It is hilarious to think that I helped bail out EMC Mortgage/Bear Stearns (yes, the same Bear Stearns where two top executives were arrested: Ralph Cioffi and Matthew Tannin) through my tax payers dollars and then when you turn around to seek help from EMC/Bear Stearns to conduct a loan modification they would care less if you existed.
Lost my job. On an Option ARM that resets every year. NO more money. Burning through savings. I proactively contacted EMC telling them I won't be able to make it down the road.
Summary of the A Series of Unfortunate Events with EMC Mortgage/Bear Sterns:
First Contact about problem with payments: 12/18/07 at 3:53 pm Employee name: Yuri - the worst witch of EMC. Used her angry voice, escalating anger equaled mine. No resolution at all. Customer No-Care Department Head goes to Yuri.
12/27/07 at 1:30 pm: Employee name: Lester said he would request for a mailing of the loan modification forms
12/27/07 at 12:10 pm: Employee name: Lori Urbine (?) - better person. Explained to me my note and was sympathetic. Told me I had a one-year pre-payment penalty, sent my pay-off statement (except she failed to tell me there was a fee for sending a pay-off statement) and offered suggestions that I could possible ask for a rate freeze. At that time banks/lenders were being asked to do a rate freeze. She believed most banks/lenders, mortgage brokers were not upfront about loan documents.
1/09/08 at 10:00 am: Thomas - said he did not see any request put in through my account. Requested again. Presumably.
1/11/08: Hakim - still no loan mod forms through snail mail since request on 12/27/07. He said he would fax me the documents instead. None arrived. Could it be possible EMC/Bear Stearns is stalling/avoiding a loan modification?
Eventually got the loan mod forms.
1/15/08: William -asked if I could fax my credit report alongside the loan mod forms. Faxed full credit Hx with loan mod forms and other docs.
1/17/08 at 1:45 pm: Hope - asked if they got my faxed loan mod forms. She said to call again.
1/18/08 at 9:30 am: Christie:asked again. None yet.
1/24/08 called starting 9:30 am to 10:00 am: No answer. Tried again 10:00 to 11:01 am. More than an hour waiting for someone to pick up.
Beverly finally picked up and I told her about the hold for an hour. She purposefully dropped my call after waiting for an hour on hold.
1/24/08 at 11:02 pm: Called again and was fuming mad about the intentional dropped call. Yvette was not very friendly nor a soothing voice at the other end of the line, when you had just tried to call EMC for 1 1/2 hours. No reaction whatsoever.
At this point, I had decided that hell was another name for EMC and that I hated this company. I figured: why am I giving my money to this company that is horrible?
2/5/08 at 12:05 pm: Freddie Williams: Do not remember why I called, maybe to follow up on the Loan Mod process. I think he went through my finances.
2/8/08: Kenisha: She went through my finances again. Gave me options like foreclosure, bankruptcy, short-sale, rent it out, deed-in lieu, etc,
Somewhere between this time and the next time I called, EMC told me this in effect:
*********You have no money we can not help you.********************
Oxy-moron. Yes, EMC is a moron.
Called HOPE NOW on 3/10/08 which really offered NO HOPE. Tavi Clark of HOPE NOW sent another form to EMC/Bear Stearns. A certain Joanna Garcia contacted me (between dates 4/28-4/30) when she received my file sometime April from HOPE NOW.
Joanna Garcia reanalyzed my finances. Almost berated me for eating food, buying groceries, filling up my car for gas, buying clothes. I think this is what EMC was trying to tell me: Forget about living your life, you are subservient to EMC!
Before buying groceries, think of EMC first. Every time you sleep, EMC should flash in your mind before anything else. Before, you take that first bite during dinner time, the investors from EMC should come first. Don't even think about taking that bite altogether.
I cried and was so choked up from talking about my situation with her, I had to hang up because I couldn't bear it anymore. I did not consider myself a big spender and l did not lavish myself with expensive stuff, I have an excellent credit score and I have no other big-ticket debts other than a mortgage.
I am a good person who got into a bad situation (unemployment). And yet EMC was treating me to a lecture to change my-already-destitute-life so they do not have to change theirs.
She said (among other employees): If you only make $1,500 we will give you a loan modification.
Fast Forward to 8/08: Still no help from EMC/Bear Stearns. Surprised!
This is even with an ultimatum from the Treasury Secretary and FDIC Chairman to extend loan modifications to homeowners. EMC does not care, they are above the nation and the Treasury Secretary when it comes to money!
Employee Contact: Monica - can not remember exact conversation, but she said EMC/Bear Stearns is not offering deferment. Talked about Loan Resolution, directed me to Dept of Forbearance, which did not yield any possible results. Surprised again?
Employee Contact: Annabelle - she told me something about 45 days (or documents?) that should pass through the processor.
This is the BEST PART of them ALL. Read further:
The New Winner of the Head of the Customer NO-CARE Department is hereby awarded to Robert:
Robert updated my finances. By this time, I had already cut everything. I told him that we cut our grocery spending by going to the Food Bank. I told him that I had two more payments to go through. One was from a fridge bought at Home Depot at $545 (August) and the other was for a time-share property that I was going to get out of in September 2008, by paying myself out it (only $636).
As if mocking my pain, he said: "You go to the Food Bank, and you have a time-share property?"
I think Robert, aside from being apathetic is also stupid and insensitive to the challenges people are facing. I realized not only do I hate EMC/Bear Stearns, they also hire stupid employees despite paying my monthly mortgage.
My response to Robert was something like this:
"Look, this time-share property expense was acquired 3 years ago, before I lost my good-paying job. You told me to cut my expenses at the start of the year 2008, now that I am cutting all these expenses you are mocking me? And I am rearranging my life, so that your investor can enjoy his, and you are condescendingly asking me why I go to the Food Bank?"
I go to the Food Bank, so that your rich investor from China does not have to!
But beware, only up to a certain breaking point, when I realize that the food on my table is more important than that investor who has to spend 4 hours everyday on the golf course.
BUT WAIT, THERE'S MORE:
Remember, I told you that EMC employees told me that if I only made $1,500/month they would give me a loan modification.
Well, I told Robert that I may get this job next week. He asked how much would I think I was going to make if I did get the job offer. I said about $2,000/month. He mumbled something intelligible and calculated something and said in effect:
Well, now you are going to make enough to make the payment, we can not give you the loan modification.
*****You have enough money we can not help you now.*****************
Yes, EMC is a moron.
I was so disgusted by Robert, his attitude and lack of brain power that I immediately and politely ended the call.
I do not have any remorse for Bear/Stearns, they deserve their demise and arrests and if EMC falters I will dance on their grave, the same way they danced on mine.
People hear this: Do not ever go to banks/lenders again! If you want to buy a house in the future. The best way is to go Seller Financing. Individuals are more flexible, you talk to the actual person, you deal with the actual person. The rates are more attractive, both of you create the note and loan documents.
I saw one seller-financed home ad for only 4% interest rate. As long as both parties create agreements and contracts that are beneficial to both. As long as they go to a good mortgage attorney to come up with good documents, you are better off with an individual person rather than a bank who does not care about you as a person.
I will do this in the future. I promise I will never make banks/lenders/mortgage brokers/mortgage institutions rich on my expense again!
It is now 12/4/08 No Developments from EMC/Bear Stearns (now bought by JP Morgan using my money and yours to the tune of $30B).
Salt Lake City, Utah