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EMC Mortgage danced us through the initial process for loan modification based on financial hardships we suffered through the past year. We were assured we qualified; complied with every document request and made payments on time throughout the "trial period". After approximately 6 months we were told we had qualified and the offer was in the mail. The offer was absolutely laughable - the interest rate was lowered minisculely, the term of the loan was extended by an additional 10 years to 40 years and the monthly payment would have been $100 more than the payment we had been making during the trial period and the total loan balance was increased "due to interest" from $300K to $307K? Coincidentally we were behind in payment approximating $7,000! We are attempting to re-negotiate the terms since this is under the HAMP (Home-owners Assistance Program) but see only an assistance for EMC and not for us, the homeowners! EMC is resisting our attempts to re-negotiate. Why is that? In the interest of customer service when a lender has a customer who wants to stay in their home, is showing good faith, why would they rather foreclose on a property on which they've made no profit to date and are likely to have to sell short and take a loss? Does this make sense in the business world? Do we pursue this ethically or act like many other millions of Americans, throwing our hands up in the air and quit making payments and just walk away?

I was cleaning out my drawers today and came across a 2006 Centex mortgage equity loan application still in the envelope it was mailed to me in. I had at the time applied for an equity loan via Lending Tree online - the company that supposedly got you the best rate. Centex was the the first that replied with an application ready for my signature. I almost croaked when I saw the loan terms. I put the docs away & sent an email cancelling my application. Several weeks later, a Kevin Borges from Centex Home Equity Company LLC in Tempe Arizona calls me on my cell. I'm super busy & this scumbag calls me at the wrong time. He wants to know when I'm sending in my completed application. I tell him never; that I read the loan terms that only someone certified brain-dead would sign to. He repeats the phrase "brain-dead huh?" -I repeat, "yes VERY brain dead - now, don't bother me anymore - I'm too busy for you creeps!" I was insulted that this moron would think that I would sign to a loan that was 4 points higher than what I already had - raise my total loan by 10K AND leave me with a total equity cash of $50.00 as the loan fees totalled 10K! I'm so glad that I saved these documents that I was initially going to shred (I'm sure Centex shred all of theirs a long time ago!). Even though the application contains several pages of disclosures, the actual loan application is to anyone with an IQ over 50 absolutely predatory in that no person in their right mind would knowlingly accept such terms. Any law firm that wants to try to go after Centex/NKA Nations again from a new angle & with new evidence, you can reach me by email; null0007@gmail. I'd love to get these bums fried! BTW, I kept my original mtg & got a real equity loan to which I am blessed to STILL own my home & with some equity too - thanks to staying FAR away from Centex.