• Report: #347463

Complaint Review: EMC Bear Sterns

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Fri, July 04, 2008
  • Updated: Fri, July 04, 2008

  • Reported By:Raleigh North Carolina
EMC Bear Sterns
Irving, Texas U.S.A.

EMC - Bear Sterns EMC tried to take us down but we won! Raleigh North Carolina Irving Texas

*Consumer Comment: So you had accepted a bad Countrywide mortgage, and now you refinanced out of it?

*Consumer Comment: So you had accepted a bad Countrywide mortgage, and now you refinanced out of it?

*Consumer Comment: So you had accepted a bad Countrywide mortgage, and now you refinanced out of it?

*Consumer Comment: So you had accepted a bad Countrywide mortgage, and now you refinanced out of it?

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

We as many started out with Countrywide who then sold to EMC, as you all are aware that is when the war began.
We experienced much of the same as I have seen others post, and the deceptive and unfair trade practice are nothing short of finiancial "rape".
In May of 2008 we received a letter from EMC stating that our monthly payment would be increasing on July 1, 2008, the increase was over $1000.00 and the interest rate would be 11.5%. This interest rate along with the monthly payment had no ceiling, hence every 6 months it would be evaluated and most likely would increase.
So we stepped into action and worked to secure re-financing and was able to do so with a closing date of July 8th,2008.
Interesting however, we are receiving call after call from Bear Sterns, I have yet to answer the call but plan to now that I have all the information I need to counter each and every statement,comment and or suggestion they may throw my way.
Along the way I picked my battles and now can say I won the war!

Lacy
Raleigh, North Carolina
U.S.A.

This report was posted on Ripoff Report on 07/04/2008 08:53 AM and is a permanent record located here: http://www.ripoffreport.com/r/EMC-Bear-Sterns/Irving-Texas/EMC-Bear-Sterns-EMC-tried-to-take-us-down-but-we-won-Raleigh-North-Carolina-Irving-Texa-347463. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on EMC Bear Sterns

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

So you had accepted a bad Countrywide mortgage, and now you refinanced out of it?

AUTHOR: Friendly Help - (U.S.A.)

Are you CERTAIN that THIS time you have not walked into another bad mortgage? Have you received, and carefully read, all written terms & disclosures before closing on that new mortgage? There are no balloon payment traps or interest-only scams? No negative-amortization scams?

I received a too-good-to-be-true, cut-your-mortgage-payment-in-half offer on a postcard a year back. I was curious enough to visit their website and examine their "bargain example". They only showed the first 5 years of "savings" but I still noticed that the "savings" per month continually dropped, so I programmed their example into EXCEL and projected it out to the full 30 years. After 10 years the "savings" per month went negative, and after 30 years the mortgage balance due had GROWN from $150,000 to $240,000 while the total of the monthly payments had also become excessive. This was a negative-amortization scam. You gotta watch these creeps!

You let your guard down once and I should doubt that you would trust anybody again where significant money is involved.
Respond to this report!
What's this?

#2 Consumer Comment

So you had accepted a bad Countrywide mortgage, and now you refinanced out of it?

AUTHOR: Friendly Help - (U.S.A.)

Are you CERTAIN that THIS time you have not walked into another bad mortgage? Have you received, and carefully read, all written terms & disclosures before closing on that new mortgage? There are no balloon payment traps or interest-only scams? No negative-amortization scams?

I received a too-good-to-be-true, cut-your-mortgage-payment-in-half offer on a postcard a year back. I was curious enough to visit their website and examine their "bargain example". They only showed the first 5 years of "savings" but I still noticed that the "savings" per month continually dropped, so I programmed their example into EXCEL and projected it out to the full 30 years. After 10 years the "savings" per month went negative, and after 30 years the mortgage balance due had GROWN from $150,000 to $240,000 while the total of the monthly payments had also become excessive. This was a negative-amortization scam. You gotta watch these creeps!

You let your guard down once and I should doubt that you would trust anybody again where significant money is involved.
Respond to this report!
What's this?

#3 Consumer Comment

So you had accepted a bad Countrywide mortgage, and now you refinanced out of it?

AUTHOR: Friendly Help - (U.S.A.)

Are you CERTAIN that THIS time you have not walked into another bad mortgage? Have you received, and carefully read, all written terms & disclosures before closing on that new mortgage? There are no balloon payment traps or interest-only scams? No negative-amortization scams?

I received a too-good-to-be-true, cut-your-mortgage-payment-in-half offer on a postcard a year back. I was curious enough to visit their website and examine their "bargain example". They only showed the first 5 years of "savings" but I still noticed that the "savings" per month continually dropped, so I programmed their example into EXCEL and projected it out to the full 30 years. After 10 years the "savings" per month went negative, and after 30 years the mortgage balance due had GROWN from $150,000 to $240,000 while the total of the monthly payments had also become excessive. This was a negative-amortization scam. You gotta watch these creeps!

You let your guard down once and I should doubt that you would trust anybody again where significant money is involved.
Respond to this report!
What's this?

#4 Consumer Comment

So you had accepted a bad Countrywide mortgage, and now you refinanced out of it?

AUTHOR: Friendly Help - (U.S.A.)

Are you CERTAIN that THIS time you have not walked into another bad mortgage? Have you received, and carefully read, all written terms & disclosures before closing on that new mortgage? There are no balloon payment traps or interest-only scams? No negative-amortization scams?

I received a too-good-to-be-true, cut-your-mortgage-payment-in-half offer on a postcard a year back. I was curious enough to visit their website and examine their "bargain example". They only showed the first 5 years of "savings" but I still noticed that the "savings" per month continually dropped, so I programmed their example into EXCEL and projected it out to the full 30 years. After 10 years the "savings" per month went negative, and after 30 years the mortgage balance due had GROWN from $150,000 to $240,000 while the total of the monthly payments had also become excessive. This was a negative-amortization scam. You gotta watch these creeps!

You let your guard down once and I should doubt that you would trust anybody again where significant money is involved.
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.



Ripoff Report Legal Directory
phenomena