EMC Mortgage/Bear Stearns are horrible to have as a lender. I got sold down the river to them last year. Since then they have been a real problem.
Last July when I knew I'd be having troubles, due to an illness, EMC made supposed Loan Modification arrangements with me, then never came through with their part of the agreement. They misplaced the payments and called for foreclosure. Since I have a lot of equity in my house, I'm sure they would love to have it to help those deteriorating hedge funds they put all the CDO's into.
My story (the short version), is that I was solicited by a Broker to refinance and get some cash out of my house. The predatory loan practically goes right down the bulleted list with huge prepayment penalties, large broker fees, points, excessive charges and finally, not the interest rate that really benefited me. In the end, I didn't really get too much cash - but they sure did.
Then, within a 30 days I was sold down the river into EMC's hands. They claimed to be my mortgage company, not my servicer. When I finally knew I would be in trouble with the payments that I couldn't afford, I called them to get help. The ModSquad supposedly was going to help me. All they did was to quickly shove me into foreclosure. While the ModSquad said, "Don't worry about those Default Notices coming in the mail - we've got an agreement with you." the USPS Certified Mail said differently: we're foreclosing on you.
That's when a very good friend of the family said, "My friend, you've been duped! And, I know every single one of the players: MERS, Title Companies and the Recorder's Office."
What he began teaching me was not just a political rant, he sent me case file after case file that said transfer of the mortgage must include the note, one of several things they did wrong. They "lost" one of my payments, initiated escrow accounts to pay taxes that weren't really delinquent and when they did finally send me a written agreement to modify my loan. It was dated September 26 and had a stipulation to be returned by August 31st or it wasn't valid. Nice.
That was when I stepped up and said, "Prove to me you hold my note." They answered with a Notice of Default filed at the County Recorder and I'm on a countdown to June 20th now.
As for an attorney, I can't afford one. No, I'm at this alone. I'm lucky to have an associate that knows exactly what to do, as he's done it before.
I'm hoping my local Prosecuting Attorney will step up to the plate. It's unlikely though. He has a huge criminal element to deal with in our local community. Our Judge? I don't know, it will be a long shot - we'll probably opt for a jury trial.
Whew. Sorry I ranted for so long. I'm sure you identify with the emotional duress I'm currently under; I don't sleep and when I do it's rife with nightmares of being homeless. I've managed to force myself into the box of, "what's the worst that can happen?" I'll never, ever again, use a mortgage.