One of the biggest problems with people who get into debt is that they typically hit a denial wall. They continue the behavior that got them in trouble until it is too late. EMC Mortgage recognizes this trend and the issues of foreclosure that are facing many of it’s customers.
Instead of waiting for it to be too late, the company has taken a proactive approach and formed “The Mod Squad” which is an internal unit at EMC Mortgage to proactively work with deliquent borrowers. Instead of waiting till the hole is too deep, they see a shovel come out and are there to help the family recognize the issue and work out an arrangement that keeps a foreclosure from happening.
What a great idea and a great concept. I hope their customers that are contacted by “The Mod Squad” listen and get the help that is offered.
One of the newest approaches: “The Mod Squad” – a 50-person team of problem-solvers who work for Texas-based EMC Mortgage, which services some 500,000 U.S. home loans.
Named after the hit TV series of the late 1960s, The Mod Squad handles “loan modifications” – customized solutions for borrowers who no longer can afford their mortgages. The Mod Squad aims to modify mortgages’ terms so borrowers can avoid foreclosure and keep their homes.
“Foreclosing doesn’t benefit anyone – not the borrower, not the lender, not the (institutional investors who buy up mortgages),” said John Vella, CEO of EMC, a unit of Wall Street giant Bear Stearns. Instead, modifying certain mortgage terms – temporarily lowering monthly payments, interest rates, etc. – might allow delinquent borrowers to catch up. What’s unusual about The Mod Squad is that rather than waiting for homeowners to ask for help when they get in jams, the team proactively reaches out to borrowers. via BostonHerald.com
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{ 54 comments… read them below or add one }
Great concept, although it sounds a bit gimmicky. It’s a shame we didn’t have something like this in 2004 to stop people from buying 4 houses on all interest only loans with $0 down – oh yeah, and all somehow primary residence.
i do not know what to do, i can’t play my mortgage any more. please i need help to lower my payment asap.my adds 43252 harper manor ct, ahsburn,va.21048.phone 703-723-9249.
Don't worry. Right now there are huge legal battles over who exactly has the right to foreclose on you. If you challenge the foreclosure form EMC you might actually be successful. As hard as it might be to believe, EMC probably can not find the original paperwork for your loan (especially if the loan was sold). Because of the huge volume of loans and the way paperwork was warehoused. Without the original note you might be able to keep your home. BEST ADVICE – stop paying your mortgage and use the money to get a lawyer (a good lawyer) Most offer free consultations. EMC are scumbags – don't believe a word they tell you.
I'm in need of help also. I called the so called "Mod Squad" after waiting 30 mins on line, and they told me that they are only servicing home owners with an adjustable rate mortgages that's adjusting 2007. Otherwise, your on your own. I could'nt get them to work with me, which really sucks.
Im trying to decide whether to just give my home up. My mortgage has really taken a toll on myself and my family. The sad part is that I love my home, but I'm facing a steel wall.
Wiley Bunn – Buckeye AZ
Get a lawyer and don't trust one word that EMC tell you. They are trainned to lie to customers. They are not your friend. They will bleed you dry for every penny you give them and then they will foreclose on your house. These days there is a really strong chance that a lawyer can successfully challenge them and you can keep your house so don't give up hope. Go to your local court house and ask them who deals with most foreclosure prevention..(this is not asking for legal advice) – try and get the name of a good lawyer. Good luck
I was served foreclosure papers last week. I called EMC and they reinstated my loan which is a great break for my family and I but I was in foreclosure before because I wasn’t able to afford the hefty payment of $1,700 a month for a $140,000 dollar house now they raised the amount to $2,300 a month and now we have to give up our home. Working in rural PA earning $16.00 an hour I am unable to pay this large amount. We started out at $1,200 and Indy Mac sold our Mortgage to EMC and they tell us we have an adjustable loan and our payment is consideribly higher. I know EMC would rather people stay in their homes I get that, but what I dont get is the fact that EMC doesnt see who can afford what. We probably should have never got the loan in the first place with INDY Mac and thats where EMC needs to investigate. They need to investigate if loan to income is valid because I know that It couldn’t have been. I could make the mortgage payment if my family could live on crackers and water, we didn’t need electric or heat, and if I was able to walk to work. It was affordable somewhat in the beginning, now I cant do it, not even with me working two jobs.
They will "re-instate" your loan and keep bleeding you dry. They will not stop the foreclosure proceedings. I have had hundreds of EMC cases. They are liars. Do not give them any money. Get a lawyer and pay for him with your EMC mortgage payments. They are part of defunct Bear Stearns and probably have no clue where your original paperwork is, so if that is challenged by your lawyer you can probably keep your house or at least negotiate in a strong position.
The mod squad is a damn joke! They won't help you if you have an interest only loan! They just keep upping the interest! Well, that means we're forced to foreclose…what idiots! It makes me sick that they can get away with being such scum! I hope they lose a ton! Jerks!
This company is not attempting to work with their customers. They buy out loans without customers knowing until they receive the letter informing them of the fact. I've tried for 2 years to work with them, have been stonewalled, mislead, misinformed, and lied to. I sent proof 7 times that I made all my payments, and they still refuse to acknowledge the facts in front of them. With the mortgage industry crashing, one would think they would value their customers and work with them.
If I could get away from them, I would.
EMC mortgage is not willing to help anyboby.
I have asked for help with the sub-prime hell of a mortgage I have of 8.5% with a 5% prepayment penalty. My house is currently for sale and have already tried to refinancing – however, my score has plumetted due to this loan.
At this point, I am considering two aptions, short sale or foreclosure. The value of my South florida home is degcreasing monthly, I am almost upside down. I have lost all hope and am feeling almost careless at this point. the “mob squat” is a big joke, like florida politicians with the property tax and insuranse rates. but, driving your citizen into forecloure is a lose lose situation for everybody. May we all sink together!
EMC sucks…They have no consideration for their customers
The MOD SQUAD is a joke, my husband broke his back and contacted EMC to let them know we lost his income and would need to go over our mortgage and work something out BEFORE the first payment was late. We were told they could not help us untill we we 3 months behind. I kept calling and kept getting same answer. In the end they nearly forclosed but the MOD SQUAD saved us by allowing us to pay interest only for 6 months. Our payments went from 1035.33 to 882.73 a month (we barely make it) We are supposed to go back over it and make that payment perm but that is no guarentee. To be honest it is only paying the interest too and we do not want that. They took over our mortgage and refinanced it for $9000. over which brought our payment from $700. to that 1035.73 huge jump when the originally were supposed to give us $40,000. instead of the $9000. They strung us along 3 months told us not to pay our mortgage before they dropped the bomb about the $9000.. and we were forced to sign the paper or foreclose on our home. My husband was out of work with a broken back, we had no choice then we had an even higher payment. We used the $9000. just to make it through the first couple of payments and live off of while he was not walking. We wanna get out of their mortgage but they screwed our credit..
They would not help me either….Basically I asked about a partial Hud claim since it was a FHA loan and that acted like they had never heard of that. I called a Hud Counselor and they thought that was ridiculous!
Is anyone working on my file the property address is 975 Murrieta Blvd Livermore, Calif.? It has been several months and payment has gone up alot. I do not want this property to foreclose I have called everyday and can not get any answers. I thought they were trying to do a modification but does it take 3 months? Please if there is anyone at all that works there and cares . Please call me I hope noone else it having to go through this???? I hope someone will read this email.
Thank you,
Teresa D'Onofrio
925 980-7195
Teresa, I first called EMC on December 18th about a loan modification on my loan and I finally was contacted about the loan mod. yesterday, February 19th, so it took them around 2 months on my loan. Maybe they will contact you soon.
Teresa, I also just read that they are trying to modify around 2000 loans each month, That's an awful lot of loans. Just know that you are probably not the only one waiting. I worried myself sick, but they actually came up with a plan much better than I asked for. The lady I worked with was an incredibly nice person. I will hope for the same for you.
I don't believe this post. What lady did you work with exactly? What department did you work with inside EMC? or do you work for EMC? Hey I stand corrected if you can show some proof. There Modus Operendi is to help nobody and keep you going around in circles.
EMC is the worst mortgage company, they lost all my speedpay payments and accussed me of not paying
and wont help even though I sent myproof of payment
mean people, no sense
EMC Mod Squad? What a joke. I first contacted Mod Squad 10/07 about the ARM increase going into effect in 1/08 and how it was just too much to afford (at the time I was current for 2 yrs). I let them know that as of 12/07 that this payment will be last I will make unless I can modify the loan. The property was not worth what I bought it for and the only way to refi was to bring 45k to closing (if I had that I wouldn’t be asking for a modification). Was told by rep. Andrine the Hardship packet will be mailed to me and should get it in 2-3 business days. Just follow the information and fax completed paperwork to her. After NOT recieving letter and phone calls to EMC Mod Squad 3x’s a week until 01/08 about NOT getting letter, their response was “I show letter was sent. All I can do is re-send letter.” I fineally got letter 02/16/08. FOUR MONTHS AFTER FIRST CONTACT WITH MOD SQUAD!! Needless to say I am in Foreclosure and the only contact from EMC is their COLLECTIONS DEPARTMENT 16-18 TIMES A DAY!
EMC Mortgage does not give a crap about any of there customers financial situation, I have not even hit the 120 day mark for file of NOD per CA law, but yet EMC is trying to get me to sign a foberance agreement that says that I will pay them attorneys fees of $2500. I contacted the Company in December regarding a Loan Modification, I was told, that I should not make payments until I was approved or denied.Well i had not heard anything decided to call on January 27,2008 and spoke with a nice gentleman by the name of James Brook that told us we had been denied, but he would make payment arrangments with us and that in 6 months we would qualify for loan modification, he told he me would call us back, never heard from him. We called and left messages with several customer service for him to call us back, never heard from him. On March 10th called and spoke with a Sabrina Williams and she offered a same payment arrangement with us, but wanted us to give 2000.00 western un ion and a agreement signed and faxed to her, when i read paperwork that she faxed to me I notice there was more fees that were not spoken about before, when I called her to find what it was, she said that they are entitled to those fees, I disagreed , she then started telling me that i should allow these fees, make me lose my home, and also told me that she makes more money than me and my husband put togther……. All these peole work on a commision and want to suck as much money out of you as they can, they try to make you feel as if they are helping you when they are just putting you more in DEBT… they are sharks. If you are trying to get a loan modification or doing forebarance agreement, GO over the #'s first before you allow these theifs take your money.
I have been making huge payments on my EMC Mortgage! My husband was diagnosed with cancer in Nov and was out of work for 3 months. During this time we lost his income. EMC would not help us until we were so far in the hole that we had to set up a work-out plan for the next twelve months. We are required to pay an extra $320 per month on our mortgage. It has been a nightmare and on top of that we have to pay via Western Union, which is more money out of our pocket. I am really afraid when our modification plan ends what will happen. Will the payment go back to our original? MMMM……I wonder! If we could we would refi but being late on your mortgage des nothing for your credit score. This company does not care about their clients and I hope one day they all have the same issues we have and are treated as poorly as we have been!
since my loan changed hands 4 or 5 times and ended up with EMC there have been 4 or 5 mistakes…i am not behind but a few days but they still have a 7 year old mistake dogging me they inherited from indymac who has it corrected finally after years of me suppplying all their proof of their mistakes and collected extra fees and then refunded them with no explanation, charged a year of insurance i held private insurance; physically i am so seriously depressed and been in intolerable situation where they leave garbly messages on filling up my answering service which forces me to have no phone due to also their phonecalls using up all my minutes. i might not be making sense at this point because i am so fearful of their next mistake i cant even think about it without crying and wonder how to get them to help me without them taking more advantage of me. Im alone and 55 disabled and have lived on my property 18 plus years and have been paying on this loan 10 plus years. its so lonely and sad to not know if there's help for me.
Hi,
For those who have had a successful loan modification with EMC Mortgage did they put anything negative on your credit report?
Thanks
The largest problem I've come across with their 'loan modification' program is the absolute inept way they handle phone calls. You can't call your representative directly, you have to call, have the phone rep send an email and wait for a call back. God forbid you're busy when they do finally call back. In the end it's a business, run poorly like a business, with little or no real thought towards 'helping' the customers. It'll be a miracle if I ever get things set up properly.
I have great luck helping people get modifications resolved with EMC. It is a pain if you are dealing with someone lower on the rung but we have direct numbers to people who can get things resolved. As much as it may not seem like it no mortgage company wants to own homes.
I had a credit councelling company talk directly with the head guys at EMC and we couldn't get any results. In total I made over 70 phone calls. Our case was cut and dry. EMC are bullshitters and (if you are promising that you can get results from EMC), you sir are one too.
do you really have direct numbers? i need your help
I did a modification with EMC last May and thought everything was going okay, still high but a little more manageable.
What they failed to let us know is that due to the modification we would now have a balance owed, past due and on our credit report.
I am looking through all of my paperwork and nowhere does it state that I would end up with a balance of $18,000 which is past due and has now affected our credit. If this isn't deception I don't know what is. Is this how they help people. I'm not trying to get out of my financial responsibilities, but this is ridiculous.
I would like to know who can I report this to and what can I legally do against this company
Ok… I just found out that there is a suite against EMC because of their practices. The 20 to 30 phone calls a day, the extra fees, the bad credit reports. The Complaint has been ordered, filed and now we just have to wait and see what happens to all of us. Also Bears and Stearn who was the backer of EMC filed bankruptcy and is no longer in business. Google EMC and see what you can find…. very very interesting. They are supposed to redress our loans, make them current and fix out credit if I am reading the infomation correctly.
The fact that a recipient of an "extreme home makeover" should have to sell their new home because of the owners not having enough money for the upkeep (in spite of $60,000 dollars given to them for same), is extremely upsetting to me! When the home was first built, was it a home that would provide the necessities (without over building)? Yes, the home built was so beautiful BUT not which the inhabitants could afford. Could the city or town (State) step in and re-evaluate this home. Are there any people out there that could sit down with the owners and see where their financial burden lies?
I watch the Show every week, and I'm flabbergasted at the size of the rooms and the extravagant decorations that are shown. My idea for the future would be to build homes that the future recipients can 'afford'.
I am sure, even with my own unprofessional capability, the inhabitants would be overwhelm end and happy, but at the same time within their means of living there.
Of all the shows that I watch, the feeling I get watching the folks be surprised makes me have 'goose-pimples'. I just love the whole crew. I would just love to put my arms around them and give them a sincere, giant hug! Keep on with this most awesome and heartwarming show.
JoAnn Wilbur
I also have been trying to work with EMC with no luck at all. I called in to make a payment in November and was told my home was in foreclosure. I have made all payments, and even have bank statements to prove this. When I call them, the phone service disconnects you, or you speak with the reps who can't give you answer as to what is going on (this includes the managers). My home is due to be foreclosed on next week, and I still have no answers, and knowone will call me back. All I get is a promise that someone will call me back. I guess I'll start for looking for a new home.
The people at this corporation don't act like the advertisements that put out. Lane Reoberts is an example of how they realy act.
A home in Phoenix Arizona is for sale (short sale). The current mortgage holder is JP Morgan/ EMC Mortgage Corporation. There is a second lien holder. The price offered by a buyer was accepted by the Seller (subject to lender approval because each lender must approve the amounts to be paid to each lender). Both the first lien holder (JP Morgan "AKA EMC Mortgage Corp" – using Lane Roberts as Negotiator II) and the second lender (National City) accepted the terms and the payoff amounts (we have their letters) subject to the approval of the final HUD1. The final HUD is delivered showing the first getting a small amount more then they required and agreed upon. The second lender gets their agreed-upon amount also. Three days before the close of escrow the first mortgage holder’s representative, Lane Roberts, refuses to approve the sale because he wants half of the money the seller is paying to close the sale. The seller is a recently widowed mother of infants, who is providing $17,000 in cash from her husband’s life insurance and what money she could borrow from family and friends to complete the sale. She is doing the right thing here. If she just walked away from the property she would in essence be $17,000 ahead. Subsequent to agreeing to all of the terms and conditions of the offer, the JP Morgan / EMC Mortgage representative, Lane Roberts, has now stipulated that he wants half of the $17,000 or he will not approve the previously reviewed and accepted HUD. This would require:
· stealing money from the second mortgage holder;
· the buyer paying more;
· the Seller getting $8500 from the agents commissions;
· or the deal fails and the bank gets the property back.
The reason given for the extortion by the JP Morgan representative – “The second would get nothing anyway if there was a foreclosure.” In truth the 1st stands to get significantly less if there is a foreclosure as the property values have continued to fall since the early November offer was submitted. I cannot for the life of me understand how ethics and integrity have vanished from the banking industry to such a degree that this situation would be allowed to happen without the oversight of somebody higher in the JP Morgan / EMC Mortgage Corporation organization. Has everybody in this industry abdicated their responsibility?? How does this person, Lane Roberts, sleep at night??
Here is a case where the bank bail-out is supposed to help people in dire situations and yet this is how the banks treat them. It is disgusting to say the least. Moreover, it is extortion on a criminal level. When banking processes, and their staff, respond so shabbily in a situation as outlined above, it becomes clear that the bail-out is a fraud on the American people!! The banks have shifted their predatory lending practices to predatory sales practices. It is very apparent that the banking industry JP Morgan-Chase and EMC Mortgage Corporation, specifically Lane Roberts, Negotiator II, have lost their collective moral center. The banking industry created this problem through greed and poor oversight and we the tax payers have been forced to give them absolution in the form of a $700 billion dollar cash award with no accountability or controls. It sends the wrong message.
“Without a sense of responsibility or accountability – ethics and integrity do not exist.”
This article is also being forwarded to:
EMC CEO – Joe Tucci
Call 12 for Action (Arizona)
3 On Your Side (Arizona)
MSNBC – Rachel Maddow
Senator Chris Dodd (D-CT),
Chairman of the Senate Committee on Banking, Housing, and Urban Affairs,
Felecia Retelling, Superintendent, Arizona Department of Financial Institutions’ (“DFI”)
I have nothing bad to say about EMC. My husband lost his job for a few months so we got behind by 2 months or so on our mortgage. They did help us and we got a modified loan to last 5 years. Only thing I wonder is, maybe they are more willing to help people who have no equity in thier home? I owe way more on my home than it is worth, due to the fact that I bought it at the WRONG time (Aug 2005). Not too long after that, values plumetted. My house was never actually worth what I bought it for.
So I wonder if the fact that I owe probably close to double its value has something to do with them being so willing to help. Sad really, that the more you have to lose, the more likely you will lose it. I want to just walk away at this point, we're still struggling and why would I want to pay so much for a house worth so little? Im afraid of the legal reprocussions though. Good thing (so far) my kids like ramon noodles lol
This country worst than 3 world country, thief in government under bush. CEO they go to hell . Banks is lier sucking blood. Buying a House is America night mare. I am so glad that I just rent. No property tax.hey My landlord also fix and pay my water.When I have extra money I go vacation. I heard somebody pay interes only for $4000. holy s#@!2.For people have to go to foreclosure .look like pain in the neck. save your money go rent enjoy your life ,you may be better off without a house. life is to short to be up sad.
I used US Mortgage Mod, LLC in Philadelphia. I literally called and check about 30 different companies. They were the only ones who would ttry and help me without taking any money until the process is complete. Pleasure to work with since i was taken advantage of 3 moths earlier. My advice be Leary of any company that wants all money upfront. My sister all use them and had a very good experience. Hard to find these days. good luck
We've been trapped with EMC for ten years. We've been in forbarance twice, taken out because they lost the paper work. Due to hardships and economical times we are unable to pay our 1500.00 a month loan. I found out only twenty dollars of that goes to principal (do the math) so now, our home is five months behind. We both have minimum wage jobs (fell from being professionals), no equity and a 200,000 home is now worth 40,000. It's falling apart. Do you think they would help? Nope! They will lose and the only person who will benefit will be the short sale agent who gets 2700 dollars. EMC will never sell this property in this condition. The only reason we want to keep it is we are hoping the economy picks up and we can stay close to the school and with our neighbors who are like family.
We are trying to do the right thing. They are offering we pay 500.00 in ten days…..then in two months pay 500.00 on time for three months and then file for a modification loan. Of course they told me to ask for a fixed rate which we ALL know we'll never get! Just a raised payment. Sooooooooooo, do we give them 2000.00 and get screwed anyway…..or bank it and move to rent? I'm so sick of EMC.
We got a check because they were sued and it was 14.00…..what a laugh I had! They have added 30,000 in fee's for only gawd knows what.
I hope Bear Stearns and all EMC employee's have a painful death when it is there time. They are making families live in their cars, lose anything of value, pride, dignity. I believe in Karma so I hope I live to see them fall.
There are so many good lenders out there. Warn everyone!
Fuck EMC Mortgage they were no help at all and fucked me and my family out of our life with no recourse. Lies and fake bills all over the bullshit fake lates they made us disprove with our checks and bank statements. God damn that company and everyone who sold a loan under their name.
It always boggles my mind to read post after post by people cursing out their mortgage companies for foreclosing, or going after them, and then seeing in the post that they've fallen on hard times and are missing payments. I recently read another site where people were cursing out a company for sending them to collections, when because they owed them money.
Sorta like the people who are going to court to try and nullify a foreclosure because of paperwork mistakes by the bank, even though they have stopped paying on their mortgage — and they are trying to get the court to forgive the entire loan.
Times are tough, many people are struggling with these loans that were too good to be true, but blaming the mortgage company for foreclosing on you because you aren't paying the mortgage, is ridiculous. (oh, and most loans don't even touch the principal in any meaningful fashion for years.) Hint.. you took out those loans, you signed the papers, you're responsible for paying them.
I agree with you Diana, but I think that the combination of government types and mortgage companies constantly talking about how they are helping families out with mortgage workouts and then running into an uncaring bureaucracy when people try to get help is a big problem. Sure they are responsible, but the PR folks are running around telling the media how often they are helping others out, then Joe Smith asks for help and runs into a brick wall. This is the frustration you are hearing.
My property is also with EMC MORTGAGE Corp JPmorgan Chase. Even though they have been order to decease these practices they are still at it .Last month I made a payment of 942.00 806 which was the payment and 136.00 wish i specified went to the late charge so i could get my payment more afforable and low and behold when I got my statement my late charge did not go down . When I called and let them know I knew they were in trouble with the FTC and I want want the late charge appplied correctly. They and applied the late charge under some bogus fee and said it was in my contract . I never signed a contract with them my was sold one month after I refinaced. If Congress want to fix the economy then they ought to made these Corporation pay Criminal is a crimal white collar or blue and they need to be prosecuted to the fullest extend of the law. It is extortion.
I just got a Potential Private Pension Benefit Information from the social security, and I am unable to find the Plan Administrator for Aegis Mortgage. Could you help?
We've also received the runaround from EMC. In Sept. 08 we sent hardship information (my husband lost his mortgage business due to this government mismanagement of Fanny and Freddie) and were told numerous times by numerous people that they would be mailing a work-out. It has never arrived. I'm sick of trying. I've finally figured-out why they aren't working with people. They're waiting for another Federal bailout to buy up this bad paper at it's face value. They don't want to help their customers. Get the government out of the private sector!!! All they do is screw things up. There would never be a recession in a capitalist system unless government screws with it.
I also have mortgage with emc i had a payment plan which now expired but i keep making my payments and now they wanna raise my payment to 1800.00 which i can't pay what can i doi can pay the payment i have now 1097.00 i wanna keep my home omg
emc deserves to go broke
My loan got sold to EMC early last year. I requested modification paperwork and it never showed up, so I had to call them again and again before I finally got it. As of right now I'm trying to wait and see what happens with the government help because it is turning into the wild west. I am an entrepreneur with a new business so it would be difficult to show good income over the past year. I'm hoping that I will be able to get a modification in order to bring my loan down but I am kind of in a holding pattern until the details unravel.
Is there any way to find out of your loan is backed by Fannie or Freddie?
I have had my loan modified twice by EMC and I will tell you they have only done worse every time. Now I find out my house is worth half of what I owe and don't know if I should walk away now or what to do????? I don't see any stupid goverment bailout helping me..If anyone can offer any advice I would greatly appericate it.
I had a loan with Everbank who then transferred the loan to EMC. EMC never notified me the loan got handed off so I ended up with two late pays. When I saw the lates on my credit report I wrote a letter to EMC to get them removed. They refused, so now a year later (after selling that house) FHA won't approve my loan on another home even though I explained the situation and have improved my credit score to 700+ after the debacle with EMC. After reading all the other posts above I'm not surprised we're in the state we're in. This idea of the MOD SQUAD sounds like a typical crappy gimmick thats all show – what I found out is that these guys are operating on strictly central time with fax machines and unable to communicate effectively with other banks. The loan broker told me to get 'my lawyer' involved to clear my credit. For Chrissake, I have 4 kids and 2 jobs – I have neither the time or money to have a 'family lawyer' – none of these folks seem to get it.
What the hell have I gotten my self into.My int. rate is 6.75% , I feel lucky a little. I purchased my place in 2006 at 375,900 now it's 208- 220k . It sounds like I'm #^%$%!. They need to start working with people instead of adding to the problem, or am I just out of touch on this matter.
Diana and Royce are you paid pumpers here ? I am all for everyone having to pay thier bills. But when JP and the rest went on wellfare with my TAX dollars to bail out thier sorry asses they gave up that right.
Had it not been for my tax dollars EMC and company would be out on the streets posting on these sites.
As far as i am concerned and (no i have not lost my home and yea I have EMC scumbags servicing my mortgage)when they get 0 % loans on my dollar and stay in business on my dollar then your damn right they owe the tax payer refi and whatever else is needed. JP is BK and EMC is going to run them in the gorund.
I just read an article titled “The third Wave of foreclosures”. These are foreclosures on people considered to be “prime borrowers” that have fixed rate mortgages and very, very seldom miss payments. I fit into this catagory. We have contacted EMC Mortgageon several occasions to get our payments lowered and was told that the “investor” would not allow it! Quite simply I did NOT ask to be laid off nor did I create this so called recession that has become more like a Depression. I wonder if EMC’s investor/investors was one of the greedy idiots that created this mess. We all know what happened to Bear Stearns. So I say to CEO Mr. John Vella and his so called Mod Squad get off your butts and start working with your borrowers or get out of the business. You’re a joke!!!
I beleive Emc are a bunch a racist liars. The whole company is run by lying cheating mexicans. If you are not upside down in your mortgage then you will not get a modification period !! If they suspect you are white or african american then you will not get a modification ! We have been lied to over and over and they have even admitted to being wrong but none the less they are not there to help you.If you have any equity in your house then you most certainly will not get a modification.So my advice is to suck it up let them take your house and lose on it .If enough of us do that then it will put them out of business and then they can go back to mexico and we can dispute the mortgage on our credit histories and since they are out of business they will not be able to verify and thus be removed from our credit reports. Then we can go out and buy our “dream homes” for pennies on the dollar. By the way all this crap happened when the democrats took over in 2006. Dont blame Bush blame the ignorant little people with no education that voted for Democrats/change.
I had a Mortgage with another mortgage company for over one and a half years and then it was sold to EMC I did not agree to this I did not want EMC to have my mortgage , Should we not have the right to say no, if we do not want to do business with EMC. I did not have a arm loan and after the sale the payments just kept going up until I could not do it any more. ( My payment almost doubled) EMC must right the rules as they go. I also had no help from EMC . all I got was to bad do this or else . It has been over three years scene my EMC Mortgage and they are still messing with me. I lost my house in April 2006 and I looked at my credit report today, they moved the date of my foreclosure to DEC 2009 . I have been screwed by EMC again. Buy beware Please . I guess the Federal Trade Commission did not scare EMC. We are losing our homes, but lets make sure that all the CEO's and the upper management get there bonus. from our tax dollars. good job guys
Just want to comment to Diana. I am so tired of this holier than thou attitude. One day you will have hard times and you know I hope you get mercy anyway. I have been sick and disable for over a year yet I still manage to pay my 3900 dollar mortgage every month until this month inwhich I need help, I want to pay but need a temporary break to get back on track. You have no idea how life is hard with your attitude
The EMC mod squad is a complete fabrication. It is just a public relations scam. EMC are now famous for telling customers that "we didn't receive your paperwork". I sent them my paperwork 12 times via fax mail email etc. They are just a bunch of liars. Hope their company goes where it belongs, down the tubes. I feel sorry for the morans who buy stock like EMC mortgage corporation. What a way to lose.