Complaint Review: EMC Mortgage Corp - Internet Internet

Folks, I am in the same predicament as all of you on this board!  I've tried desperately to modify my loan (lower) my interest rates on my EMC loan, and started my attempts well over 16 months.  At which time I was still gainfully employed.  Unfortunately, I did not qualify for several reasons: 1) excellent credit 2) had never been late 3) was gainfully employed, with a surplus of income. 

When I lost my job 8 months ago, I tried the same.  Only to discover this time that I did not qualify for several reasons:  1) excellent credit 2) had never been late 3) my mortgage was greater than 50% of my income.

I am not officially three months late, and have just landed a position.  I once again tried to get a modification only to learn that I don't qualify because 1) 31% target figure to income.  Which in essence means that my mortgage payment does not exceed 31% of my income. 

My only question is in wanting to know of if there are any unfair practices that EMC may be engaging in, but which have not yet surfaced?  Regrettably, there's no way we'll ever find out unless we all come together and press for a class action lawsuit and or judicial inquiry against EMC and it's principles.

EMC called last week about the 2nd and said they might be able to lower the payment if I updated my income and outgo information. Foolishly, I spent around an hour getting numbers together, then on the phone with one of their reps, only to be told that we don't qualify for a lower payment than we have. I now suspect they were just fishing for information. Nothing has changed, we are still on reduced payments, they still threaten foreclosure because of the difference between the reduced payments and 'regular' payments. I wonder if they are using Obama funds to cover their foreclosure costs. Be very careful in dealing with EMC and if they offer anything, get it in writing!

I have had exactly the same problem with EMC. I was struggling with the payment after they adjusted my interest. I was supposed to have a 30 year fixed rate, but in the small print it said it had a 3 year ARM. Anyway, I called because I was told they have plans for this, I was told to start paying a lesser payment until a determination could be made on a MOD plan. I did this, they sent me papers 3 time to fill out, I filled them out all 3 times and sent in all the things they ask for. 6 months later I contacted them to find out what was going on with the plan. They told me I didnt qualify and now because of the plan I owe $6,000 in arrears. I can struggle and make my payments and they still threaten to forclose and call me all the time and ask when I am going to pay them $6,000. The funny part is, if I am struggleing to make the payment, how do they think I can pay the arearages that are their fault anyway. They could have told me in the beginning that I didnt qualify. I dont honestly know what makes you qualify. My husband is on disability and my oldest son who was helping out with the bills has been layed off for over a year. I can show on paper that I am short of money after I pay everything in a month, and they still say I dont qualiufy. I am ready to walk away. I wish someone could come up with a plan that would help me. But it looks to me that we are all in the same boat where this company is concerned. Maybe Obama should know what they are doing in his name.

I've been waiting for a loan mod since June 2009 from EMC. After having to keep sending in documents that were different each time I called them, I waited until August at which time I stopped making payments. So far they have done absolutely nothing to modify the loan or file foreclosure. They are so screwed up with everything that I've been living rent free for nearly 6 months and will file bankruptcy whenever I get the first foreclosure letter from EMC. I lost my job in April, so it was time to downsize anyway. The rent free is great, I've been saving money for a rental and don't really care about the house I'm in as the way I see it, it doesn't belong to me, it is owned by EMC and they can never resell it. There are 3 houses, next to me and across the street that won't sell for anything close to the $350,000 to $400,000 range from 2 years ago. Not my problem. If I can stretch this out and get 9 months to a year free rent I will do it. I recommend that everyone who is being screwed by EMC and their phantom load modification programs to stick it to them and stop paying and put these mothers out of business. Why should you lose sleep and be stressed out all the time for a home you can't afford anymore. All you are doing by making the monthly payments is making EMC's bottom line look good. Help break that bottom line and put the company under, which is where it needs to go.