Re: Homecoming Financial

Posted by Bill on March 14, 2005 at 14:30:56:

In Reply to: Homecoming Financial posted by Sue on March 11, 2005 at 09:21:36:

: We are also in foreclosure by our 1st mortgage,our 2nd is Homecoming. We have not really heard much from Homecoming these last few months until we received a letter from them saying that they had transfered our mortgage to another Co. Rescomm Holdings No. 2, LLC. I
: surfed the web on this Co. and found nothing. What are they up too, I don't trust these snakes at all.

I suspect that your mortgage along with others was sold in bulk to the new mortgage holder and that Homecoming is just notifying the mortgagors so they know where to make their payments. Second lien holders rarely bid at foreclosures, as they don't want to advance the money to pay off the first for the little if any equity that they may have in the property. Depending upon the state if the 2nd can make the back and monthly payments on the 1st, this could change their decision but not likely. The 2nd would have to have a ton of equity to induce them to do it.

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: : We are also in foreclosure by our 1st mortgage,our 2nd is Homecoming.  We have not really heard much from Homecoming these last few months until we received a letter from them saying that they had transfered our mortgage to another Co. Rescomm Holdings No. 2, LLC. I
: : surfed the web on this Co. and found nothing.  What are they up too, I don't trust these snakes at all.

: I suspect that your mortgage along with others was sold in bulk to the new mortgage holder and that Homecoming is just notifying the mortgagors so they know where to make their payments.  Second lien holders rarely bid at foreclosures, as they don't want to advance the money to pay off the first for the little if any equity that they may have in the property.  Depending upon the state if the 2nd can make the back and monthly payments on the 1st, this could change their decision but not likely.  The 2nd would have to have a ton of equity to induce them to do it.


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