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roysky · Joined: 13 Nov 2008 Posts: 2 1.92 Dollars($)

How can I find out who has my loan after it is transferred to a loan servicer like the worst HomEq?...My morgage is currently being serviced by HomEq. My original lender was Equifirst. It is very unfortunate because they are the worst servicer I have ever dealt with. Seems like they are all trained to treat clients like dirt since most of us have subprime loans. They act like we are at their mercy. I searched them online and they have countless complaints. When I requested for all loan modification, they said that they dont do that, they just service the loan. But their website says they offer it. They told me contact my original lender. My original lender said they sold the loan to Lehman brothers. Lehman said they dont have my loan. I feel like HomEq should be able to tell me but just didn't want to spend time to help. pls. HELP . I am so frustrated and disappointed that this ridiculous act by this mortgage company is being tolerated in this country.

carlpruitt · Posted: Thu Nov 13, 2008 8:01 pm Post subject:

This is the type confusion that is really throwing gasoline on the mortgage/foreclosure crisis. The fact is that the servicing company really does have few options. Go to the county clerk's office where deeds are recorded and see if an assignment has been recorded for your loan. Sometimes they are.

However, sometimes they are handled through something known as MERS, which I believe stands for Mortgage Electronic Registration Services. If you have a copy of your closing documents, you may be able to find a fee paid to them on your HUD-1 closing statement, or a reference on your not and security documents.

MERS is an organization which in theory keeps track of who owns all the mortgages registered with them.

MERS has a website which homeowners can use to locate the owner of their mortgage. You can find it here: http://www.mersinc.org/homeowners/index.aspx.

Thanks!

Posted: Thu Nov 13, 2008 9:10 pm Post subject:

Hi roysky!

Welcome to forums!

I feel that you have fallen into a trap and the lenders are not ready to give you a loan modification. In order to know will modify the loan, you will have to again contact HomEq. But as they are not telling you, I think it will be better if you can refinance it the loan with some other lender. This will help you to come out of the trap.

Sussane

smithsussane · Posted: Thu Nov 13, 2008 9:14 pm Post subject:

That was me I just forgot to log in.

Guest

Refinancing is my real goal . But I am still the process of credit improvement. I have tried so many times but couldn't qualify. My median FICO is 530. Not good enough for FHA loan. Hopefully by early next year, I will be there. In the meantime, I am giving this credit modification a shot. But it is twice as hard and I am treated like a second class citizen. I am very leary about every program the government is coming up with. They sound too good to be true. Confused

jerry · Posted: Mon Nov 17, 2008 4:55 am Post subject:

Hi Theresa!

I think you should be patient. Yes, I can understand your situation. Somehow, you will have to upgrade your credit score from 530 to 580. Then I think it will be easier for you to refinance. Do not go for two plans. I think you should stick with one plan of credit improvement.

Thanks,

Jerry

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