Mortgage Servicing Rights: Traded Like Baseball Cards?

RE:Mortgage Servicing Rights: Traded Like Baseball Cards?

anonymous — Mon, 11 Feb 2008 13:00:00 GMT

My loan was transferred to EMC in December 2007. You have to watch these people like a hawk. I had never been charged for mortgage insurance by any previous servicer of my loan and suddenly EMC started applying $137 of my monthly payment towards mortgage insurance. Then they failed to pay my homeowners insurance - seemingly due to the fact that they had spent most of my escrow account on unauthorized mortgage insurance payments. They have researched and found that they were incorrect in their application of mortgage insurance to my loan, however, it's been almost two months and they still haven't refunded my escrow account. You have to watch your statements and loan activity VERY carefully!!

RE:Mortgage Servicing Rights: Traded Like Baseball Cards?

kate — Fri, 28 Dec 2007 13:00:00 GMT

My mortgage was sold from Concord - American Home - EMC and all of a sudden BearStearns is mentioned in conversations with EMC The "queen mother" of foreclosures has landed in our lap guys Watch out Im 13 days late with my Dec. payment and get at least 8 phone calls a day about when I'm going to pay I work nights and am very tired from no sleep from these nitwits calling me.!EMC deserves to close down but, someone better help us poor suckers with the" queen mother" she's relentless and cruel

RE:Mortgage Servicing Rights: Traded Like Baseball Cards?

Jennie — Wed, 07 Mar 2007 13:00:00 GMT

My husband refinanced his home loan this summer with a credit score of 680, since then the credit score has gone down to 575, this is the same credit score from equifax. Since the refinance took place our loan has been sold 6 times, basically once a month and it is showing up on his credit as a new loan everytime it is sold. We pay everything on time and have not taken out anymore credit than we had when we refied so shouldnt his credit score be going up instead of dropping? What is going on?

RE:Mortgage Servicing Rights: Traded Like Baseball Cards?

Anonymous — Mon, 05 Mar 2007 13:00:00 GMT

If your Mortgage Servicer is taking unfair and dishonest advantage of you, contact your State's Department of Lending Consumer Service, and file a complaint. Every state has a department that governs financial institutions that serve their citizens. In many instances, they can and will help you.

RE:Mortgage Servicing Rights: Traded Like Baseball Cards?

edei — Wed, 25 Oct 2006 11:00:00 GMT

How do I get information on Foreclosures from the different loan servicing companies?

RE:Mortgage Servicing Rights: Traded Like Baseball Cards?

Tawny — Fri, 06 Oct 2006 11:00:00 GMT

First of all, I resent some of the comments made on this page. I am sorry for the people who have been mistreated and misinformed by their servicing company but I can tell you I'm with a great company. (Not my house, but my employment.) I am currently working for SLS and they have been great to their employees. We are required to go through regulatory training in FDCPA, RESPA, etc.

RE:Mortgage Servicing Rights: Traded Like Baseball Cards?

anon — Mon, 10 Jul 2006 11:00:00 GMT

The FTC is investigating EMC. It was announced by Bloomberg News in December 2005. EMC Mortgage will go down, but since this is a public forum I won't comment on how, but will say it is going to happen. Look for some prison time too! Many are looking into EMC's illegal racket and their lawyers will be sitting in prison with them.

RE:Mortgage Servicing Rights: Traded Like Baseball Cards?

Anoymous — Tue, 07 Feb 2006 13:00:00 GMT

I have sent in at least 10 letters disputing the payment posting and they have not responded or fixed the situation. OTS does not regulate EMC and the FTC refuses to take any action. What is a poor homeowner supposed to do?

RE:Mortgage Servicing Rights: Traded Like Baseball Cards?

Anoymous — Tue, 07 Feb 2006 13:00:00 GMT

I have my mortgage served by EMC, they refuse to post partial payments to my account claiming my contact does not allow for me to send in partial payments, wrong, my mortgage does not say that. They overset my escrow and it took them 2 months to correct. CSR's told me to send in a lower amount that they would accept it, but they have not and now I keep showing past due.

RE:Mortgage Servicing Rights: Traded Like Baseball Cards?

Denise Richardson — Mon, 09 Jan 2006 13:00:00 GMT

I initiated a petition drive to mandate monthly statements for those of us who are forced to blindly trust how our payments are applied. Being able to receive a monthly statement should be common sense. Without a statement how do we verify our taxes and insurances are paid, or if late charges are being applied when payments are made timely? Please go to msfraud.org and click on the link to support our right to verify.

RE:Mortgage Servicing Rights: Traded Like Baseball Cards?

c dicob — Mon, 26 Dec 2005 13:00:00 GMT

My mortgage was sold 3 times in two years. The servicer has addad so many fees that my mortgage doubled in two years. It is very important for people to report this stuff to the right agencys. Our case is in court, that was our only choise to save our house they tried to take it in a forclosure sale that we stopped. They are ruining our lives.

RE:Mortgage Servicing Rights: Traded Like Baseball Cards?

Anonymous — Sun, 18 Dec 2005 13:00:00 GMT

I believe that this fraud will not stop until, judges are made aware of the problem, and quit believing in everything these servicers are saying to them without evidence. If I went out and stole my neighbors car, I would go to jail. When the courts start to give big chunks of the servicers money to these victims of the fraud, this will stop. If we could choose the servicer for our loans it would make a huge difference when these fraudulent servicers don't have any customers to service.

RE:Mortgage Servicing Rights: Traded Like Baseball Cards?

wmtz — Sat, 19 Nov 2005 13:00:00 GMT

My mother has been facing problems with her Mortgage Service company Wendover Financial Services. She had to file bankruptcy and she cannot afford an attorney. They stopped accepting her payments and have added stupid fees that have raised the loan amount. I have read that these companies are sub-prime lenders and target low income and minorities. She never had a problem with them until she had to file for bankruptcy in 1998 for reasons that she had no control of.

RE:Mortgage Servicing Rights: Traded Like Baseball Cards?

Distraught — Thu, 17 Nov 2005 13:00:00 GMT

EMC took over my loan servicing. They did not post my last payment to the previous company. They then reported me delinquent to the credit bureau and it took me 5 months to straighten it out. Then, when my insurance payment was due, they failed to pay it and I was cancelled, after having escrowed my payments to them, I had to buy new insurance out of my pocket and my premium was doubled because EMC had erroneously reported my mortgage payments as dilinquent the credit bureau.

RE:Mortgage Servicing Rights: Traded Like Baseball Cards?

Anonymous — Tue, 20 Sep 2005 11:00:00 GMT

Wonder what will be the response of all these crooked servicing cos. in light of the destruction by Katrina, will they cut their customers some slack ( I doubt it or show their true nature by accelerating foreclosures on people ???

I sure hope they do something stupid so the Feds finally see this servicing " business " for what it really is !