I didn't choose EMC... EMC chose me. Like so many other posts I have read here, my loan originated with UC Lending in 1997. At that time my mom, my now husband, and me were looking to make home improvements to our home. The original loan amount was for approx. $26,000, 15 yr. Fixed interest loan.
Because of my "lack of credit", my mom cosigned for the loan with me. They still gave us an interest rate of 13.75% and my mom had excellent credit... Neither here nor there... Not more than 3 months after I started to pay UC Lending back they filed bamkruptcy and I never got all the money for my home improvements. EMC started to send coupons for payment and I didn't know what was happening so I contacted them. They told me my loan was sold and they were going to service it.
Next thing I know... They started to say we were late on our payments. My mom and I straightened out that matter. We didn't have any problems with them for until just recently.
My mom died in 2002 and that's when my problems started. I made my monthly payments and they were stating that they weren't being received. I made sure to send my payments early enough so that I wouldn't be charged any late fees.
Last year we had several deaths in our family. Firstly, 1 of our children died and then not more than 1 week later my grandmom dies. You can imagine the burial expenses we had to incur. You just can't leave your dead unburied!!! I'm sure if we tried to we'd be in jail.
I called EMC to let them know of this and that we would make a payment in January after I received my tax return to pay them for Oct - Jan. I sent the money via FEDEX to their office 2 days before it was due. EMC in turn waited 2 weeks and then sent my money back to me and entered me into foreclosure procedings.
When I called them in February after receiving my money back, they in turn told me they wanted over $2,000 additional to the money I had already sent. Then wanted me to sign a forebearence agreement that would more than double my payments.
Each time I called, they either never called me back or gave me another number that I needed to pay. I have been trying to get out of this mortgage since I got it because I knew it was a bad loan.
EMC dropped all of the so-called perks I had in my original mortgage. They droped all of the life insurance policies that we placed. They dropped all of the original home owners insurances. My mortgage rate had fluctuated up and down with the most recent rate up by $15.00 and I have a fixed interest.
I have contacted agencies that are supposed to help you in all this here where I am and if you don't have any proof you have a loan their is nothing anyone can do to help you. Now my home is in foreclosure. I only owed $12,341 on my loan to begin with and my home is worth $125,000.
All because of people dying? I never heard of such an outrage. Something needs to be done about this company. They have been ripping people off from day one. It is totally unfair that big business can get away with "killing the so-callled American Dream". Putting people into undue poverty solely because they want their property is down right sinister.
I say all of us who have been victumized seek legal assistance to put together a class-action suit against EMC. Just to let them know you cannot always push around the people who literally pay you.
Tracee
Philadelphia, Pennsylvania
U.S.A.
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