I have gone into two forebearance agreements with EMC the first one after my mother died. I was so afraid of going into foreclosure and losing my home, I was desperate to do whatever it took to keep it. With the monies I receved from my mother's estate, I sent them a Cashiers Check in the amount of $5,700.00. This allowed me to roll the past due to the back of the loan.
Now did I mention that when I refinanced (this is how I ended up with EMC. It went from Alliance Mortgage, to IMC, to EMC) I was at 10% with payments of $540.00 per month? Well that was in 1997. With an adjustable rate mortgage (I was told that after 6 months to a year, I would be able to convert to a fix-rate mortgage by the broker who negotiated the refinance) it went in one year to 623.00 (escrowed insurance and taxes included). By 1999 my mortgage payments had jumped to 719.00. After the forebearance agreement, we were right at 750.00. I fell behind again after my mother died, I used the money she left me, I lost my job in tried to keep up the payments on unemployment.
To no avail, by 02 I was right back where I started. I did another forebearance agreement in August. That amount was $3,900. So far I have paid them close to $10,000.00. The sad thing about the forebearance agreement is that you cannot miss one payment or it sends you back into foreclosure or close to it. After much despair, I attempted to contact them to do another forebearance, catch up on the late payments. With no job or promise of employment, a dear friend put up the $3,800.00. I couldn't ask him for are you ready: $2,700.00 catch up on the past due. The bottom line, they ended up foreclosing on my property.
Their attorneys Codillis & Associates are crooks also. They had the nerve to ask me if I could come up with $8,500.00. At last look, I now have a judgement against me for $109,000.00 The judgement was for 79,000.00 (I financed for 65,000.00), plus attorney fees and court cost. Please do something about these people, so that others will not loose their homes as well.
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