Home Eq doesn't do Loan Mods

[hernandezlossmit]

This is my first post and I'm not sure if anyone else has posted on the same issue.
I recently had the "pleasure" of speaking with Home Eq to request a Loan Modification for a client of mine. Apparently, they don't do them. Has anyone else bothered with them? And if so, what are the chances of them working out some sort of plan with me?

[877YouKeep]

I am sure I have done a mod with them. I think you have run into an investor that is probably a private investor that HomeEq is servicing for and they do not allow mods. There are still quite a few private investors that do not allow mods. Find out if it is a HomeEq asset loan or just serviced by HomeEq. I think you will be surprised to see it is a private investor. Countrywide, WAMU, Option One ... have some private investors they are servicing for that will not allow a modification. But they will definately do mods and so does Fannie, Freddie, FHA...

[hernandezlossmit]

I have 3 clients right now with Home Eq and every time I request a Loan Mod, they almost laugh at me. Home Eq does not solicit Loan Modifications. Call them right now, you'll see. Is there any way to talk to them for them to accept a loan mod?

[LossMitigation]

Who is the investor? Do they have an adjustable rate?

[hernandezlossmit]

They don't tell me who the investor is!!?? All they tell me is that HOMEQ DOES NOT DO LOAN MODS. Yes it's an ARM. It's already adjusted and that is the reason they fell behind.

[LossMitigation]

I have to believe the investor does not do loan modifications. Home Eq for a company is working trying to cure delinquencies as shown below:

Countrywide, GMAC, Litton and HomeEq - which collectively service more than one quarter of subprime loans to people with poor credit - agreed to maintain the initial, lower interest rate for some subprime borrowers whose rates are scheduled to jump significantly higher. To qualify, borrowers must occupy their homes, have made their payments on time and prove they cannot afford payments with the higher interest rate.

The voluntary program is designed to stem a huge wave of foreclosures. Half a million homeowners in the state have subprime mortgages that are scheduled to jump higher within the next two years after their introductory period elapses. Such loan resets, in combination with a slumping real estate market, already have led to a record number of foreclosures across California and the nation.

"With this type of cooperation from loan servicers, we can save tens of thousands of people from being added to the foreclosure lists," the governor said in a statement. "This common-sense approach does not involve a government subsidy or bailout."

It was unclear for how long the loan servicers would freeze the interest rates.

[amandalynddoh]

I am opening a day care center and need help with start-up capital. I have heard of organizations that give money to women or individuals that have home based business but it is hard trying to locate this type of grants. I went to apply for their small business grant by entering into a business plan contest. They are giving $3,000 and $1,000 grants based on your business plan. This is a good way to raise some money but you are competing with others. I would like to find more business plan contests.

[nevadachick]

To start a business you need a business plan and advice from other people who have done it. Try contacting a Women's organization in your area and your Chamber of Commerce. There might be a Small business Group in your area. Also, you might get information from your state Senator or City Council Person.See if there is an Early Childhood division in your state and they can give you guidance. You might want to get some training also.

It does not cost a lot of money for a Daycare. In Nevada you need to be licensed and get a background check done.

Good Luck!

[admin]

HomEq as of about 3 months ago started doing loan modifications. They are getting better, like it has been said time and circumstances change everything.