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!!
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