emc hopefully they will modify

[shash]

I have 2 loans with emc 1st 7.75% will adjust in 2012 and second with them 14.65%. I just had a baby and I was laid off as a teacher due to florida budget cuts. we are down to one income which is enought to live off of but not at my current 2200.00 payment. we figure we need to be about 40-50% less to live.

my loan is bad. we thought we coul refi into a fixed interst loan however the property value has decreased 100,000.00!!!! (for larger homes) we also found out our prepay was 3 years not one like i requested. and the house wouldnt appraise.

when i was current on payments i tried to request loan mod papers and was turned down daily. i was current, why would they help? so i missed payments and after 2 missed payments the package arrived!! i filled out the loan mod, however they are only offering me to have reduced payments for 6 months while they work on it??? no!! it only delays the process and shuffles me to the side. i cant afford to have the difference tacked on to the end of the loan. and i cant afford the house unless they modify my loan. i would like a fixed interst rate, i'm not asking them to reduce the loan amount to market rate!! will they help me?

i have missed 3 mortgage payments. is help on the way?? will i be foreclosed on? when will i have to move? i want to keep my house, but i will walk away and rent a place i can afford. any advice???

thanks

[Dan Bailey]

Welcome to the forum shash, and thanks for joining.
One of the moderators will be by soon to answer your questions...hang in there and keep up hope!

[shash]

do i have to go on a payment plan to get help instead of being delinquent? is emc playing chicken with me? it makes more sense to me to give me a better interest rate so i can have an affordable payment rather than take a large loss in foreclosure?

[Moe Bedard]

The modifications are up to the investors on the loan..............to get started with EMC here are a few numbers you can call..........
also put together a hardship letter, there are examples in the Homeowner Tool Box to the left of the forum.......


EMC ARM Squad
1-877-362-6631

EMC Loss Mitigation Dept. MGR
Ramona Daniels
1-214-626-3266


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

[shash]

I already submitted letter with full financial modification package. emc will call me but they have an automated system that hangs up when the call is transferred. not sure if it is because they are calling my cel. i call them back but only told that they can email the person and they will call me back.

does anyone know how long until the foreclose and i have to move? or how i will know? i'm 3 payments behind. i'm assuming they dont want to work with me.

[Dan Bailey]

shash, did you try the numbers *** posted?

[shash]

I have been trying. I cant get ramona on the phone, I left messages. the arm number they say that they email the counselor on my file, but I have not heard from her

[Moe Bedard]

shash,


You have to keep in mind that these people are working anywhere from 150-300 files each and Ramona is the manager of the dept., also I just gave you the numbers on Friday..........that is only one business day for contact. I know it is hard and stressful as I speak from experience....... but hang in there.........hopefully you will hear something the beginning of next week.

[shash]

I got a letter from hope now stating emc will be in orlando and I can meet with them. is anyone familiar with this process? is it worth going? or are they going to be high pressure collection agents? thanks