Homecomings Financial

A nationwide class action lawsuit has been filed against the mortgage service company for allegedly engaging in a scheme of illegal, unfair, unlawful, and deceptive business practices that violate both federal and state laws in the servicing of home-secured loan transactions. The lawsuit was filed in the United States District Court for the District of Minnesota and claims Homecomings Financial collects improper fees and charges for unnecessary and unauthorized property inspections, and unauthorized and excessive fees for using its electronic payment processing services.

The class action also claims Homecomings Financial force-placed hazard insurance by purchasing insurance for the borrower's property and charging the borrower. The suit alleges, "Homecomings assesses improper fees, costs, and charges to maximize its profits, often putting homeowners into default status, then demands payment from the homeowners on the improper charges, collecting them from homeowners' monthly loan payments, loan payoffs, and even through foreclosure sales."

"The lawsuit was filed on behalf of all persons nationwide whose home mortgages were serviced by Homecomings, and whose loans were improperly assessed late fees, or were wrongly assessed charges for force-placed insurance, unnecessary and unauthorized property inspections, and the use of Homecomings' electronic payment processing service."

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Reader Comments

Posted by

Home coming financial made arrangements with me for my house note payment and when I sent in my payment I received a call from home coming and they told me that I breach on the agreement to pay my house note but I hadn't I told them I sent in the payment and I was told that I didn't and that my home was going to be foreclosure and that it was going to be a sheriff sale but I told them I sent in the payment so the next day I got the check reissue so I got my original check that I sent in the beginning and on time then I got a letter in the mail from home coming telling me that my home was in foreclosure and I had to move and there was going to be a sheriff's sale and they kept my payment and took my home from me and my children and I still have the check that they sent back and they kept the check that was reissued. That was wrong kept my money and took my home also please help me with a lawsuit

Posted by

I was placed in a repayment program, my mortagage ended up being $800.00 a month. I worked two jobs to pay the mortgage and they still claimed I was behind. I hired a lawyer, and he verified that all reciepts were accounted for, and I was not behind. They foreclosed anyway!

Posted by

Terms of loan changed. Agreed to 30 year fixed conventional ended up with a 30 year interest only, unethical and deceptive. Used to charge large fees to pay online. They don't pay my insurance premium each year which leaves me with lapse in coverage (escrow account with Homecomings).

Posted by

We have been marked as being past 30 late with payments when we were told by Homecomings not to make the payment because they were doing a loan modification. We called and asked several times if we needed to make the payment and we were always told not to make it. We have also been charged late fees and other fees that we do not know what they are. Homecomings refuses to show us any paperwork or payment history and they have told us they are not willing to help us at all.

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