Report: EMC Mortgage Corporation

Reported By: (Salt Lake City Utah)

EMC Mortgage Corporation refused to co-operate to correct a $12,000 error on a 1099-C (IRS) form Irving Texas

... EMC Still Stalling - But making progress..?

4Author 1Consumer 0Employee

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EMC Mortgage Corporation

909 Hidden Ridge #200 , PO Box 141358
Irving Texas 75014-1358
U.S.A.
Phone: 800-723-3004
Web Address:

Category: Mortgage Companies

Submitted: Tuesday, May 11, 2004

Last posting: Friday, July 02, 2004

EMC purchased my loan from United Companies Lending and I had problems with EMC from the get-go. Like other complaintants, there were problems in the transitiion and EMC had to be "persuaded" to credit me with payments made to UC during the transition.

The last straw came after I had to file chapter 7 bankruptcy. I never reafirmed the loan but kept the payments current as long as possible in the hope that property values would go back up and I might sell for a profit. The day came when my family income dropped even further and I could no longer afford the payments. Instead of just stopping payments and waiting for foreclosure, I did the "honorable" thing - I kept up the payments while I found a buyer (three RE Agents and 18 months!). EMC, after much haggling, accepted a discounted sale price because the bottom had fallen out of the market.

Here comes the "fun".

Come April 14, 2004 I am preparing my taxes and discover that EMC has failed to check the bankruptcy box on the 1099-C (Cancellation of Debt) Without that check mark, the IRS will demand I pay income taxes on $12,032.70 - money that I never received and, therefore, have no money pay taxes on.

When I called EMC at 1-800-723-3004 I got the usual run-around - the usual "punch the number" game that leads in circles, transferred from one party to another and then another. No one seemed to have any idea what to do or how - but they absolutely REFUSED to put me in touch with or give me contact information for the people responsible for completing that form. they "said" that they would "put a note in my file" - and, presumably "hope" that someone would read it!

I had to file for an automatic extension of time with the IRS while I resolve this issue and, therefore, must wait to receive the refund money I desperately need for living expenses.

Meanwhile, I will have to contact my bankruptcy attorney and wait for responses from EMC.

I may have to pay my attorney for his services and, if EMC continues to refuse to co-operate, I may have to borrow money to pay the IRS and hope to recover 'some day'. Of course, the question is, "Where does a bankrupt senior citizen about to retire borrow money to pay taxes?"

It appears to me that EMC is a purchaser of troubled real estate loans and tries to make their profit by unjust and/or illegal actions. I strongly advise against doing business with this company - in ANY state. If they buy your loan, refinance at any cost!

James
Salt Lake City, Utah
U.S.A.

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4Author 1Consumer 0Employee

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EMC Mortage, Irving, Texas - Still UnCo-operative

James - Salt Lake City (U.S.A.)

SUBMITTED: Monday, May 17, 2004 POSTED: Monday, May 17, 2004

After about two weeks from my previous fruitless contact with EMC over the incorrect 1099-C filing, I tried again. This time I called the "Loss Mitigation" department (1-888-577-4011) and asked to be transferred to "Legal" - the rep asked if there was anything he could do to help and I explained that I was preparing to contact my lawyer over EMC's refusal to correct the 1099-C. He was at first belligerent and essentially said, "Go ahead, sue us!" When I said I wanted to talk to their legal department first, in an attempt to avoid that, he asked if I would mind waiting while he checked my file - then he told me the file said I had been contacted and that the situation was resolved. (NOT! ! ! -) He assured me that the bad 1099-C had been withdrawn from the IRS (HUH?! HOW do you DO that?) and that there would be no repercussions if I filed my taxes without reporting that (bogus) income. I asked for confirmation in writing and he gave me a fax number to send a request (1-972-831-2631) - in the fax I requested a response by return fax or snail-mail or as a PDF attachment in e-mail. That was May 11, 2004 - as of 09:00 MDT, May 17, still no response.

Some addresses for EMC are:
MacArthur Ridge II Suite 200
909 Hidden Ridge Drive
Irving, TX 75038 - - - and

PO BOX 141358
Irving, TX 75014-1358

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EMC Mortage, Still Stalling

James - Salt Lake City (U.S.A.)

SUBMITTED: Wednesday, May 19, 2004 POSTED: Wednesday, May 19, 2004

In response to my fax of 05/11/04 received letter 05/18 dated 5/12 - said, in part, "...review of our records is being conducted - - EMC will respond to you within 60 business days..."

SIXTY DAYS!? Now, THAT's what I call customer DIS-service! When one if filing taxes, 60 days might as well be 60 years!
Would it have hurt "Customer Service Dept." (no signature) to simply look up the file and send the info - Yeah! Form letters are SO easy!

Additional FYI from the letter - they have a website at:
http://www.emcmortgageservicing.com

Snail-mial address update - - Note the addition of line two:
(Complete address provided here for ease in copy 'n paste)

EMC Mortgage Corporation
Two MacArthur Ridge
909 Hidden Ridge Drive, Suite 200
Irving, TX 75038

Consumer Suggestion

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You need to start a paper trail

Elvera - Carrollton (U.S.A.)

SUBMITTED: Wednesday, May 19, 2004 POSTED: Thursday, May 20, 2004

What is needed, with an agressive corporateer as EMC, is a good paper trail. You start by going to the HUD website and look up that little RESPA sample letter and then copy it, so you can use it as a template for your complaint to EMC. In it you detail all your concerns.
Include copies of any previously written responses from EMC concerning this matter.
Then you send this letter and copies, via Registered Mail/Return receipt to the following:

EMC, IRS, your State's AG, and Texas AG

What this will do for you is, you put them all on notice that now your communication becomes "legal proof" as it will hold up in court, if it comes to that, and you put the IRS on notice, about what is going on, and the AG's are put on notice about how this company is doing business.
In the end, if you have this paper trail that has been stamped with the Post Office's official stamp, you will have the evidence that is irrefutable, to defend yourself.

Remember the big stack of papers you signed for the mortgage? Well, those papers don't protect you, they protect them. You must realize that email, or phone calls won't do, when you are dealing with corporateers of this magnitude.
You must have something that will hold up. And that is the paper trail, with your signature and date in the letter, and the Post Office stamp, and their signature of receipt and a date.
Nothing else will do!

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EMC Still Stalling - But making progress..?

James - Salt Lake City (U.S.A.)

SUBMITTED: Friday, July 02, 2004 POSTED: Friday, July 02, 2004

July 1,2004 - letter from EMC saying 100C has been amended with the IRS and that I will receive a corrected statement under separate cover. HUH? How come they could not include it WITH the letter? If it really HAS been corrected, THAT should not require any real extra effort, should it?

At this point it is academic as I've filed my taxes and received my refund - none the less, the comments on protective action are appreciated and I'll be interested to see if/when the corrected form arrives.