If you need a loan modification or short sale with EMC to stop foreclosure, then you’re in luck. They are aggressively helping their clients by being pro active in the loan workout process.
They recently hire a team of 50 people dubbed “The MOD Squad”, who’s Members will spend an unlimited time on the phone with troubled borrowers, sifting through their bills to compute a workable monthly payment. In an industry that often rewards workers for getting off the phone quickly, the team is preparing to speak to just three people a day.
EMC Mortgage: Loss Mit Main #: 888-577-4011
They also have REO properties listed @ www.emcmortgage.com (http://www.emcmortgage.com/)
REO Phone #: 800-723-3005
I also have read that some people are having trouble dealing with them. That’s when you need to speak with a professional non-profit or for profit pre-foreclosure specialist. They are trained in dealing with loss mitigation departments and they have good contacts at these banks.
Please share your stories in dealing with this lender and their MOD Squad. I plane to interview many of these lenders and I am hoping they will be involved in helping me get the word to people that there is help out there and they are not alone.
{ 64 comments… read them below or add one }
I called the EMC Mod Squad in May – I was behind. They requested 3 payments be made on time. Payments requested ($3,550/month) were $600 a month higher than my normal payment. After 3 timely payments I would be contacted by the loan modification program and, although they couldn’t promise what the new interest rate would be, loan modifications were currently coming in around 5% and I would get a fixed rate loan. Loan modification department called me this week. No fixed rate, no change in ARM interest rate or adjustment periods. They are just tacking the late fees and past due payments to the end of the loan and raising my payments by $200 a month. After initially talking to 2 individuals at the “Mod Squad,” both of whom indicated I would end up with a fixed-rate loan, I feel I have been fraudulently induced to continue paying on the property with the expectation that if we starved for 90 days things would get better and we could keep our home. My research indicates that loan modifications DO involved changes from adjustable to fixed and changes to interest rates. What should I do? Thank you.
Hello Betty!
Unfortunately when dealing with loss mitigation and in this case “The MOD Squad”, the more you show that you can’t make payments or repayments then they will work with you. I know it’s completely frustrating but remember their job is to protect their investors before you. Sad but true.
In my experience when someone can make payments such as you did, they assume you will be able to in the future. If you were to remain late and couldn’t make payments then they probably would have modified it.
My question to you is what is your income and how much total debt do you have, including your mortgage? If your debt to income ratios are way off meaning they are above 50%.(debt compared to income) then I think I could help or advise you what to do.
Is your ARM adjusting yet?
You can reach me at 951-271-6283. If you would like to talk on the phone and I’ll see what I can do to help.
Don’t give up and fight back!
Best Regards,
Moe
I am currently dealing with EMC, I have a 1st loan@7.75%(arm) / 2nd@12.50%. I requested both loans to be combined in one+a fixed 6%. They have yet to call me but I also recently filed bankruptcy and I clearly indicated that if they cant work with me – I may just have to keep the loss on the property! (I’ll keep you informed with the outcome)
I meant THEY (EMC) might have to keep the loss on the property!
I called EMC to see if there is a way to get my ARM to not adjust right away. I was told that I need to prioritize my expenses. I showed them that I was not overspending but there is just not enough money for us to live. I did not get the help or assurance I was hoping for. My 1st jumped from 6.3 to 9.5 and my 2nd is fixed at 10.99. From $3K to $4K although for some not a whole lot, it takes a whole lot from us, a family of 4. We can afford the $3K / month. Is there anyone who can make a recommendation?
Yeah, you go man! Drag it out till the cows come home!!!!!!!
Moe
They started the EMC Mod squad and made press releases. I was impressed. Now I am not because it’s obvious that they are not doing what they said they were going to do.
Here’s another story:
“Call the EMC Mod Squad at 877-EMC-MOD1 (877-362-6631)
The EMC Mod Squad, EMC Mortgage Corporation’s Loan Modification team, is dedicated to helping customers prevent foreclosures.
The employee Alice treated me as if I was wayyyy past due and sarcastically said Sell the house. Also said they didn’t care if I lose the house in the future because they were financially stable.
Felt like trash but respected the lady since the company don’t have values to train her any better on customer service skills. Last night I felt relief reading similar case in this page and empathize with the feeling.
Agree there is no Rip off but there is no need to trash the clients that pays your living. If that is the team that gives you guidance don’t want to deal with their repo dept. REFINANCE all of you that have issues, the company has no customer service. My toddler has better matters.”
Another One!
called emc to see if they had any special program options to help lower our monthly payments for a while because we lost a huge income and needed some time to pay off debt for like a year or so and they refused to help us in anyway.
i was so upset by their lack of customer service after i explained my situation and i have been on time with my payment for over a year and all i was needing was a little help for a short period of time.
after talking to someone for an hour and getting no where i asked them what did they want me to do go ahead and foreclose and they said no what we expect you to do is sell your home.
i can not believe a lending institution would have so little disregaurd for someones financial situation when all i want to do is keep my home i have lived in for 12 years instead of selling it or giving it back to emc.they should be required to offer programs for people who have a unexpected situation come up.
wishing i never would have gotten a mortgage with such a horrible and unfeeling company very very disappointed.
Amy
sweet home, Oregon
U.S.A.
(Follow up on previous entry)
…this morning I received a call from EMC and spoke to someone at the BK Dept regarding my request to modify my loan. They said they are in the process of working on the case and they will come up with a program that is suitable for my situation. I cleary stated that they have to let me know now so I can make arrangement with my lawyer to foreclose on the house if no modification can be done – I gave them a week to respond. By the way I am 5 days late for Oct. and plan to be that way until they come up with a plan. The CS said that my request is not out of reach and it is workable. My hearing with the creditors for BK is on Oct 18 – they have to respond by then! (I’ll keep you posted)
Thats great news. Nice to see you play hard ball with them. Fire with fire is sometimes the best way. I wish you the bes and please keep us posted.
Moe
(follow up on previous entry)
…I got an answer from EMC BK/MOD squad team. My 1st mortgage which is at ARM 7.75% due to change in 4yrs, was lengthen for another 4 yrs (this will give me time to get my credit back in shape for possible refi)plus intro rate for next 4yrs will be at 6.85%. The 2nd mortgage was more flexible because they know if the house forecloses they will get the most hit on the loss on their investment, they first bargained a 10% for the next 4yrs and back to 12.50% after – which I delightedly said NO. I countered by requesting 10% fixed and 7% intro for the next 4yrs…No result on the 2nd lien yet they will get back with me in a week. Bottom line is if the 2nd is able to bring it at 7% for the next 4yrs and the 1st at 6.85% my chances of surviving and still be at my house is bigger and longer preparation. I was not able to get my 2 loans combined in one but looking at the interest rates they’re offering me was as good as having both the loans combined. Again the 2nd lien investor has until the 18th of Oct before my BK hearing. I had to be tough and always was expecting for the worse – before all this began I have secured a lease agreement which I was approved for considering my credit with a rental company for a house in case things dont come in plan. The rental/lease agreement credit approval form which I also sent to EMC to let them know I am in for a battle!
AWESOME NEWS! I just posted this as a successful loan modification story on my blog. Way to go and thanks for remembering us over here.
I am in the same situation with EMC. And the MOD SQUAD is just smoke and mirrors. They have no intentions on helping the clients. I am also filing bankruptcy this week and I would like to keep my house but I have no reservations about losing it to keep my sanity. Despite how all of us got into this postion we are in it now and it requires all of us to be flexible but if the mortgate company wants all or nothing they will end up with nothing because people only make so much money and you cannot get blood from a stone.
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I can help you get your loan modified with them. I have done several loan modifications through them. I have no problem sharing what I know if it can help.
Sheri
contact me at:
sheri@icantdothisonmoesblog.com
I can help you with your loan modification. I have helped several through EMC. I have no problem sharing what I know if it will halp you.
You can contact me at sheri@icanttrollmoesblogforclients.com
I am trying to help a family member navigate through the Loan Modification trappings of EMC. Its refreshing to read all your comments. I hope through your experiences, I’ll be able to offer some help to adjust two OUTRAGEOUS loan. I felt the Originating Broker used predatory tactics to dupe my cousin into a 1st at 9.59% -2 year fixed with 14.00% adjustable for 35 years with a balloon final of over $185000. Our intent is to look for a MOD that will provide his family of 5 with a fixed rate they can manage. I’m working with a local HUD officer to assist us navigate the MOD world. Thanks to all for your posting. GOOD LUCK to all.
I have been dealing with the famous EMC MOD SQUAD team for more than 2 months already; all they do is playing games. They keep telling me the Loan Modification request is almost approved, that all I have to do is keep paying them until its ready. But as I will show you they are just one of the biggest scams ever. I have all my communications with them, what they have told me, their names, etc.
I am reading the post and i have a loan with emc that is an option arm that is adjusting all over the place… I tried dealing with the mod squad but never got an acceptable solution. I would like all the help I can get as I was put in a loan that only benefited the lender
Although the “MOD SQUAD” marketing sounds promising, I find it to be nothing more than just that, marketing. EMC, a Bear-Stearns organization turned me down for a refi because “I don’t make enough money”. Yet I have been making enough money to make my mort payments on time for the past 6 years. I was not looking for cash out, just some relief from the adjustment of $500 a month to ARM. I have not been late yet but coming very close to not being able to make the increased payment because the only reason that I can make it is to work 6 days a week and OT on top of that and living in poverty. Have applied to them again for a modification to at least put my payment back to the original payment for a couple of years because I was laid off from the job that I had when I was approved for the loan and although I make the same amount of money at my new job ( of 1 1/2 yrs) with commissions and OT and the company is more stable and more growth potential they are still not willing to work with me considering I have not heard from them with regard to all the required paperwork I had sent to them; paystubs, hardship letter, etc. After having spoken to one of their rude customer services reps, it sounded to me as though they would rather get the house back than have someone that is consistant in making at least the original payments. I really do not understand the logic in that considering nothing is selling in Stockton at all. So they would rather have NO PAYMENT ? I’m scared because I don’t want to lose my home and don’t know where I will go.
Hello webmaster…Thanks for the nice read, keep up the interesting posts..what a nice Wednesday . Tila Nguyen
Had to send another packet to EMC because apparently they lost the first one. Impossible to fax them anything because the line is always busy. One agent that I spoke with said that “there have been alot of documents lost these days”. That’s not acceptable. Time is running out for me. All the promising news does not seem to be very promising. All I am seeing is people losing thier homes. EMC has not contacted me at all with all the information that I have sent them. I have been trying for a Loan Modification. I have never had a late payment in 6 yrs. But I am about to just let the house go back.
The help that EMC says they are providing is a line of bull. They do not help. The first thing they try to do is gouge you for all kinds of lawyer and processing fees that they apply. They do not try to provide a workable plan for you, they try to get you to commit to some type of repayment plan that takes everything you have with no way for you to get ahead or solve the real problem. Even their so called “Mod Squad” is a publicity stunt. They did that so some of the difficult people to reach would contact them so they could start their harassment of you. They will never give you the same person twice so they can always fall back on the statement of “I don’t know what info anyone else has given you”. You just go around and around with them and the problem continues. I am about ready to move out and let them have this house that they will never be able to sell. I would think they should want to try to work something out because something is better than nothing.
Had submitted an application for loan Modification on 11/30/07. Was told that I did not sign my financial doc, although I made copies of what I had sent and I did sign it. Was sent another packet to submit, sent it and agian I am told that I did not sign doc and did not send my insurance doc, which I did. When I asked to speak to a supervisor, was told that they would take down my name and submit “my complaint”. I was not submitting a complaint, I wanted to know what is being done about my application. All the rep told me was that they have recieved many inquirey’s and would have to have someone call me back within 48 hrs and “is there anything else I can help you with”. THIS IS UNACCEPTABLE AND INSANE. I HAVE BEEN TRYING FOR A MONTH !!! UNABLE TO FAX ANYTHING, UNABLE TO GET ANY ANSWERS.
Again,
It amazes me how many people are financially illiterate. Isn’t it common sense, if you make 5K a month, that you can’t afford a payment of $5100 dollars? Ronald Reagan told people to “trust, but verify”. IF more people would have just “verified”, they would have never ever been in this predicament. I have no pity for ignorant people.
After numourous calls to EMC, being transferred from one robot to another, I still know nothing about what is going on with my application. I just keep getting told that someone will call me within 24 hrs. No one does ofcoarse. I had hoped to keep my home after 7 years of on time payments, but it does not look like that will happen. Are they just waiting for me to default so that they can get the $75 late charges ? Do they really want another empty house to try and sell ? I know their busy but 3 months ??? Who do I contact about this so that I can get some answers ? Bear Stearns ?
Hi,
Give me a call and I can help you. I’ve delt with EMC regarding your same situation and I’ve made contacts at their executive office.
Take care,
Laura
I need a help with my mortgage, I need a my mortgage to be modified.
I have a family of 6 and we just loss one of the biguest incom my husband and I. We want keep the propertie. we need a help.
Please send us un mortgage modification application.
Thank you.
I have been living in my home for several years years and I now have a 1,000,033. interest only loan with a 4700. monthly payment covering large taxes and homeowners insurance. Initially, I thought that I could sell the house for 1,400,000. but the market has changed. I stopped paying all of my credit cards as I don’t want to loose the house, especially with my adorable children. I DON’T EVEN ANSWER THE PHONE ANY MORE. Now I am out of money. I took my former wife back into the residence and have paid her bills, hoping she will again seek employment, as she makes good money. I now only net LESS THAN 4000. a month. I am on sleeping pills and probably average about 3 to 4 hours of sleep a night. It’s a nightmare. I have not yet called EMC. Will they now be more willing to assist people if JP Morgan owns them. I will listen to anyone who can possibly advise me before I go into a stroke mode. I WOULD LIKE TO BE ABLE TO PAY ABOUT 2000. A MONTH, AS I WOULD BE ABLE TO PLACE HOUSE ON THE MARKET BY JUNE. GOD BLESS!
EMC did not even helped me out modify my loan. I have provided all the docs they needed but no one even called me. After 6 weeks of waiting, I ‘ve contacted them and let me know that i am not qualified. I really don’t thinkt that they do help homeowners, instead this mortgage company has no respect and treated me bad.
To: Laura Mettias-Salas,
Kindly please help me to deal with EMC.
Thank you very much
Please provide the link or web site to your customer service or payments on-line link.
I have tried your EMCmortgage.com and can not find this information.
Thank you
EMC is offering relief to borrowers. I am working with a client now to establish a new refinanced mortgage; better than their previous repayment plans, forebearance, and a loan mod!! Experience counts now more than ever. EMC just started doing these loans in 10/2008(Ive been hounding them since Jan/08) that allows the borrower to “refinance”
I can help initiate the process. If you dont have the money to pay for a loan mod(1500-3500.00) with EMC this is the best option. EMC isnt obliged to suggest this option so dont expect them to.
We currently have EMC Mortgage as our 2nd Mortgage on our house, although the payments were only $218.00 a month at a APR of 12%, after 2 layoffs in a 6 month period and trying to pay the first mortgage and other bills we got behind, We contacted EMC’s Loss Mitigation Department about a Loan Modification, they set us up on a repayment plan paying $273.58 a month… after 3 months of making timely payments they would look at the option of a Loan Modification, we paid August, September, and Octobers payment on time, contacted EMC about the Modification, they ask us to resubmit any updated information pay stubs, financial worksheet, hardship letter etc… … so we did, and last week we were told the Modification was approved. Only problem is, from what the customer service reps. in the Loss Mitigation department are telling us, (which they are NO HELP, and very uninformed) Our APR did not go down, and our payment went up. But as far as someone saying in a post earlier ( MOE) that if you show you can make your payment on time, they are less willing to work with you on a modification, it is quite the opposite, EMC and Wells Fargo, ( which EMC is a sub company of Wells Fargo Home Mortgage) who we have our 1st Mortgage with and just got approved for a Loan Modificatoin as well, told us that the biggest key factor that did in fact get us approved was that we made our 3 larger payments, and made them on time, this showed them that if they approved the Mod, that we would be able to make the payment in the future, As far as EMC Mortgage and our APR not dropping and payment going up, we are going to talk to the actual person that did our Modification to get more answers, because as I stated, the Loss Mitigation Customer Service Representatives are basically worthless,and only manager to make you very angry, and can not answer your question. Also another piece of advice, keep a chain of contact with them, the more contact you have with them the better it is for you.
Hope some of this information is helpful!
Thanks!
I Currently have a loan with emc also they called me today to tell me my repayment plan has expired and then the guy tells me they can do a loan modifcation but then tells me my payment will be 1800.00 which is 700$ dollars more then i was playing in the repayment plan i said how can i afford 700$ more when i called to get a repayment plan because i couldn’t pay 1462.00 a month does that make any sense i now pay 1097.00 amonth i told them that’s affordable for me but i can’t pay 1800.00$ but imma continue to fight them cause this is insane anyone got an opions for me with this fight with emc this mortage company is insane
thank you
Well still waiting for EMC to respond back to me gave them all income and expenses after them telling me that my mortagage will go up to 1800.00$ and me telling them what i posted above i mean if they lowered it to 1097.00 before why can’t they leave it at that i surely can afford that but they just worry about making commissions cause that’s what these default loss migation departments do work off of commissions the more they charge you the more they get but i’m not agreeing to anything til they give me the right payment i can afford like the 1097.00 and as long as i pay that’s all that counts they can work it down and i’m not gonna give up til they do i will fight til the end they are not gonna ripe me off
I sent EMC a hardship letter, its been 2 months, i have not received a response/result. They dont call you, you have to call them every week to find out what is going on, they said they are still processing my application, i need help in lowering my monthly payments…is there any other way…how about getting an attorney…can that be another option
Moe,
i need help with EMC they won’t do my loan modification they still want me to pay 1800.00 which is 700 more than what i pay now and then they transfer me to customer service to suppose do a forebrance plan and the guy there was rude he told me to flat out seel my home i mean i’m still paying the 1097.00 they gave me before with no problem can i call the number you listed before?
My husband and I have been trying to get a loan modification since december with emc. First, they requested us to resend recent paystubs. We did that. Now, they are requesting us to resubmitt the hardship letter, and bank statements. We recently spoke with someone today and tells us we do not qualify, because our expenses are to high and our income isn’t enough. I thought the whole point for a loan modification is to help homeowners make payments they can afford. The person we spoke to was very rude and unprofessional. The thing that gets to me is we have never spoken to this person before and after two months this is when we hear that we don’t qualify! So, why are they asking us to resubmitt documents? Not only do they give you the run-around they had false comments on their computer system. They claim that the person handling our application has been leaving voice messages on our phone and trying to reach us. THis is absolutely false and we had no messages from that individual. We have never spoken to him at all. We have been trying to contact him for about a month and everytime we try calling there is no answer. If anyone can help with this situation please let me know.
I am in the same boat with everyone on this site I lost my Business in Oct 07 My mortgage was paid up to april 2008 I called there Dream team no help they said I was not late now I’m almost one year still waiting for emc to help me hopefully this new package will help….. I work to hard to loss my home.
EMC is a joke they told me i didn’t quaify for a loan modifcation and they wanted me to pay 1800$ i’m still paying the 1097$ they gave me before can anyone help me deal with these ppl
I stop paying October, November and December. Received several collection calls. I told them that my property is worth 50% less than what I owe and I have an arm rate and I can’t afford payments. I went ahead and submitted the Loan Modification papers and after 90 days they put me in a payment plan for 6 months 200 dollars less. I will continue calling them to get them to modify my loan. EMC advise me that I need to pay 3 months @ the new amount in order to be considered for a loan modification. Emc is horrible to deal with!!!!
yes emc is i was put on a 1097.00 repayment plan that has expired now they want to raise it to 1800$ and i told them no i can’t pay this and now still paying 1097$ they just don’t want to work with anyone and they are very rude but can anyone tell me how to deal with this i don’t want to lose my home
can anyone help me to deal with these ppl at emc
I haven’t paid EMC since May of 2008. Their whole trip is just to be rude and place blame and guilt so you will send a payment. But I was a bill collector and don’t fall for that crap. They call every day and try to harrass me. The only thing they offered me was to increase my payment for 3 months and then they would “consider” a loan mod, which was no help at all. My house is upside down at least 150,000. I gave up talking to them. They often send me certified letters in an attempt to intimidate me. They haven’t foreclosed yet. I am still waiting for them to. But now I think they will be forced to re-write the entire loan under the Obama plan, or soon the bankruptcy laws may change and I will just hammer them there. But they are in no hurry to foreclose on anyone, apparently. So just don’t panic. Basically, if you are in trouble, then you are either going to get a government re-write or you are not, and if not, start saving up your money to move. They won’t foreclose for a good long while and you shouldn’t try to work with them at this point. They belong to JP Morgan and there is a foreclosure moratorium on. And JP Morgan took the bailout money so they will be forced to re-write the loans down to a payment of 31% of gross income. Or else take them to bankruptcy court if that passes and strip off some of the principal. Bankruptcy is best option because the other plan doesn’t bring the loan down to the value of the house, I think. It is all so worrisome and up in the air. Good luck.
I have read the hole page and one thing that I can tell you is that the MODSQUADS is bull crap. I do Loan Mod for a living since Feb of 2007. and the only way they are going to modify that loan is by throwing FIRE at them, most of us got this types of loans by a MTG broker that mostlikely did fraud to get it aprooved ( it was just normal guidelines and programs that they had back then) so the only way they will bend over and say yes is by asking the county for a copy of the complete purchase or refi packege and having an arbitrator or a lawyer give them a call and tell them about Consumer laws and fraud and trust me they will modify that loan ASAP thats why are company has a 100% customer sastisfaction.They do not want to go into the whole court process they have everything ontheir site to loose that case plus they can not even blame it on the underwriter she mostlikely got laid off. I just did a Loan Mod with EMC mortgage on a property in GA the principal balance was 243.000.00 int Rate of 8.3 with a payment of 1834.00 the lady was 4 month past due and had not paid her taxes for 2 years. they took the 243.000.00 and put it down to 175.000.00 clear off her past due and delinquebt taxes and gave her a 5.75 fix for 30y with a new payment of 1021.25 Please stop calling the Famous MODSQUAD they are not there to MOD your loan they are there to get as much money as they can and them keep your payment the same or put it up as its on most cases, or worse like it happen to another customer that I could not help because he was too far in the process of foreclosure they put him on a reypayment plan or mod plan for 4 months and still forclosure on the property all they did was stole his money while they kept the foreclosure in process its just another way they got to pay for attorneys fees and the hole process, so please I ask again do not try to do this on your own. If you come to think about it most of you spend numeros hours and thousends of dollards with EMC and they have not yet satify any of your needs, please call us and we will get your Loan Modify IF YOU QUALIFY FOR IT and I say that because some of us just CAN’T afford the home, well I hope to help some of you in the near future and god bless you. Toll free 800-dont-callme Alex Castillo
I must admit that I feel much better after reading all your comments. Both of my mortgages, 80-20, are with EMC.I initially reached out to them for help when I started to feel the financial pressure and before I defaulted on both loans. Somehow, just like many other cumsumers, I feel as if I’m being punished for always being on time. When I originally reached out to them, I was told that a package was on its way, needless to say I never got it. I called EMC again and then reached out to a non-profit organization to help me get through them. HOPE got involved and sent them my financial statement and hardship letter, but still no answers from EMC. I waited for the new Obama law, hoping that I would get a better response or even new instructions on how to proceed and I finally called EMC back yesterday. First, the rude “mortgage modification specialist” stated that they did not received no information/paperwork from me or any organization, even after I told her that EMC had left a voicemail stating that they HAD the paperwork and would like to speak to me to discuss a modification. She told me that I would need to make THREE consecutive payments before they can even consider a modification and that I would need to bring my account current. I told her that I was unable to make those high amount payment and that a modification would be necessary before I could bring my account current. Once I realized she was being extremely rude, nasty and was not trying to help, but to rip me off of money I obviously don’t have instead, I asked her for her name. She told me her name was Nicole and when I asked her for a last name, she told me that she didn’t feel like giving me such information. I got frustrated with her and asked for a Manager and Supervisor and she bluntly said “NO”. She said that she wasn’t going to let me speak to no one because she was not done speaking to me and sat on the phone for a couple of minutes before I finally hung up. I’m lost for words and just like many of you, I’m waiting for a miracle, but I refuse to give them ANY more money. Please advise.
Well wow i’m amazed i finally got a letter from EMC after three months that i faxed them a hardship letter they sent me a letter stated that i can modifdy my loan to send them the paystubs etc which i done i don’t know how many times but anyways imma give it a shot again i’m not giving up i know god is in control i have faith
I am completely amazed at these postings about EMC. I have not had a bad experience at all. I have been in contact with them since November 2008 for a loan modification and they have been great. Granted, I was approved for a modification at the end of February and then called back a couple weeks later to be told it was on hold, but understandably due to the new Obama bailout. I have had two different supervisors call me to make sure I was ok with everything being put on hold, my loan modification specialist has called once a week to keep me up to date with everything that is going on. I am not sure why I am having a different experience than everyone else, but I am and they are working with me.
Well i hope this new obama bailout helps i hope mortgage company really help the ppl i now sented in my paper work to EMC for a loan modifcation on friday they sented me a letter that i quaifty lets see what happen lord willing they will do something this time cause i really need the help espically now i had a car accident and going to be like 2 weeks late on my repayment plan well see Kryss if they work with me like they did with you i hope to god they do
We have a two mortgages with EMC 80/20. We made our last payment July 07, rec’d foreclosre papers in Sept 07, moved out Nov 07 and were forced in BK, so we thought. We have lost notes and have since found out we could have stayed in the home for a long time. No foreclosure has taken place. Our home is worth $300,000 less than we initially paid (FL). The pool looks bad & now we are receiving letters from the county to take care of the problem or be fined $250 per day. We thought the house was gone by now. We are not sure if we have recourse throught the BK because we surrendered the house. However, we are learning that EMC can’t foreclose because they don’t have the notes. What should we do at this point? We would be willing to move back to the home if it can still be saved. Any suggestions would certainly help.
Does anyone that haad success with EMC have a contact number for the short refi dept. I hear a lot about the loan mods but heard they now have a short refi dept. which they will actually lower your house 70% of current market value but I would like to contact the dept directly because I have a company doing my short refi but I haven;’t heard from them in 3 days so I am getting nervous about that and want to contact them directly if any one has a contact there please post thanks
well c averit if i was you i would move back in your house is not a good idea to run like you said emc dont have the original note so what happen if you run you not going to be able to negotiate emc is the worst.
wow so i get a letter from emc after a 2 mos to tell me that my loan modifcation wasn’t approve well i’m not giving up i’m going to keep trying imma try with this company called acorn which my sisters are trying with how can they keep doing customers like this i’m still paying my mortgage regard lis even though i owe from 2007 when i was unempolyed and coudlnt pay i have been put on payment plan after payment plan and now they tell me i’m not apprroved i’m not giving up imma fight til the end
Well EMC finally sented me a responsed on my loan modification they said i didn’t quailfty after 3 mos they tell me this because of inconsitent payment they still don’t want to work with ppl but it’s ok i’m not giving up now imma try with this program called acorn i heard great success stories about them and they are currently working with two of my family members also i know god is going to do a mircale i’m not going to lose my house
I’m finally glad to say i got a call from EMC today and had the nicest person on the phone who’s actually helped me in a nice and friendly manner and my payment went down to 930.00$ from 1800.00 they wanted and from the 1097.00 i was paying Thank God
Wow Evy they actually gave you a modification after they denied you? Please tell me how you did it.
Damion
they didn’t do the loan mod yet it’s a repayment pay for three months it’s a goverment plan they have ask them about it
I have an 80/20 with EMC and have been “hounding” them since Oct 2008 sending and then resending all of the required paperwork, pay stubs, etc. They FINALLY modified my second mortgage by dropping the interest from 9.5% to 5% my payment on the 2nd mortgage went from 435 to 225 per month. Now I am badgering them to modify my first and it’s the same old crap, no return phone calls, no answer when calling my “specialist” EVER. Either they work for me or I live here, stop paying, hang onto my cash and they can “eat” the whole thing. My 1st will adjust July 2009 and if I don’t have a satisfactory answer by then, I am done putting good money on top of bad. I finally talked to a live person today and was told that (as usual) somebody was working on it and they had ordered a BPO today (gee, what a coincidence on the day I finally get through). What will happen now with the BPO? They could not or would not answer me when I asked that question. I wish I could go to work and not do my job every day…
Oh so basically they can still deny you for the modification that’s what happened to a friend of mine who has emc also. Also there is no gov’t 3 month payment plan that is emc’s standard offer. I also found out that the agents at EMC get paid per mod where they are trained to offer you the least as possible. I am looking into getting a company to do it except nobody will do it first then charge me. Any company out there that does this I would jump at that offer!After trying for over 6 months & doing online reviews on EMC for the most part is not doing too many modifications on thier own you have to force them!
Thanks so much for the help, I’ve been having a heck of time figuring out how to sleep better and your wonderful site has helped me so much. God Bless
You are most welcome and thanks for saying thanks!
does anyone know the EMC fax number for a loan mod
with the Mod Squad? especially for those who were successful. thanks
Has anyone dealt with EMC in regards to short sales.
Hey Guys….Heres one for ya. I have two loans on my house with EMC and due to the economy and a job loss was having a real hard time with maling ends meet so my wife got a 2nd full time job and keep us afloat. We heard about this modification and shrt sale stuff so we thought we would try it. EMC did nothing for months so I finally found a broker that was dealing with modifications. He got EMC to accept a short refinance offer so I could get the principal reduced to current market value of the house, get it refinanced thru another lender and keep the home at an affordable payment. This has went on for 7 months and we have continued to make the payments every month but EMC will not put into the agreement “There will no diffenciency judgemant filed” and no other lender will accept the short refinance with those words in the agreement. We are down to the last straw now and EMC has listed with the credit bureus that we have not made a payment since March and when I asked them about it they said since we are in modification our payments are put in pending status and not credited to our contract. What is all of this standing in the way helping? Why can’t they just write these words into the agreement and let us be on our way? And what happens to my credit scores and my payments? Darn these people !