EMC Mortgage Corporation Incompetent, rude and unwilling to cooperate - RIPOFF!!! Irving Texas

I supose that Julie wasnt to come in & defend EMC/Bears Sterns some more.

Thousands of accounts information is lost (nice way of saying SOLD) Personal confidential data including social security numbers & FICO scores.

This corporation id FULL of corruption---

How very strange that your name keeps popping up in all these posts regarding predatory loan servicing. Are you the self appointed defender of the poor mortgage servicing companys who is everywhere. You just want the true to be know by all. What a joke! Next you'll be defending some other business that is over run by stinking money grubbers. But you will tell us all It's not their fault that they are greedy scum bags.... their just misunderstood scum bags. Well, no one will beleive you anymore. The wicked mortgage n**i is busted. But don't worry my dear you'll be back on your knees in no time.

""The fact that they reported the mortgage as delinquent when in fact it was not delinquent is the most important factor here, because that cost the poster some serious FICO points. That would be sufficient to have all her credit cards closed and her interest rates jacked up to the punitive 24-30% range.""

Yes- this is what happened to me. I couldn't find refinancing because my score was so affected. I couldn't get an insurance company to cover my cars AFTER I was cancelled by another. I have to pay extornionistic insurance costs becauseof my score. I can't even rent an apartment.
In trying to correct the credit reports- I learned ALOT about them, particularily one of them.

Transunion.

THEY ARE OWNED BY THE SAME PEOPLE WHO GAVE ME MY FIRST MORTGAGE. Superior Bank-- you know the ones= they were shut down by the feds & all their loans were assigned by the FDIC to EMC for them to foreclose on each & every one of us!!!

Superior Bank went under leaving many depositors without their money (still!) & costing the taxpayers a 500 million bill. Yet the owners are one of the richest people in the world.

It's all connected.

Have you checked out the real situation with your new mortgager & how many suits they have against them?

You may have just jumped out of the fry pan & into the fire.

Sure EMC let you out of your deal- but ONLY if you agree to pay off their extortion fees.

Did you check to see what they charged you for all your inconvienience?

I posted the initial comment about EMC reporting my payment as late and therefor it was reported on my credit. Indeed this did happen, but I have to say that after many phone calls and being persistent they did fix the problem all the way through to report their mistake to the credit bureau and in about 2 weeks, my credit score was fixed.

I did sell my home in Phoenix and made a nice profit and bought 15 acres and a beautiful log home in Missouri - and I got a 30 yr fixed 5.75% with Washington Mutual. I am so happy to be a way from EMC, however, even though there were unwanted headaches and lots of phone calls, the problem was resolved.

I wish the best to all of you!

Julie: Arizona uses Deeds of Trust instead of mortgages. The difference is in the foreclosure process. The lender, the Trustee, declares you to be in default, records a notice, demands you remedy the default in full, and then auctions your house. It takes about 4 months from start to finish and neither the courts nor the sheriff is involved.

Now do the math. Is making $23,400 profit in four months better than waiting 30 years to collect $100,000?

As to why no one would jump on the chance to buy a $150,000 home for $120,000 there are several things that make it less than a good deal. First, the buyer must pay cash on the spot. (No, the seller will not wait for your mortgage company to lend you the money.) Second, there is no opportunity to inspect the house before auction so the condition is unknown. Third, there is always a chance that the previous owner will litigate and tie up the title for years. Many real estate speculators would pass this one by because the loan balance is 80% of the market value and there are many more that go to auction for 20-30% of the market value.

Laurie: Also check with the Arizona Banking Department to see if EMC is licensed in AZ. If so, file a complaint. (Most mortgage lenders are not licensed because they have no Arizona office.)

I would recommend consulting an attorney before this goes any farther. Nothing will solve your problem with EMC faster than a court order requiring them to account for your payments.

The fact that they reported the mortgage as delinquent when in fact it was not delinquent is the most important factor here, because that cost the poster some serious FICO points. That would be sufficient to have all her credit cards closed and her interest rates jacked up to the punitive 24-30% range.

Reporting false information to a Credit Reporting Agency is a violation of Fair Credit Reporting Act. If I was the poster I would be filing a suit against this company for the $1000 Statutory Damages. as long as the clerks in the company can hide the incomeptence from the higher-ups, they will get away with it. File suit and bring their attorneys into the picture and the higher-ups will get involved REAL FAST. Let the clerks explain to the bosses why the company is getting sued.

Preach on Cher!

EMC is brutal in wanting your home. I didn't realise it was as bad as 30% tho, sheesh.

I was nearly 30K in arrears due to a serious accident. When things worked out, *I* went to *them* and offered them my total amount financed plus 14K in interest/penalties/fees. Without them having to come to me or trying to work anything out.

*They* sent an appraiser *they* hired to my home to do an independant appraisal. He found that my house was worth less than the amount financed, let alone the extra 14K I was offering.

Should have been a no-brainer for them, right? Wrong. Their "work out/legal" department told me They weren't interested. It was a nightmare.

Don't just assume Cher, Laurie and some of the others here are exaggerating. EMC told me straight out that they wanted my home and were not interested in a short sale. (short in that they weren't getting all their arrearage. It was 14K more than the principal tho.) I guess they figured they could get 10K more out of the sale. Nice little profit.

This company is heartless and predatory runrunrun while/if you can.

Preach on Cher!

EMC is brutal in wanting your home. I didn't realise it was as bad as 30% tho, sheesh.

I was nearly 30K in arrears due to a serious accident. When things worked out, *I* went to *them* and offered them my total amount financed plus 14K in interest/penalties/fees. Without them having to come to me or trying to work anything out.

*They* sent an appraiser *they* hired to my home to do an independant appraisal. He found that my house was worth less than the amount financed, let alone the extra 14K I was offering.

Should have been a no-brainer for them, right? Wrong. Their "work out/legal" department told me They weren't interested. It was a nightmare.

Don't just assume Cher, Laurie and some of the others here are exaggerating. EMC told me straight out that they wanted my home and were not interested in a short sale. (short in that they weren't getting all their arrearage. It was 14K more than the principal tho.) I guess they figured they could get 10K more out of the sale. Nice little profit.

This company is heartless and predatory runrunrun while/if you can.

Hmmmmm..... You seem to be denying that Mortgage servicing fraud, illegal foreclosures are profitable.

You think you have it all figured out---but you forget that these companies ONLY MAKE A SMALL PERCENTAGE OF THE LOAN FOR THEIR WORK.

The loans are all owned by investors. Most of these loans were securitized almost immediatly. The servicer only gets a tiny percentage of each payment. The real money (interest) goes to the investors of the MBS.

So the servicers aren't getting 115,000 in interest in the life of the loan. They get a tiny percentage. Most of their real profit comes from all the fees, force place insurance, fake late & legal fees.(That's why they do it!- It's not "mistakes"!!)

A servicers job is to collect & apply payments for a SMALL percentage of the loan payment. So that 23,000 figure now sounds pretty good for a company that did nothing for that money- (other than NOT to do their jobs & FAIRLY credit our accounts). Add that 23,000 to the fees & costs that were tagged on- Suddenly a servicers foreclosure profuts go up. To the tune of 40,000 & up for higher cost homes.

EMC has a 30% foreclosure rate.
YES 30%
CHECK THE GOVERMENTAL RECORDS.
They are a foreclosure factory.
That's AWFUL!!!
They average only 3 months before they have you in default. They split your payments to apply to their fake fees---BECAUSE THEY GET TO KEEP THESE FUNDS. Any left over money sits in a suspense fund- while YOUR LOAN IS IN MAKED IN DEFAULT for the payment you thought you had made, costing you MORE money. At one point- My account had over 3,000 in a suspense fund- which is more than FOUR payments.

So you use your head. What is more profitable?

a) 6% of each loan payment for processing that payment-----

OR

b) 23,000 profit from sale, PLUS all the illegal fees they have collected from us.

People are becoming more & more educated about all of this. Your line of foreclosure "not being profitable" goes out the window once people understand that the servicer (the one who orders the foreclosure & ends up profiting) only makes a tiny percentage of each payment they collect.

Got any more fairy tales to tell us ?????

Let's be real for a moment. When the mortgage company takes your home to sheriff's sale, they bid the total amount due, if that is less than market value, that is what they bid. Market value doesn't come into play.

As an example, your loan is $100,000
Your arrearages are $10,000
Your attorney fees/late charges $5,000

So at sale, they bid $115,000. If market value is $150,000, then it is amazing that a 3rd party wouldn't get the house. Now, if the mortgage company gets it at the sale, they can turn around and sell it or sit on it or whatever. But if it has such a huge market value, it is hard to believe no one else came to the sale to try to nab that. There isn't anyone out there that wouldn't pay $120K for a house worth $150K, reality check.

Let's just say that the mortgage company has staked our your house out of the 300,000 loans they service because they seem to think you have equity (by the way, they don't even have time to answer their dang phones, so I can't see how you could truly think they are checking out property values for each of their loans....).

Now, they buy yours given the scenario above for $115K at sheriff's sale and let's say the plunk money into it to sell it, for our example $10K to fixer up nice.

They sell it as an REO for $160K.

Let's do some more math here...

$160K
less improvements of $10K
less their cost of $115K when they got it at sheriff's sale
less closing costs mandatory for seller $2000
less realtors fees $9600

So they net a grand total in this case of $23400.

Which brings me to your truth in lending statement. Let's say your loan was the $100,000 given in the scenario above. At 6% interest rate, they will make $115,000 in interest over the life of your loan. Why on earth would they choose $23400 over $115,000?????

This makes no sense, now does it?

Inhave heard that line for MANY years & I used to believe it.

Now I KNOW it's BS.

EMC has it's REO department. (real estate owned)
When the sale is ordered- they are there & they are bidding (& usually buy) 20-30% less than market value. They drop some money into it & sell it high. How can they LOOSE money? Illegal foreclosure is extremely profitable.

If it wasn't profitable then why would they go out of their way to get EVERY loan into the default statis?

If it wasn't profitable then why would the big 3,
EMC, LPS(formerly Fairbanks) & Litton be doing so much illegal foreclosures? Duh!!! Because they make LOTS of money.

If it isn't profitable then why won't they apply the payments properly?

If it isn't profitable then why do these servicers buy up whole pools of defaulted loans??

SO THEY CAN FORECLOSE ON THE HOMES- Buy them cheep & sell them high. Duh!! How dumb do you think the avergage consumer is?

So Mr Mortgage broker/banker/servicer- try your line on other people. SOME of us know the truth.

There is no benefit to the mortgage company if they foreclose on your home. The first person that responded said they are just in it to steal your home, and she is very wrong. They don't get to keep any proceeds from the foreclosure sale, you as the borrower do. And since you just bought the home, I doubt there is a whole of equity any way.

Just to clarify, you have an 80/20 loan, but both the 80 and the 20 are serviced by the same servicer? This is unusual. But it happens. It sounds like you do indeed have a problem (but again, the problem isn't that they are trying to take your home, the problem is incompetence somewhere in their employees). Nevertheless, an 80/20 loan is governed either by the federal trade commission (800.688.9889) or the Comptroller of Currency (800.613.6743). Call either one of them immediately and find out if they can get involved in this dispute. ALSO, you might want to meet with a housing counselor and they can try to mediate (800.569.4287).

I do agree that you should get away from the 80/20 loan, but unfortunately, you probably ended up sub prime due to credit issues and they need to see you pay on time and boost your score before you can refi (that and typically there are pre-payment penalties).

Good luck.

This is just the beginning of your hell.

They won't stop until they have your home. They stop at nothing. Even proving in court that you have performed 100% to your contract will not save you. The laws all protect them- & you are on the fast track to losing your home. Once they have you in default (whether real or not) they can do what ever to you.

RUN! Get away from them before they distroy your life. Their ONLY goal is to steal your home.