EMC Mortgage Corporation Review
Author: Rob K. Blake | Date: September 11, 2008 | Filed In: Mortgage Servicing
EMC Mortgage Corporation, a subprime mortgage division of Bear Stearns who’s assets were then bought by JP Morgan Chase has one of the worse records dealing with servicing customers ever. We located three websites, four telephone numbers, and a slew of complaints. We even located a video report with former employees and clients outlining the abuses that lead to an FTC fine.
EMC Mortgage Corporation Website and Phone Contacts
EMC Mortgage Corporation Website: https://www.emcmortgagecorp.com/EMCMORTGAGE/MainContent/about_us.jsp
EMC Mortgage Corporation Phone:
(800) 723-3004
(800) 695-7695
(800) 436-7397
(214) 626-2800
Fax: (469) 759-4704
Address: 2780 Lake Vista Drive, Lewisville, TX 75067-3884
EMC Mortgage Servicing Website
http://www.emcmortgageservicing.com
EMC Mortgage Payment Processing Center
P.O. Box 660753
Dallas, TX 75266
Servicing FAQ Website
https://www.emcmortgagecorp.com/emcccn/faq/faq.jsp#Ques_1_1
EMC’s Automated Mortgage Information Line at 1-800-723-3004. To use the service, you will need the bank or other financial institution’s 9-digit routing and transit number, and other information that should be preprinted on your checks.
Need a Loan Modification or Repayment Plan?
Please call the EMC Mortgage Loan Workout Department toll free at 800-723-3004. Hours of Operation (Central Time): Monday-Friday, 7:00 a.m. to 11:00 p.m.; Saturday, 7:00 a.m. to 12:00 p.m. For quicker service, please have your loan number, social security number and phone number available when you call.
EMC Loan Modification Website:
https://www.emcmortgagecorp.com/emcccn/faq/keepmyhome.jsp
EMC Mortgage Corporation Review
I my opinion any company getting fined $28 million by the government is a company to avoid. EMC Mortgage Corporation received a $28 million fine by the FTC. If you are seeking a loan modification from EMC Mortgage Corporation direct contact with their servicing department is the place to start.
If you are facing foreclosure and want to learn how to negotiate (before you call) with even an “ugly” servicing company like EMC, click the link, Stop Your Foreclosure Now!
It appears when I search for complaints against EMC Mortgage Corporation Mortgage, there are many. Click the link to see all the EMC Mortgage Corporation complaints listed in Google.
BBB Activity on EMC Mortgage Corporation
” The BBB processed a total of 318 complaints about this company in the last 36 months, our standard reporting period. Of the total of 318 complaints closed in 36 months, 71 were closed in the last year.”
See Comments Below to Add/Read Customer Opinions On EMC Mortgage
We would really like to hear your experience with EMC Mortgage Corporation so add your comments in the section below.
Thanks!
Author: Rob K. Blake
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A year ago I had to take a disability retirement. My income was cut in half. Before this retirement, I made all of my mortgage payments on time, and paid at least $50.00 a month more than the required payment. For the past year my wife and I have been trying to cut costs, but with the economy going sour, we have not been able to sell things we need to sell.
I contacted EMC in September of 2008 seeking a modification. They at first approved it, then withing 1 hour, called me back and said that because I own a motorcycle and a boat, both of which we are tying to sell, they will not give us a modification. They said “modifications are only for people who really need them.” I told them my circumstances, but they were unswerving.
I appealed to the “Executive Desk” and got the same run around. They even went as far as to say that I should stop paying some of my other bills in order to stay current with my mortgage. They want me to voluntarily repossess my motorcycle, boat, two cars and they also said my daughters tuition at our in state college was not a necessary expense!!!
I now have a call in to the manager of the “executive desk,” but I hold out no hope at this point.
I have been experiencing ongoing problems with EMC. I was informed a few months ago that my Escorow was miscalculated and therefore my mortgage would be increased by $800, which I cannot afford. Therefore I fell behind in making payments timely and entered into a payment plan for making mortgage payments at a reduced rate for 3 consecutive months and then I would be considered for a loan modification. First 2 months went well. I recently called in an electronic payment and was quoted the reduced price as normal. I checked my bank and realized that they have taken out more than I authorized. I have called EMC daily requesting to be reimbursed the difference and have only been given the run around. My next step will be to file a Civil Lawsuit to reclaim money they took without my authorization.
Our problems with EMC are multiple and have been ongoing for several months. They insist our account is delinquent yet we have never missed a payment and all payments have been made on time.
Their collections dept. calls us on average of twice daily. We have told them to stop calling until they can provide some documentation to show what they say we owe them for. We have repeatedly asked them to explain to us how they think we are in default but they have yet to do that.
We have stopped even trying to communicate with them via telephone and instead send them certified letters — which they don’t answer.
Their customer service is a joke and their supervisors are a bigger joke.
We have unfortunately been ripped by EMC for a few years now after they bought our loan from another servicer. We have always been on time with payments, yet have oftentimes had to call them regarding multiple problems. They do seem to have problems with their accounting. I have a record of all payments made. Recently they have changed the date due on our loan. In December, 2008 they had down that we owed a Dec 1 payment, (my records showed November 28 for that payment). They began harassing me every day for a couple of weeks wanting that payment. They had received the November 28 payment on December 3, then made me pay by phone on December 15 for the December 1 payment, then expect another payment on December 29. I have proof from an August payment of the date due. We have a 28 day payment cycle. The service people don’t seem to understand anything about that. Seems simple enough to me to look at a calendar and count every 4 weeks. but not to these EMC idiots. This is only one of so many complaints I have had with EMC. I also had a paralegal call them on a few occasions and she had the same problems, including being put on hold, not being able to get hold of one person, etc. Crooks, idiots, thiefs, you name it. EMC fits each name.
Donna,
I advise anyone who must work with a bad servicer to create a cashiers check for their monthly payment…and then mail it a few days early…by certified mail, return receipt requested…or Fedx…so you get a servicer company employee signature on the day they signed for the check. Proof positive when they got it. It’s been my experience when you do this, “Your payment didn’t get here on time” excuse is removed along with the bogus late fees they attempt to collect…and many of your “other” servicer problems miraculously disappear. Bad servicers pick on the weak, under-educated, and less determined consumers….using this method of payment you are telegraphing in no uncertain terms…”Pick on Somebody Else!”
Give it a try…and come back and post how it worked for you, eh?