Homecomings recently offered me a "loan modification" plan which they do not tell you is NOT the loan modification plan offered under Obama's Stimulus program. They offered a minor decrease in interest rate.
After numerous phone calls, I finally found out this modification they were offering is not under Obama's stimulus requirements. Homecomings is attempting to get homeowners into new loan agreements that benefit Homecomings, making the homeowner think they are receiving the loan modification under the new stimulus package. The new stimulus package requires the lender to get the payment to 31% of homeowners gross income. They can offer an interest rate as low as 2%, extend the loan to 40 yrs., and reduce the principal with the blessings of the investor.
They are also being asked to work with the second mortgage company if there is one.
Homecomings has not put forth any loan modification program within the stimulus guidelines as of this date. I was told they would not have anything in place until the end of April. They are dragging their feet.
The US Dept of Treasury laid out the terms and guidelines for lenders on March 4th, 2009.
The government is offering mortgage companies various reimbursements and fees for "modifications". Do no allow Homecomings to offer you only a fraction of the assistance that is available.