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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