EMC Mortgage PROMISED TO MODIFY LOAN TO ORIGINAL INTEREST RATE/PAYMENT THEN DID NOT Lewisville Texas

IN JULY OF 2007 OUR THE ADJUSTABLE INTEREST RATE ON OUR MORTGAGE INCREASED FROM 6% TO OVER 10%. OUR PAYMENT WENT FROM $3,500 TO OVER $6,000. WE CONTINUED TO PAY THE $3,500 EACH MONTH AND EACH MONTH I WOULD CALL EMC TO TRY TO WORK SOMETHING OUT WITH THEM.

IN JANUARY 2008 WE RECEIVED A NOTICE OF DEFAULT. WE IMMEDIATELY CALLED EMC AND THEY TOLD US IF WE PAID THEM $22,000 THEY WOULD MODIFY OUR LOAN TO THE ORIGINAL INTEREST RATE AND PAYMENT. MIND YOU, THERE HAD BEEN ANOTHER INTEREST RATE INCREASE AND OUR PAYMENT WAS NOW ALMOST $7,000.

WE PAID THE REQUESTED $22,000. THE END OF MAY 2008, WE RECEIVED A FEDEX ENVELOPE AT OUR DOOR WITH A MODIFICATION OFFER. EMC WAS AGREEING TO REDUCE OUR PAYMENT TO $6,800. THIS WAS NOT AT ALL WHAT THEY HAD VERBALLY AGREED TO.

WE THEN SOUGHT HELP THROUGH NACA (NEIGHBORHOOD ASSISTANCE CORPORATION OF AMERICA). NACA MADE A PROPOSAL AND WE ACCORDINGLY PAID 3 PAYMENTS PER NACA'S RECOMMENDATION. EMC RETURNED THE PAYMENTS SAYING "THE PAYMENTS WERE LESS THAN THE MONTHLY AMOUNT OWED AND WERE THEREFORE RETURNED".

THE HOME IS WORTH ABOUT $200,000 LESS THAN WHAT WE PAID FOR IT IN 2003. WE WERE WILLING TO STAY IN THE HOME AND PAY THE PAYMENTS IF THEY WERE REASONABLE - OR AT LEAST WHAT THEY HAD BEEN WHEN WE ORIGINALLY GOT THE LOAN. WE NEVER ASKED FOR A PRINCIPLE REDUCTION OR EVEN TO HAVE THE INTEREST RATE SET AT LESS THAN THE ORIGINAL RATE!!

Colleen
Goodyear, Arizona
U.S.A.