LEWISVILLE, Texas--(BUSINESS WIRE)--In response to the catastrophic fires that have burned at least 1,300 homes and forced more than 500,000 residents to flee in Southern California, EMC Mortgage Corporation is implementing its emergency response and crisis management plan in support of its customers affected by the devastation.
“We extend our heartfelt sympathies to the families and communities affected by this disaster,” said John Vella, President and Chief Executive Officer of EMC Mortgage Corporation. “This is an ongoing situation so we want to provide assistance to our customers now to help them through this very difficult time.”
To ensure that EMC customers dealing with the fires receive the help they need with their home mortgages, the following steps are being taken:
- We have compiled an initial list of borrowers likely affected and we will be contacting customers to determine their needs.
- We encourage affected EMC Mortgage borrowers to contact us on our Customer Service phone line at 1-800-723-3004 as soon as they can. Our mortgage representatives can provide our customers with assistance regarding their loan as well as information we have on file regarding their insurance carrier.
- For the next 30 days, we will be ceasing all foreclosure and bankruptcy proceedings, negative credit reporting activity, late fees and collections calls to affected EMC Mortgage customers. Automatic adjustable rate mortgage (ARM) resets may be modified as needed.
- When the fires are under control and extinguished, we will begin to assess our customers’ situations to determine if they need further assistance.
These guidelines are in effect for the areas affected by the fire disaster, however any of our EMC Mortgage customers worried about their ability to pay their mortgage is urged to call the EMC Mod Squad at 1-877-362-6631 to discuss the options available to assist them during financial hardship.
About EMC Mortgage Corporation
EMC Mortgage Corporation, a wholly owned subsidiary of The Bear Stearns Companies Inc., is a mortgage banking company that specializes in the acquisition, servicing and disposition of residential mortgage loans headquartered in Lewisville, Texas within the Dallas-Fort Worth metroplex and with offices in Irvine, California. Further information about EMC Mortgage Corporation is available on http://www.emcmortgagecorp.com.
About Bear Stearns
Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is a leading financial services firm serving governments, corporations, institutions and individuals worldwide. The Company’s core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services. Headquartered in New York City, the company has approximately 15,000 employees worldwide. For additional information about Bear Stearns, please visit the firm’s web site at http://www.bearstearns.com.