Our mortgage was sold to EMC last spring and we suffered many headaches until I discovered a route to assistance. Since then we have been helped very promptly. Here is how to find help to solve your victimization by this company: I will not supply names or direct telephone lines.
EMC is owned by Bear Stearns. I looked them up, called the main number in New York and said I'm calling about illegal activities committed by EMC Mortgage. I was put through to the compliance department. The man there did not return calls but a representative from EMC did and we began to work out what was going on. She was professional, polite and responsive.
I took it upon my self to go line by line through a printout they supplied me of every transaction on our loan and I spent hours working on a spreadsheet. This showed EXACTLY how the numbers should be and I sent it to them. It went to their accounting department and their system was updated.
Since then we have had no problems until this month when I noticed that we didn't get a statement. I sent an email off to them and they're working on it. I also commented that they seem ill-equipped to handle my sort of loan (interest only but I put $ toward principal regularly). There are major issues afoot with them, which are hopefully going to be solved.
Basically, go to the parent company and raise a stink (politely, lucidly and as calmly as possible or nobody will listen to you). Go to the Bear Stearns website and get the list of Board of Directors - track them down and write letters. Keep track of every phone call, letter, times, dates, every single piece of paper - everything. It definitely comes in handy.
Also, contact state and federal regulatory agencies, even your Attorney General's office. Call the companies that sold your loan to EMC and raise a stink with them for turning you over to an unscrupulous, incompetent company. Spread the word because the only way entities such as this mend their ways and improve is if they're being squeezed. You have tremendous power and opportunities to turn up the heat. Please take the time to do this, do some research and start sending emails and making calls. You'll get results.
Good luck and many blessings to you.
Here is the info for Bear Stearns:
Bear Stearns Worldwide Headquarters: 383 Madison Ave. New York, NY 10179 (212) 272
For additional information about any Bear Stearns product or service, or the firm in general, please contact the Bear Stearns Information Center at (888) 473-3819 (toll free) or (212) 272-3939.
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