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Report: #463204

Complaint Review: EMC Mortgage - , Lewisville Texas

  • Submitted:
  • Updated:
  • Reported By: Goodyear Arizona
  • Author Confirmed What's this?
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  • EMC Mortgage 2780 Lake Vista Drive , Lewisville, Texas U.S.A.

EMC Mortgage PROMISED TO MODIFY LOAN TO ORIGINAL INTEREST RATE/PAYMENT THEN DID NOT Lewisville Texas

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IN JULY OF 2007 OUR THE ADJUSTABLE INTEREST RATE ON OUR MORTGAGE INCREASED FROM 6% TO OVER 10%. OUR PAYMENT WENT FROM $3,500 TO OVER $6,000. WE CONTINUED TO PAY THE $3,500 EACH MONTH AND EACH MONTH I WOULD CALL EMC TO TRY TO WORK SOMETHING OUT WITH THEM.

IN JANUARY 2008 WE RECEIVED A NOTICE OF DEFAULT. WE IMMEDIATELY CALLED EMC AND THEY TOLD US IF WE PAID THEM $22,000 THEY WOULD MODIFY OUR LOAN TO THE ORIGINAL INTEREST RATE AND PAYMENT. MIND YOU, THERE HAD BEEN ANOTHER INTEREST RATE INCREASE AND OUR PAYMENT WAS NOW ALMOST $7,000.

WE PAID THE REQUESTED $22,000. THE END OF MAY 2008, WE RECEIVED A FEDEX ENVELOPE AT OUR DOOR WITH A MODIFICATION OFFER. EMC WAS AGREEING TO REDUCE OUR PAYMENT TO $6,800. THIS WAS NOT AT ALL WHAT THEY HAD VERBALLY AGREED TO.

WE THEN SOUGHT HELP THROUGH NACA (NEIGHBORHOOD ASSISTANCE CORPORATION OF AMERICA). NACA MADE A PROPOSAL AND WE ACCORDINGLY PAID 3 PAYMENTS PER NACA'S RECOMMENDATION. EMC RETURNED THE PAYMENTS SAYING "THE PAYMENTS WERE LESS THAN THE MONTHLY AMOUNT OWED AND WERE THEREFORE RETURNED".

THE HOME IS WORTH ABOUT $200,000 LESS THAN WHAT WE PAID FOR IT IN 2003. WE WERE WILLING TO STAY IN THE HOME AND PAY THE PAYMENTS IF THEY WERE REASONABLE - OR AT LEAST WHAT THEY HAD BEEN WHEN WE ORIGINALLY GOT THE LOAN. WE NEVER ASKED FOR A PRINCIPLE REDUCTION OR EVEN TO HAVE THE INTEREST RATE SET AT LESS THAN THE ORIGINAL RATE!!

Colleen
Goodyear, Arizona
U.S.A.

This report was posted on Ripoff Report on 06/20/2009 08:04 AM and is a permanent record located here: https://www.ripoffreport.com/reports/emc-mortgage/-lewisville-texas-75067/emc-mortgage-promised-to-modify-loan-to-original-interest-ratepayment-then-did-not-lewisv-463204. 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. READ: Foreign websites steal our content

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