Just wanted to vent and add my EMC nightmare to the list. EMC obtained my loan from Superior Bank. Unlike others here, I did not appear to have a problem with the transition. Approx 8 months into my loan I was involved in a serious accident, ended up with HUGE medical bills, and was unable to work for an extended period of time. My nightmare begins.
Insurance companies bickered in court about who had to pay my medical bills and work loss. I didnt care who did, as long as it wasn't me, after all, thats what I paid health insurance premiums for. I paid my mortgage out of savings for 6 months until they were exhausted, then fell 3 months behind. EMC initiated foreclosure. Court tug-of-war began. Thankfully I had a wonderful attorney. This went on for approx 2 years.
At a point shortly after the medical bill mess got straightened out in court, EMC called me yet again with collection efforts. I told them I was going to file reorginisation bankruptcy now that I had cash flow again and was able to make up the back payments, as I did not wish to lose my grandparents homestead.
A seemingly sympathetic woman told me that if I could afford it, I qualified for a "work out plan" where I was to pay $7500.00 via western union quick collect, sign a forebearance agreement they would fax to me, fax it back to them, then 100$ extra to my payment every month. Really? That easy? Sign me up!
I go to the bank, get the money, send it via quick collect, and call EMC to confirm it was gone. Their response? Oh. We made a mistake. You don't qualify at all. You need to come up with the $26,000 you are in arrears or the foreclosure will proceed. Butbutbut...?
They returned the 7500$ it cost me almost 30$ to quick collect to them. I called my lawyer and asked "Is this even LEGAL?!? They faxed me the forebearance agreement, on their letterhead, from their fax, making it an offer. I sent money. That is the "consideration". I signed the agreement & faxed it back. Doesn't that make it a binding contract? It was THEIR offer in the first place." He contacts EMC's attorney, They agree to abide by their agreement. Ship back the $7500.00 at another 30$ charge.
Pay on the forebearance agreement for 12 months. Try to refinance out. Payoff on my 81,000 mortgage is now well over $105,000. But... How?!? Oh, arrearage, lawyers fees, interest and penalties. Butbutbut. I paid on time! And what happened to the 7500.00 I sent you at the beginning of this?!?
Call their loss mitigation department and request they modify my mortgage and bring it to current/off their "workout plan". Am declined, even though I've paid on time for over a year. They send out one of their own appraisers, which I agree to. He finds the value of the property to be far less than 105,000. *I* go to *them* and offer the origional 81K plus $13,000 extra for their expense, plus they don't have to foreclose or sherrifs sale or upkeep the property. "No Ma'am. We're not interested."
Even though my property was worth far less than what they said I owed, I was seriously injured through no fault of my own (and faxed them tons of medical reports to prove it), it was my grandparents home that had been in the family for generations AND I offered more than the origonal note to buy it back, they refused. They told me straight out that they wanted my property.
At that point I decided to fight back. It took 15 mortgage applications, but eventually a mortgage broker found a bank willing to refinance my mortgage because I kept every scrap of paper and approx 18 on time EMC Quick Collect Recepits. (EMC would not verify to potential lenders that I had been making my forebearance payments on time). I had to pay brokers fees, refinance fees, and points, on top of EMC's "Ransom Money" for my home.
In the end, I got to keep my home. Apparantly I'm in the minority. But between EMC's ransom fees, points, brokers fees etc it cost me almost $40,000 thanks to EMC's ruthless, heartless collection practices. Anyone who is unfortunate enough to get your mortgage transferred to EMC, I urge you to run run run, fast as you can.
Oh. And as far as credit reports? They reported me as being in foreclosure for years. I contacted all three bureaus, told them I had been in a workout agreement and paying on time, and asked them to note the files accordingly (workout agreement/paying on time rather than Foreclosure) Bureaus contacted EMC, who refused to change the information, because "technically, even when you're under a forebearance agreement and paying on time, your home is still in foreclosure".
It was like they were going out of their way to cause me damage or hurt me however they could. What a terrible way to live your life, don't these people have a concience?!?
If anyone is organising or interested in a class action lawsuit, after all they put me through, I am interested. Best of luck to anyone still unfortunate enough to be going through this process! Someone needs to stop these people.
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