EMC Modification

[Moe Bedard]

here is another contact...........I am not sure if she is still there, but the ext. should go to the loan modification dept. if she isn't
Sarah Howard
1-866-418-5901 ext. 4285
fax# 1-917-849-2677

[Erica]

Thanks ***! I found out this morning that EMC has completed reviewing all of my financials and they still show a deficit. Everything has been submitted for investor approval today. I'm keeping my fingers crossed. If my short-refinance goes through my mortgage principle will reduce to $300k at 6% fixed interest rate for 30 years. We really need this! Do you know if anyone else has had a success with a short refi. at EMC?

[Moe Bedard]

there have been with GMAC before..........but have not seen one with EMC...........at least on the board.

[Erica]

Hmmm...Iv'e been searching online and I nobody seems to have done this either. I pray that it will happen for me. I don't see why the investor wouldn't take the offer. My theory is we've already paid over 30 payments totaling over $100k and our principle has only reduced $2,700.00. Our original finance amount was $432,500.00, they would only be losing approx. 30k! Why wouldn't they go for this? Am I right?

[Angelica]

I'm new here and would like to know if Chase has taken over for EMC and should I be dealing with them. Thanks

[Moe Bedard]

You would be dealing with the servicer that you send your payments to...........

[Angelica]

I have not received a statement since I met with EMC at a Hope Now community meeting. (I initially thought it was the 4H4, actually Hope Now meeting) This is where I was told no payment was needed until the mod was complete. So I'm not sure what is going on. I have not received any mail from anyone, so I am a bit confused.

[Moe Bedard]

Where did you send your mortgage payments before?

[Angelica]

I was sending them to EMC. I guess then I should contact them. Just seemed kind of strange that calls are now coming in from Chase and not EMC. (love my caller ID)

[Moe Bedard]

Me Too........

[Erica]

I am still dealing directly with EMC and all of my payments are still made to EMC. I don't think they have made the full transition. Their emails now read _@jpmorgan.com but when you call in you must call EMC. Iv'e called Chase direct and they cannot access my account yet.

[Erica]

I'm still waiting. They are treating it like a short sale. How long can this process take? When I call they say they are still waiting for investor approval but thats what they told me 2 weeks ago.

[Erica]

My short refi was DENIED!!

However, the lender did approve a mod to my interest rate (6% for 7 years). It helps out but not as much as I hoped. Does anyone know if I can apply for another mod after this one goes through. I would love to get 5% fixed for the life of the loan.

[Moe Bedard]

You can after 12 months if the financial situation has become worse.

[Erica]

I also have about $1200 in late fees. Any advice on how I can get these removed. My negotiator said she can't help me with that.

[Moe Bedard]

ask if they can capitalize them into the principal balance, before they send the docs, so that you wouldn't have to pay them up front.

[Erica]

Thanks! I guess I'm somewhat of a success. She said our new payment would be approx $2685/month without taxes, down from $3,664/month without taxes for 7 years. We'll be able to keep our home. Which is great news! I just wish they could remove those late charges to give us a fresh start.

[Moe Bedard]

Let us know when you receive your docs...........

[Erica]

FINALLY RECEIVED MY MOD PAPERS!! The terms were exactly as they stated to me. My payment has been lowered to $2,680.13 (Interest rate 6% frozen for 7 years). Our payment has been cut almost $1,000/month. They were also able to help with some of the late fees. I'm happy for now. With all of the new funding from Obama, I would like to see if I can get into something fixed permanently. Would I still have to wait a year to do this since I just got my mod? Thanks *** for all your help.

[Moe Bedard]

You may need to wait the 12 months...........but you can contact the number on the docs to check.

Congratulations!