I brought my house 28 years ago, and mortgaged $30,500 at 8%.in December of 1995 EMC took over my loan from HUD. At that time I was told that I owed almost $20,000 in arrears, along with the principal loan amount of $28,518.00. They claimed I owed all of this while paying for almost 17 years.
I inquired as to how I owed $20,000 in arrears, if I racked up that much in arrears, first they would of forclosed, and second the principal amount after paying for 17 years would have been much lower. I told them that I was paying for 17 years and that there was no way I was arrears, or that the Principal was that much, EMC did not want to hear it, they told me that if I didn't sign a forbarance agreement they would forclose, and they told me this on many occasions. I had no choice.
I would constantly inquire as to the exorbitant amount of my principal and as to why their is arrears. All they would say is that IT is a farm loan, and that when they took over the loan from HUD that is what I owed. I have asked for any documents to back up their claim. They could never provide me with any. They took this amount out of the air. I even wrote them asking them to provide me with anything to verify the amounts, they just keep sending me the payment history from them, and telling me that I am in arrears, and charging me a fee for the copies.
After 28 years I still owed over $21,000 principal and almost $10,000 arrears. My lawyer inquired as to why I still owed these amounts when I should only owe between 4-5,000. They could not provide him with any answers. This went on for three months. I had no choice but to pay an extra $25,000 to EMC to satisfy my loan so that I may close on my house and make the purchase of my new one. I am now paying an extra $25,000 worth of interest and principal on my new loan because I had to take out an extra $25,000 on my new mortgage. There is no talking to these people they have you up an wall.
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