I've been trying to do a loan modification through EMC Mortgage Company also for about 2 years now. I also have had quite a run around from sending the same information every four months to this latest letter I received that states that my minimum payment will go from $1341.00 to $2429.69 because of what they call my maximum negative cap to unpaid principal balance. I am in a bad ARM to start with anyway at 9% interest that I've had since 2007. I know its my fault for getting into this to start with but I thought that the presidents making homes affordable programs were supposed to help people who were in this same situation as I am.
My loan amount has gone from $271000.00 to $294000.00 I'm self-employed with seasonal constuction work and my wife is part time working for U.S. Postal service. We've been making our minimum payment at least the whole time since our refinance in 07 and made a $3000.00 when we could afford it but could'nt most of the time so we went backwards on our loan. EMC has no mercy on us or any one else that has similar situation. Its wrong and all we are doing is going deeper into debt because of them. We love our home and would like to keep it. Wish someone could help. We've had a lawyer help all along but seem to be getting nowhere there also. At last I would also join a protest against this predatory lending practices and file a law suit.
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