I bought my house in May 2005, with Res-Mae being the mortage broker. Six months later my mortage was sold to EMC, and has been a nightmare ever since. I believe I was part of the scandal of subprime lenders from two years ago and am now paying the price.
In May 2007, I called EMC Mortgage to discuss 2 yr ARM that went into effect May 2007. Told them I was retired, on fixed income, and experiencing a financial hardship with the increase of mortage payment (up $100.00 per month), with it to go up every 6 months.
I also explained to them that my house was on the market because I could not afford it. A representative recommended that I make partial payments of 50% for 90 days, until either my house sold or my income increased, which I agreed to do. She lead me to believe she was working with me, when in fact, I believe all she wanted was to ensure EMC received some of the mortage payment. Problem is, she never documented this agreement, so according to EMC I have no recourse.
Don't ever agree to these terms, as you will be dinged on your credit report. What they did was take my 1st 50% payment and my 2nd 50% payment, combined them into one payment, making the first payment 30 days delinquent, which now appears on my credit report as 30 days delinquent.
Talked with them again today, and was informed that it was my responsibility to ask the questions about credit rating, not EMC's to provide this information. Also, always write down who you talk to at EMC, as you will need it for reference, as the agent I spoke to in May did not write down my payment agreement in the computer. Now I have to make up the back payment, plus still having my credit report negative.
EMC did not take any responsibility for this mess. My recommendation is when you buy a house and are told EMC Mortgage will be your mortage company, run the other way. Make sure that the mortgage company you sign up originally with will not sell your mortage loan.