Loans, Debt & Credit - View Single Post - A Warning on Paying via Certified Check

ciscokidinsf · 08-04-2009, 01:13 PM

Hey all,

So, 3 weeks ago I was all happy to make the last (third) payment for the Modification Trial period. I made my first two payments with certified checks and sent them via first class mail. (I did this to have a solid paper trail) I made my third payment the same way...and the bad luck struck.

I started calling EMC every day last week, since the payment was due August 1st and cannot be late. It appears the check was lost in the mail. I called the bank and it has not been cashed by EMC.

So, I canceled the check, but because it is a certified check I will NOT get my funds until 90 DAYS.

I had to borrow money (close to $2,000) from my family to wire the money to EMC on Friday. Now I have to float this for the next 3 months. EMC claims they never received the mail, even after showing a xerox copy of the certified check, the asked me to send the payment.

To top it all off, the very nice person that called me back from the executive line a couple of times has been transferred, so now I am back to making calls the regular way.

I would advice you to either send your paper payments with delivery confirmation and make sure if you have to send money orders or certified checks that the delivery is tracked. At least for the first 3 payments.

I am extremely anxious now, and reading the recent denials makes me feel queasy. At least I heard in the radio this morning that supposedly Chase/EMC is the 'top' lender in modifications, with 20% of the requests 'approved' (which tells me they may be padding the number with the 90 day trials) but at least is something. At the very least, they did create two escrow accounts, taxes and HOA (HOA after a huuuuge argument that went to the executive office to be resolved)

08-04-2009, 01:13 PM	#1 (permalink)
ciscokidinsf Member Join Date: May 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	A Warning on Paying via Certified Check - EMC Hey all, So, 3 weeks ago I was all happy to make the last (third) payment for the Modification Trial period. I made my first two payments with certified checks and sent them via first class mail. (I did this to have a solid paper trail) I made my third payment the same way...and the bad luck struck. I started calling EMC every day last week, since the payment was due August 1st and cannot be late. It appears the check was lost in the mail. I called the bank and it has not been cashed by EMC. So, I canceled the check, but because it is a certified check I will NOT get my funds until 90 DAYS. I had to borrow money (close to $2,000) from my family to wire the money to EMC on Friday. Now I have to float this for the next 3 months. EMC claims they never received the mail, even after showing a xerox copy of the certified check, the asked me to send the payment. To top it all off, the very nice person that called me back from the executive line a couple of times has been transferred, so now I am back to making calls the regular way. I would advice you to either send your paper payments with delivery confirmation and make sure if you have to send money orders or certified checks that the delivery is tracked. At least for the first 3 payments. I am extremely anxious now, and reading the recent denials makes me feel queasy. At least I heard in the radio this morning that supposedly Chase/EMC is the 'top' lender in modifications, with 20% of the requests 'approved' (which tells me they may be padding the number with the 90 day trials) but at least is something. At the very least, they did create two escrow accounts, taxes and HOA (HOA after a huuuuge argument that went to the executive office to be resolved)