“Well I need to refinance my home - EMC carries 20% of my loan- They have denied subordinating themselves to second place which they are any way - this hinders me from getting my house refinance - which means that EMC instead of helping me is forcing me to default on my responsibility - I do not understand their logic !!!”
(Talking like I know more than I do): Hopefully you already knew if you have two separate entities holding your note and one does not want to cooperate on your particular plans to re-finance they can stall your refinance plan and force some unfriendly terms on you.
1) Don't take the position that "EMC is forcing you to default." This position will fall on deaf ears with virtually any 3rd party decision maker.
2) You MUST keep your payments CURRENT no matter what!
3) Good News I think: EMC is a servicer. I am unaware of them having a track record in the note holder/owner position. If anyone knows different, I'd like to hear about it. Assuming they are not really a 20% note owner on your loan, that might improve your position.
4) Bad News I know: Anytime EMC is involved you can expect criminal fraud.. That's why EMC is essentially defunct: Criminal fraud and complete financial collapse due to litigation (Including a half dozen class actions) which will make Ameriquest's $400 million dollar judgment(s) look like a bar tip.
5) Since EMC is already being run by Bear Stearns the picture is increasingly bleak. Bear is the ultimate *Satan* of mortgage fraud.
Josefina, please do not default completely.. That's what EMC/Bear wants you to do. On the other hand virtually all the servicers that I know of recklessly throw around the word "default." It's an extremely serious word but it is overworked.
The thing that bothers me the most about your post is your explanation that “EMC is forcing you to default.” Even though I honestly believe EMC is the second biggest mortgage fraud perpetrator, never think for a moment that sort of strategy will get you anywhere. Keep your payments current as you try to unravel this. I will seek more competent advice than I am qualified to render myself.