EMC Mortgage
Promised to modify loan to original interest rate/payment then did not lewisville

In july our the adjustable interest rate on our mortgage increased from 6% to over 10%. Our payment went from $3,500 to over $6,000. We continued to pay the $3,500 each month and each month i would call emc to try to work something out with them.

In january we received a notice of default. We immediately called emc and they told us if we paid them $22,000 they would modify our loan to the original interest rate and payment. Mind you, there had been another interest rate increase and our payment was now almost $7,000.

We paid the requested $22,000. The end of may we received a fedex envelope at our door with a modification offer. Emc was agreeing to reduce our payment to $6,800. This was not at all what they had verbally agreed to.

We then sought help through naca (neighborhood assistance corporation of america). Naca made a proposal and we accordingly paid 3 payments per naca's recommendation. Emc returned the payments saying "the payments were less than the monthly amount owed and were therefore returned".

The home is worth about $200,000 less than what we paid for it in 2003. We were willing to stay in the home and pay the payments if they were reasonable - or at least what they had been when we originally got the loan. We never asked for a principle reduction or even to have the interest rate set at less than the original rate!!

Company: EMC Mortgage
Country: USA
State: Texas
Address: 2780 Lake Vista Drive
Phone: 2146263800

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