The Consumer Warning Network released a stunning video that has a former EMC employee reciting an inside story that paints a picture of why so many people can't get their loan out of default and why some people lost homes even though they had the money to pay off their note. Investigative studies, insiders and victims -have claimed that mortgage servicing companies can make MORE money off of homeowners when they keep your loan in default.
"the media has failed to tell the full story" says Danny Schechter, producer and director of In Debt We Trust and the 'News Dissector" from mediachannel.org. See: Bringing the Wall Street Crisis to Main Street!
Professor Katherine Porter described many of the same disturbing findings in her recent study: "Misbehavoir and Mistakes..."
To watch her on CNN see: Are you facing an Unfair Foreclosure?
Professor Porter was also a guest on our weekly radio show SpotLight.
During that interview we discussed her findings that additionally indicated the mortgage servicing industry has zero regulations. In fact, the system currently in place for servicing companies is set up in such a way that it actually gives servicing companies an incentive not to communicate with the borrower and then make more money by collecting late fees and penalties -much like this insider's story.
See: Petition for monthly statements
Also read: What if we could stop some foreclosure nightmares? We could, but it would take an Act of Congress!
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I cant believe what i am finding out about my mortgage servicer emc i am glad i decided to research because i guess i am not alone! they needs to be stopped there are too many home owners they are forcing inti forclosure! i wish i had researched them before i trusted them to modify my loan! we have owned this home for gouing on 14 years now we seriously risk loosing it due to emc and their scams!! I need to know who else to contact regarding this mis leading lender and how they can be stopped!!!
We have tried for 4 years to hang on to our house and have tried the modification way with EMC. After watching this video about EMC I understand now why they won't talk to us and have put us through the ringer 3 times in submitting paperwork for a modification. It is really too bad because we really want to keep our home but I don't see any hope and it will just be giving EMC more money in late fees. I wonder what the investors of EMC think about this. We will have to walk away from our home that is worth $300,000 less than when we bought it. How are they going to make money on that. At least if we stayed they would be getting paid.
I had received papers saying my loan modification was approved but they had to be delivered to my physical address which I informed that mail does not deliver. Anyway they finally mailed me my papers and the date for them to be received is almost 2 weeks past due. I am disgruntled and I don't know what to do. I do know it will be a cold day in hell before they get my home. I am a native american and my home is on native land and if they think they can walk in and take my home it is of a different story as they will have to go through tribal court. My heart goes out to the many families who has lost their home.
These stories are very disturbing. I would find out which states are letting these predatory companies operate within their state. Then I would picket the Governor's office, draw media attention to this disgusting practice, and unless the governor does something to regulate and oversee these predatory companies I suggest you send that governor packing. Foreclosures hurt everyone, neighborhoods go down the tubes while companies like EMC, Ocwen, and their employers thrive off other peoples miseries. And to think that our government is actually paying these crooked companies to help homeowners stay in their homes without regulation or oversight is almost laughable. EMC, OCWEN and their employers are laughing all the way to the bank. A congressional hearing into their unfair practices should be mandatory at this point. Regulations need to be put into place to stop these predatory collection agencies. They hire their staff from India and other countries who do not understand our system on purpose. I have one word for EMC and OCWEN. Get out of America! The fleecing of America is over! We don't want you in our country! We have lost enough due to the sub-prime mortgage mess that these companies and banks created in the first place. The stock market and people's 401k's are in the toilet. President Obama needs to create a regulatory commission to oversee these companies before they destroy America.
We are going through the same thing in Texas. This is very disturbing to read these accounts of the above victims since we have just been turned down for Modification recently. Our process has lasted over a year of reduced payments now to find out that none of the last 11 months of reduced payments have been applied to the loan. They are demanding a "down payment", on over $44,000.00 past due ballance. This is criminal entent! They contacted US in early 2009 because we where in the hurricane effected zip code of hurricane Ike with the modification program. We have payed over $27,000.00 over the last 11 months that is un accounted for. Now they want my home and property TOO ?? My property is my income and this can not be allowed to be taken away so blatantly, even though we have complyed to there request over and over again. I suggest class action Law suits from each State. Anyone else in Texas get scammed by EMC?
My next step is going to be cantacting the media!!!
I am 54 yrs old 2 yrs ago went to buy a house,the first time in my life i could afford to do this.Then the world falls apart!!!!!! Not fair, such as life goes
I am having the same problems....FTC is not doing their job(s)..Neither is Congress...
YES! I live in Texas and have been going through this modification process for almost two years. I was advised that my modification was approved and to send a specific amount each month with a contract and payment schedule. 6 months later, the investor denied my modification. I contacted them immediately and resubmited my modification papers and was told everything would be fine and that they were just overwhelmed with applications and not to worry. I again received notice it had been denied. So I went throug it again. They denied it a 3rd time in December 2010. I just received a foreclosure letter stating my home is up for auction March 1st. This is DECEPTIVE practice. I contacted them yesterday and got nowhere. They expect me to come up with $20,000.00 by the end of February. I believe they never had ANY intentions of helping us out. We need our Lawmakers that approved this bill to honor it. I would love to hear from you. kstanfield1@gmail.com
I have been helping an elderly gentleman with his loan modification papers, and everytime we call them we get a different relationship manager as well as another document request after following every detailed instruction given. Today in my conversation with a relationship manager it was implied that if I called Corporate Office to lodge complaint it would delay the process even longer. From all the forums we've read on this company and what we've experienced thus far, 30 days of dotting i's & t's, it's clear that it takes nothing short of GOD stepping in to vindicate people; very unprofessional practices