EMC Modification

[Erica]

Hi ***,

My mortgage servicer is EMC mortgage. I am currently in an adjustable that will reset for a second time this month. I contacted my mortgage servicer last night to inquiy about the h4h loans. They did not have any info. and said that I would have to contact Chase. Chase said they could not access my account because everything is still in transition and they transferred me over Hope Now. I then met with a councelor and we went over my budget. They made a recommendation for the 2008 Housing and Recovery Act (I'm assuming that is the h4h?), reduction of interest rate, reduction of principal & restructing mortgage. They sent over their recommendation along with my budget over to EMC. They told me to send in 2 months pay stubs along with a hardship letter. That's were I'm unsure because EMC told me that they do not do refinances only mods. For any refinance I would have to go through Chase and from what you mentioned, they may not be doing the h4h loans either. I don't think another lender will finance me because I have past due bills. I've never been late (more than 30 days) on my mortgage because I pay my priorities
and everything else get put on the backburner. I had originally thought about signing up with one of the lawyers but I had trouble coming up with the money so seeking the help with Hope Now & my mortgage servicer directly is my only option. I just want to make sure I'm headed in the right direction.

Please advise.

Thank you!!

Erica

[Moe Bedard]

Hi Erica,

Is this the only loan that you have on the property?


What is the loan amount?
What is the interest rate?
Is it fixed or adjustable?
If adjustable, when is it adjusting?
Are you paying interest only?

Are you using this number when calling about your EMC loan to Chase........
For help with your Chase, Wamu or EMC loan, please call 866-550-5705.

[Erica]

Yes, this is the only loan we have. It is an adjustable 40 year; the 1st adj was in May/08 to 9.625% and the second adj is this month Dec/08 to 10%. Our princ. balance is approx. $429,000.00. Yes, 866-550-5705 is the number I've been calling daily. They seem to know about the h4h loans but when they route me over to EMC, they know nothing. EMC told me that the only option I have is a mod. So I called that same number back and that's when they transferred me to Hope Now.

[Erica]

***,

I forgot to ask, how is Hope Now connected to Chase/EMC? Will they consider any reccomendations made by the councelors?

Thanks!

Erica

[Moe Bedard]

Chase does work along with recommendations from the counselor.......but they do have to present the modification proposal to the investor for the final approval.
With the H4H program.........your loan meets the criteria by having only one.......but the investor on the loan would need to be participating..........Chase's investors are not..........but your servicer is EMC so you would need to find out if the investor on your loan is........and then you can go directly to an FHA approved lender from the list in your area to apply for the refi.
EMC ARM Squad
1-877-362-6631


Here is the direct number for HOPE.........they should be able to help.
1-866-955-4673

[Erica]

I just talked to EMC, I tried a different number (888) 577-4011 which is Loss Mitigation. I had prev. tried the ARM Squad #. They could not tell me who my investor is but she told me to send in all the paperwork directly to them as advised by Hope Now and it would be reviewed along with their recommendation. Thanks! I appreciate any input. I just want to make sure I'm on the right track.

[Moe Bedard]

You are definatley on the right track.........


Keep us posted on your progress.......

Good Luck with the modification!

[EMC_Chase]

hello guys. i've also been contacting EMC for about a month. I've been waiting for their loan mod package, but I never received it. They said they mailed to my home address 3 times. I think Chase is willing to do whatever it takes to help, but EMC's really not interested in helping home owners at all. and Chase knows nothing about EMC loans. I just went to emcmortgageservicng.com and got instruction/info. I prepared all documents and am ready to mail my stuff to them without their loan mod package. H4H program is good if EMC participates. But they dont. Anybody tried to mail the package instead of faxing? if you fax, they receive and process quickly, but they can also just throw it away and pretend they never received it. Should I mail or fax it? thx.

[Erica]

Hi EMC_Chase,

I feel your pain. I've been calling both Chase & EMC for the past month. I was told to fax in everything to EMC's Loss Mitigation at 917-849-2677. I talked to someone yesterday in that department and she said you can call to confirm that they received it. She said it usually takes up to 48 hours to show received. The number I called was (888) 577-4011. Sometimes the people you get are not as helpful as others. I usually just call right back and ask the same thing to the next person I get on the line.

Hope this helps!

Erica

[EMC_Chase]

thx Erica. I guess I'll just fax them and then see what happens. btw I hear the govt is now expecting 30yr fixed mortgage rate should drop below 4.5% before the new year. Do you think they will offer us the same low rate? My arm rate is currently at 6.5% for 1st 80 and 11.6% for 2nd 10. They should at least offer the same rate new home buyers are getting.

[Erica]

4.5%...that would be nice!

I forgot to mention in the previous post. I was transferred to Hope Now by Chase in one of my many calls. You can reach them direct at 888-995-HOPE. I met with a councelor and we did a budget workout. They told me that they would send that over to my mortgage servicer (EMC) along with their reccomendations for my loan. I'm not sure if this will help at all but I'm willing to try anything to get this done.

Erica

[Erica]

I talked to someone at EMC on Friday and they said that their lenders are not considering h4h refinances right now. She told me to submit a package for a "short pay refinance" and it will be reviewed. She told me to follow the instructions on the EMC website for a short sale but make sure that you clearly state on the forms that "THIS IS NOT A SHORT SALE, THIS IS A SHORT REFINANCE (WE ARE KEEPING OUR HOME)". She told me to also include the name & info for the new lender. Has anyone else gone through this with EMC?

[needhelp76]

I am currently working with EMC (you can read my story under EMC-starting the process). You can email EMC once you log in to your account so I did 2 days after I faxed the documents. I received an email back stating they did receive my request for loan modification but asked for copy of my current insurance policy. Faxed that document and next day I emailed them to check if they got it. That was last week Wednesday, on Friday 12/5 I received a call from an EMC representative that was assigned and we went over all my income/expense worksheet. After making adjustments to few things he told me what they can propose to the investor. So far I'm impressed with the way EMC has treated me. Once you have a rep assigned you get their direct phone number so you don't have to call and go through all the gate keepers. Now I'm just waiting to see if the investor will approve what EMC rep came up with. I was told that EMC should have an answer within 72 business hours so if I don't hear back from them by Wednesday I will be calling.

[Erica]

Thanks so much! I didn't know that you could email them. I had been waiting on hold to find out status. Are you doing a mod or a short refi?

[EMC_Chase]

thx guys. its nice to hear good news. I faxed my documents yesterday 12/8/08 and I'll call them tomorrow morning to confirm they received it. I was hoping for h4h, but I guess loan mod is good too. All I want at this moment is to modify my ARM to fixed rate mortgage.

[needhelp76]

I'm just doing a loan mod because my loan is to reset Jan 1st and pmt would go up by $600 a month. I would recommend to use the email option to check if your paperwork was received that way you have it in writing. All you have to do is log into your on line EMC account and send the email. They respond within 24 hrs.

[Erica]

I sent the email asking for status from my EMC account this morning. Much better than waiting on hold. Thanks!! =) Hopefully I'll have a response by tomorrow morning.

[EMC_Chase]

Hey guys. I just talked to a consultant and she says she received it and it is being processed. I just hope I get the response very soon. I sent an email also as you described above to keep as record.

[Erica]

That's great news. I received a response too, EMC confirmed that they received my document and that they were being reviewed. They also asked my new lender for a FHA appraisal on my property.

[needhelp76]

Hopefully you will hear from the negotiator soon. Once I confirmed that all paperwork was received it only took 4 days for the negotiator to call me to go over everything. He was able to tell me during that first conversation what he can recommend to the investor. Once he was done the file went to a manager and it took only 3 days for the manager to approve it. Now I'm waiting for the investor but it has only been 2 days since it went to the investor. My rep told me I should know something today and if not Monday the latest.

[Erica]

A negotiator has already been assigned to me. They ordered an appraisal from my new lender that I have to pay for. He is scheduled to come out on Monday.

[EMC_Chase]

A loan mod app was assigned to a consultant in Urban, CA. I hope this is good news.

[Erica]

An EMC consultant or through a different company? The person assigned to my account is through EMC's EOS Division in Texas.

[Erica]

The FHA appraisal was $350, which hurt, especially during Christmas. My house was appraised for $302,000 and everything has been submitted to EMC. I'm still current on my mortgage. Now we just wait to see what happens.

[Erica]

I'm still waiting to see if my offer will be approved. EMC said it is still being reviewed and no one there can give me anymore information. Does anyone have a contact for a manager in "Loss Mitigation" or "Performing Loan Workout"? I tried the phone # for Romona Daniels that *** listed but I don't think she's there anymore.