EMC Loan Mod

[Ramadan]

Hi everybody. This is agreat site and forum, I have learned a lot from it and I think I am ready to start requesting a loan mod from EMC. I woul like to know if anybody has any contact info for EMC Loss Mitigation and if anybody has gone thru the process with them. My personal situation (financially speaking) got complicated by helping a "friend" buy a house with my credit...I know, I learned the lesson so no need to remind how fool I was, in any case I spent all 2007 trying to salvage the situation once my friend walked away,throwing good money at a situantion that was doomed from the get go. Anyhow, I depleted my savings, kid's college funds, borrowed up the yin yang just to finally realized I was not getting anywhere, after fixing the house ( he destryed the place) so I can rented I decided to short sale it to the tenant. It s been 10 months but it finally looks its going to get approved (loan is with GMAC).

This whole sitaution created, as you can imagine, a financial nightmare. Now I have to address the fact that I need a loan mod for MY home. I live in Miami Dade county were property values have declined almost 30%, I paid $675K, now is worth $472K maybe $500K but value is declining and I can see many vacant houses around my neighbourhood which means foresclosures are looming!

I was planning to pay the taxes on the house at the end of the year (one year behind) but EMC basically forced me to pay them NOW or they will escrowed them (14K in property taxes!) but not only that, they will also escrowed next years, which meant my mortgage payment was going up by at least $2400.00/month So to make the story short, I paid the taxes to avoid that but now I am behind 30 days going into 60......I can probably catch up but I see no reason why to; I know that if you are not behind at least 60 days they won't even listen to you (I approached GMAC many times about the other house and they kept telling me: "you are current we cannot help"!!

When I bought the house 2 years ago, I planned to negatively amortized the 1st mortg. for 3 years (due to prepayment penalty) and then refinance, we all know that theory does not work anymore. Now I am underwater for almost $250K and counting...

As far as the property taxes I just filed with Value Adjustmet Board a petition to grant me agricultural exemption (I have 1/2 acre lot) so that would lower my taxes susbtantially. Should have done that last year !

Due to the mess with the other house my good credit is gone but I am current on all my bills but EMC, so the question is before I approach EMC, should I request a QWR? Is that a red flag? Does it help? Or should I approach them directly and just send them everything I know they need (I have all my things almost ready since I have to submitt the same docs to GMAC). BTW I am self employed.

The other question is, on hiring Paiva or any attorney to get a loan mod (I need the principal reduced as well) shouldn' it be contingent upon them getting the loan mod? Why pay up front when there is no way to know what would happen?

Anyways, any feedback is appreciated. Thanks to all.

[Moe Bedard]

Hi Ramadan,

Welcome to the forum and thand you for joining.........

Here is the contact information for EMC:

EMC Loss Mitigation MGR.
Ramona Daniels
214-626-3266

EMC ARM Squad
1-877-362-6631


If you are looking for a principle reduction you might want to call the attorney to see if they would be able to help you as we have not seen any done yet on firsts on the forum...........


Law Offices of Gregory A. Paiva & Associates
1325 Corona Pointe Court
Corona, California 92879
Telephone (888) 432-6634
Facsimile (951) 860-4763


Please keep us posted on your progress..........

[Ramadan]

Thank you for the info, good to have a name and contact in this "press a number" customer service world! Well my goal will be to actually wipe out the second which is at a whooping 13%+/-
Are there any lawyers that would work on CONTINGENCY basis? Thanks again,

[Ramadan]

Also, assuming that I go into foreclosure, the house sell for 30% less of loan value....wouldnt it better for EMC to just do the loan mod with principal reduction? A foreclosure costs them about $50,000 right.....?

[Moe Bedard]

I guess they are not seeing it that way considering they are not doing them yet.........whether they will in the future is anyone's guess, but the investors on the loans are not offering them at the moment.

For the attorney you will have to check with your states Bar Association for a referal like that........

[Ramadan]

Thank you ***, same with a short sale, if I do a short sale, they get less than owed! makes no sense how these banks think! the unanswered question I have... what's the purpose of requesting the QWR? So they know you means business and take you serious?

[Moe Bedard]

The purpose of the QWR is to ask in a written request for the copies of your original loan documents and payment streams if you feel that you may have been the victim of predatory lending or you are having servicing issues and need to know how the payments are being applied to your loan..... most are having this information reviewed for violations to help with the modification. The QWR goes to the customer service dept. not the loss mitigation dept..............so it won't have an effect on the loan modification process...........

[Ramadan]

I am "only 40 dyas past due on my loan and I already got a DEFAULT NOTICE!!! Is this right? I have a first and second with EMC and I am going to try a Loan Mod......Thanks for any feedback!

[Ramadan]

Thanks, requesting one ASAP!

[Moe Bedard]

You will have to find out from EMC when they issue Default Notices........unfortunately going through the modification process will not stop the collection effort...........

[Ramadan]

Thanks ***, what are the implications of a DEFAULT NOTICE? I thought you will get one after 4 months no 40 days! Also, do you know if they can foreclose if I keep the first current but not make payments on the second? Both are with EMC.

[Moe Bedard]

Usually an NOD is sent out at 90 days default.........so that is why I was saying to check with EMC as to why you are getting one generated after 40 days...........but usually a Notice of Rights comes first before the NOD and that will have a figure plus fees that would need to be paid in full to stay out of foreclosure...........
With both the loans being serviced by EMC that is a tough one........because the second might be able to move to foreclose...........but you will need to check that with a foreclosure attorney in your state to be sure.........

[Ramadan]

Thanks again, I will call EMC and my attorney tomorrow, time to get rolling!

[needhelp76]

Were you able to get the loan mod from EMC?

[Moe Bedard]

Hi needhelp76,

Start a thread with your EMC story in this section so that we can answer your questions and follow your story.................also go to the success section of the forum.............all of the EMC successful mods are located there with EMC in the thread............there are a few.