgage company and was then sold to Homecomings without our knowledge. In 2004 my husband and I had to file a Chapter 13 bankruptcy because of his illnesses. We were two payments in arrearage and that was placed in the plan. The trustee pays money to Homecoming every month and has for the last 3 years. Somehow or another they (HC) are getting payments mixed up and not applying our regular payments that are not a part of the plan. Now that we are trying to refinance, we are behind in payments according to Homecomings. We are in the process of gathering all our paperwork and payments to prove our case. We never received notices of late pays until we tried to refinance. We are not late. My husband was told to continue to make payments. I am afraid that they will accept these payments and then foreclose. We asked for a print-out of our payment history. Something was sent to us that is not understood by anyone. Something must be done
Posted by Texas
on
I have my mortgage through Homecomings Financial and Wilshire. I am a single mother and this is the first house I have bought. Last year I realized they were about to set my interest rate into a revolving state. I refinanced and can hardly afford my payments. They have been very rude and pretty much unwilling to work with me on payments and are threatening foreclosure.
Posted by Delaware
on
We used a housing council and they couldn't get any where with them either. They told us they were not going to put us in foreclosure, but did. We are trying to contact them to do a short sale, but to no avail, you are put on hold for at least 1/2 hour and as soon as someone answers they transfer you, and you sit on hold never getting through. We have converted to a chapter 7, and will lose the house to foreclosure unless we can get them to agree to a short sale. If we can ever get though.
Posted by California
on
I am unable to return to the banking industry where I was formerly a VP with Bank of America. My home has gone into forclosure due to my inability to return to work. My car was voluntarily surrendered due to inability to continue payments. Plus much more collateral damage has occured.
Posted by Utah
on
My closing with a homecoming mortgage did not disclose everything. My interest rate jumped from 6.8 to 9.8 in one month and is interest only. I have prepayment penalty if I refinance or sell.
Posted by Washington
on
There are multiple culpable parties in our claim. We will only address those issues relevant to Homecomings here. We have had our home foreclosed on. We are still in it, but only by the grace of God, and the fact that we have fought tooth and nail to stay here. Two months into their becoming "servicer" for our mortgage refi payments Homecomings declared us in default after of payment was only two weeks later, yet still within the grace period of our contract. They subsequently inflated fees, returned cashiers checks, dishonored their own check issued as our escrow refund, never responded to written correspondence as required by law, refused to communicate with the borowers or the borrowers legal representatives, refused to accept payments to bring account current, made authorized individuals unavailable for contact by borrower, and more.
Posted by Florida
on
I am being harassed, and down right lied to as well as misled. The incompetence of this company is ridiculous! I am ready to pay the early exit fee just to not deal with such poor customer service and re-occurring issues they never seem to fix. This is the second yr in a row that they have sent request for proof of ins and the escrow draw amount that was fixed last year ($950+ a month) does not register on their system via online or by phone and this goes with the second mortgage as well!!! All of this I feel is relative to the broker that sold the mortgage and lied thru his teeth, and wouldn't be surprised if loop hole kick backs are involved!
I have good credit and do not want to loose what I earned by such a scam of a mortgage company! Please fix this companies in-justice to the hard working average American family trying to live the dream!
Posted by Missouri
on
Homecomings said I was three months past due on my payments. I had my payments taken out of my bank automatically. They sent a notice of default and forced me into a repayment plan wherein I send them $2,412 on the first of each month for I believe six months. They have never sent me the agreement of the repayment plan. Before I ever got late, I called and asked them what we could do because I could not pay them that month. They told me nothing but once I was late they could help me. I argued with them about that but they did not listen. They wanted the extra fees etc... As a result, I can pay no other bills because I have to pay them so much. I am on an adjustable rate and asked them before I got late to give me a fixed rate. They refused. It is inevitable that I am going to lose my house at some point because my credit is shot because of them and my rate keeps escalating. It is at 10.5% now and my payments went from $900 when I built the house to $1660. The story is long and there was alot of deceptive practices that took place.
Posted by California
on
I made a payment to Homecomings in November and it was never applied. For the past four months I have faxed proof, called continuously (only to be hung up on- the last straw being being 7/27/07, after being transferred back into the loop by another rep), and received continuous collection calls. This also happened to a payment I made in 02/07. I didn't address the issue sooner because I don't usually look at mail I receive (my shortcoming), but when I did decide to open one four months ago, it was a forclosure letter for the two missed payments. So now my payment history is destroyed. and they have yet to correct the application of the payments despite all the proof I have sent them.
Posted by Pennsylvania
on
We fell behind last year and filed Chapter 13 and have been making our payments to the trustee and our regular payments to Homecomings. Beginning in May Homecomings Financial has issued 2 motions for Stay of Reliefs against us on our mortgage claiming we were behind on payments. Copies of cancelled checks and June and July payments handed directly to our lawyer.
Received phone call today directly from Homecomings threatening that they have once again started foreclosure proceedings.
Posted by Georgia
on
Former mortgage company I was paying $900 a month now I am paying $1,224 a month. My husband and I do not earn enough to be able to pay that much. My loan was changed from fixed rate to ARM rate.
Posted by Michigan
on
Homecomings did not respond to my phone calls, and though I faxed in their "work-out agreement", they foreclosed anyway. I filed for bankruptcy in January to try to save my home.
Posted by Nebraska
on
Homecomings Financial had me sign two repayment agreements between 2006 and 2007 and stated that I would be caught up on my loan at the end of the agreements,
which was very misleading. They also inappropriately applied my payments to the interest instead of principal. Also putting a foreclosure on my credit report , while I was under the repayment agreement.
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