- Report: #208883
Complaint Review: EMC Mortgage - Irving Texas
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EMC Mortgage
Irving, 87331 Texas, U.S.A.
Phone:
888-609-2379
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EMC Mortgage Ripoff Forcing Owners to Buy Flood Insurance Irving Texas
*Consumer Suggestion: Why not just refinance?
*UPDATE EX-employee responds: Pmt Coupons/Flood Insurance
*UPDATE EX-employee responds: Pmt Coupons/Flood Insurance
*UPDATE EX-employee responds: Pmt Coupons/Flood Insurance
*UPDATE EX-employee responds: Pmt Coupons/Flood Insurance
*Consumer Suggestion: No Mistakes Be wary
After reading all of these reports about EMC Mortgage I have to get my 2 cents worth in. We too have been ripped off by EMC Mortgage. We purchased our home in 1999 through another bank. Shortly afterwards EMC bought our loan. It was terrible from the very beginning. First they would not send us any sort of payment coupons so that we knew where to send our money. They only sent a phone number to contact them. Thus when we did contact them and did not have enough time to mail our payment, they charged us $9.95 extra just to make the payment. That was minor I realize but needs to be noted that they do not have a process set up for electronic payments that DO NOT cost the consumer.
Now, about the Flood Insurance. When we bought our home we were sure to ask the appraiser and home owner if we were in the Flood Zone, both assured us that we were NOT. So we went through with the purchase. Then about 2 months later when EMC bought our loan we were informed that we HAD to buy Flood Insurance or it would be added to our monthly payment. I got upset and called and told them that we indeed were not in the flood zone and even went so far as to go to the county land maps and bought a copy of our town with the FEMA Flood Map and showed them that we were not in the zone at all.
This did not enter into account for EMC and they therefore added Flood Insurance onto our monthly bill to the tune of around $80 dollars a month. We paid this for 5 years. Come to find out this year that we were being forced to pay way over priced costs and ended up adding Flood Insurance to our regular insurance at the total cost for the YEAR of $125 dollars. NOW the way I see it EMC was ripping us off to the tune of $960 dollars a year for 5 years which equals $4,800 dollars. Now to just give you an example; when Hurricane Ivan came through a few years back, many many places around us flooded, which was considered the 100 year flood and it did not even touch us!! We have been paying for Flood Insurance OR FORCED I should say by EMC and they had NO RIGHT to do so. Just wanted to be sure to add what they did to us!! Buyers Beware!!
Lisa
Racine, Ohio
U.S.A.
Now, about the Flood Insurance. When we bought our home we were sure to ask the appraiser and home owner if we were in the Flood Zone, both assured us that we were NOT. So we went through with the purchase. Then about 2 months later when EMC bought our loan we were informed that we HAD to buy Flood Insurance or it would be added to our monthly payment. I got upset and called and told them that we indeed were not in the flood zone and even went so far as to go to the county land maps and bought a copy of our town with the FEMA Flood Map and showed them that we were not in the zone at all.
This did not enter into account for EMC and they therefore added Flood Insurance onto our monthly bill to the tune of around $80 dollars a month. We paid this for 5 years. Come to find out this year that we were being forced to pay way over priced costs and ended up adding Flood Insurance to our regular insurance at the total cost for the YEAR of $125 dollars. NOW the way I see it EMC was ripping us off to the tune of $960 dollars a year for 5 years which equals $4,800 dollars. Now to just give you an example; when Hurricane Ivan came through a few years back, many many places around us flooded, which was considered the 100 year flood and it did not even touch us!! We have been paying for Flood Insurance OR FORCED I should say by EMC and they had NO RIGHT to do so. Just wanted to be sure to add what they did to us!! Buyers Beware!!
Lisa
Racine, Ohio
U.S.A.
6 Updates & Rebuttals
Anita
Syr,New York,
U.S.A.
No Mistakes Be wary
#2Consumer Suggestion
Sat, October 21, 2006
I'd be wary of people telling you to refinance without knowing that this company is under investigation by the FTC for illegal activity. Get legal advice these are not mistakes but cleverly designed fraud scheme. Get an attorney who will listen.
Myranda
Fort Worth,Texas,
U.S.A.
Pmt Coupons/Flood Insurance
#3UPDATE EX-employee responds
Mon, October 09, 2006
Well, I will start off by addressing the payment coupon issue by the fact that the mortgage company does not legally have to send them out...Yes, they are nice to have when mailing out a payment but, there is no wording on your NOTE or DEED stating that you will receive a payment coupon book...You should be able to get online and get the address to mail the payment too there by avoiding the "over the phone" fee that they charged for your payment. As far as Flood Insurance.. That is regulated by FEMA.. Mortgage companies have no control over what FEMA says and when they update their maps...When you received your map from the local county was it a recent map? FEMA tries to stay ahead of the game but sometimes they don't as we can see from past experiences... I realize that Flood Insurance sucks simply because it can be somewhat costly... But, can you imagine being one of those people that were flooded without the insurance? Then where would you be? After all, insurance tends to seem like a scam most of the time...But, we all have to have it in some shape, form or fashion whether it be homeowners, flood, car, renters, health and so forth. One last thing...You can shop around for your flood insurance if you are still required to have it...People don't realize its just like any other insurance...You can also contact FEMA to see if they will do another map of your location if they haven't done one yet. http://www.fema.gov/hazard/flood/index.shtm
Myranda
Fort Worth,Texas,
U.S.A.
Pmt Coupons/Flood Insurance
#4UPDATE EX-employee responds
Mon, October 09, 2006
Well, I will start off by addressing the payment coupon issue by the fact that the mortgage company does not legally have to send them out...Yes, they are nice to have when mailing out a payment but, there is no wording on your NOTE or DEED stating that you will receive a payment coupon book...You should be able to get online and get the address to mail the payment too there by avoiding the "over the phone" fee that they charged for your payment. As far as Flood Insurance.. That is regulated by FEMA.. Mortgage companies have no control over what FEMA says and when they update their maps...When you received your map from the local county was it a recent map? FEMA tries to stay ahead of the game but sometimes they don't as we can see from past experiences... I realize that Flood Insurance sucks simply because it can be somewhat costly... But, can you imagine being one of those people that were flooded without the insurance? Then where would you be? After all, insurance tends to seem like a scam most of the time...But, we all have to have it in some shape, form or fashion whether it be homeowners, flood, car, renters, health and so forth. One last thing...You can shop around for your flood insurance if you are still required to have it...People don't realize its just like any other insurance...You can also contact FEMA to see if they will do another map of your location if they haven't done one yet. http://www.fema.gov/hazard/flood/index.shtm
Myranda
Fort Worth,Texas,
U.S.A.
Pmt Coupons/Flood Insurance
#5UPDATE EX-employee responds
Mon, October 09, 2006
Well, I will start off by addressing the payment coupon issue by the fact that the mortgage company does not legally have to send them out...Yes, they are nice to have when mailing out a payment but, there is no wording on your NOTE or DEED stating that you will receive a payment coupon book...You should be able to get online and get the address to mail the payment too there by avoiding the "over the phone" fee that they charged for your payment. As far as Flood Insurance.. That is regulated by FEMA.. Mortgage companies have no control over what FEMA says and when they update their maps...When you received your map from the local county was it a recent map? FEMA tries to stay ahead of the game but sometimes they don't as we can see from past experiences... I realize that Flood Insurance sucks simply because it can be somewhat costly... But, can you imagine being one of those people that were flooded without the insurance? Then where would you be? After all, insurance tends to seem like a scam most of the time...But, we all have to have it in some shape, form or fashion whether it be homeowners, flood, car, renters, health and so forth. One last thing...You can shop around for your flood insurance if you are still required to have it...People don't realize its just like any other insurance...You can also contact FEMA to see if they will do another map of your location if they haven't done one yet. http://www.fema.gov/hazard/flood/index.shtm
Myranda
Fort Worth,Texas,
U.S.A.
Pmt Coupons/Flood Insurance
#6UPDATE EX-employee responds
Mon, October 09, 2006
Well, I will start off by addressing the payment coupon issue by the fact that the mortgage company does not legally have to send them out...Yes, they are nice to have when mailing out a payment but, there is no wording on your NOTE or DEED stating that you will receive a payment coupon book...You should be able to get online and get the address to mail the payment too there by avoiding the "over the phone" fee that they charged for your payment. As far as Flood Insurance.. That is regulated by FEMA.. Mortgage companies have no control over what FEMA says and when they update their maps...When you received your map from the local county was it a recent map? FEMA tries to stay ahead of the game but sometimes they don't as we can see from past experiences... I realize that Flood Insurance sucks simply because it can be somewhat costly... But, can you imagine being one of those people that were flooded without the insurance? Then where would you be? After all, insurance tends to seem like a scam most of the time...But, we all have to have it in some shape, form or fashion whether it be homeowners, flood, car, renters, health and so forth. One last thing...You can shop around for your flood insurance if you are still required to have it...People don't realize its just like any other insurance...You can also contact FEMA to see if they will do another map of your location if they haven't done one yet. http://www.fema.gov/hazard/flood/index.shtm
John
Roseville,Illinois,
U.S.A.
Why not just refinance?
#7Consumer Suggestion
Thu, August 31, 2006
According to your post, you've had trouble with EMC since 1999 (or maybe early 2000). Why haven't you just refinanced; especially in light of the unbelieveably low rates that were recently available? Banker John
