Bill the reference for "rx7addict" is listed by me two posts above your post:
This particular one is an example of alleged mortgage servicing trickery by EMC.
This is for Ed, hope you can help with tihs one.
in 2005 we had a short sale of our home who go figure was EMC mortgage, well at
closing the guy who bought the house called from the lawyers office and told us we had
to do a loan for $10,000 we never filled out the loan app and did not agree to it. Well
EMC did sell the guy the home and now it is 3 yrs later we get a letter from a collection
agency wanting us to pay for a loan we did not apply for. I have all papaerwork on this
sale and the blank laon application what can we do because they are hurting out credit>
Any help will be great. rx7addict”
Although this person feels they were swindled by EMC I felt in this case they*
were looking for artificial “feel good” reassurance based on one-sided garble
designed to elicit a quick dose of support and temporary (as in worthless)
support. Two valid points are made here by my response/answer:
1) The servicer or lender isn’t always in the wrong.
2) Styling your questions to ferret out a friendly “feel good” response is a
dreadful way to seek meaningful advice from a forum and especially legal
counsel. No long term good can come from that formula. Garbagé in;
* Coincidentally this “rx7” poster (not that it matters) is likely the most prolific
abuser of multiple bogus aliases that MSF has ever seen and frequently
posts on numerous forums.
- - -
As for servicers going out of business it’s true that it doesn’t seem logical
that servicers would immediately be put out of business like a lender or
insurer but indeed the reason both AMC and EMC have failed is two-fold.
Their reputations were destroyed to a point that other mortgage entities
would rather create a “new” (in name) servicer using some key players from
the failed servicer rather than roll out a legendary red flag servicer name
which immediately creates doubt and suspicion by association. Hence
AMC was downsized and rolled into Citi Residential. Citi Residential was
then promptly downsized even further and rolled into Citi Mortgage.
* * * * * * * * * * * *
MUCH MORE IMPORTANTLY both EMC and AMC were/are drowning
in a truly historic back breaking quagmire of serious lawsuits with real
teeth in them.. Not to mention related criminal investigations by the highest
law authorities in the nation. EMC also currently faces a class action by
James, Hoyer out of Orlando Florida that will reap colossal judgments with
digits as long as a social security number.
Also please see: http://www.mortgagedaily.com/LawsuitBear12120...
Lawsuit Alleges Predatory Servicing - Bear, EMC sued over minority ...Dec 12, 2007
... EMC Mortgage Corp. and Bear have been charged with "unfair and predatory
servicing ... Class action lawsuits. Predatory lending prevention....
* * * * * * * * * * * *
There’s a couple examples of some of the bigger servicers who failed.
Don’t be fooled by the task of answering the phone.
You can still get an “answer” at Enron or Arthur Andersen.
Indeed the Assistant to the President of AMC personally admitted to me on
the phone that “AMC was out of business.” Do they still answer the phone?
Sure, but they are kaput for all practical business purposes. R.I.P.
Same goes for the infamous EMC who began very quietly downsizing after
the summer of 2005. Their personnel roster is but a fractional shell of what it
was 18 months ago. First came layoffs, next came ominous not so subtle
signs like encouraging their own customers to refinance with their owner
EMC executive office players now have @bear.com addresses.
Rank and file CS representatives at EMC have been largely replaced by
recordings. To get one of the few left you now have to press the button
for “make arrangements to pay” even if that’s not your purpose! EMC RIP.
The (har-har) EMC Legal Department? That’s long gone replaced by
I’d venture to say that most of the people that ultimately initiate their own
lawsuits or join a class action will be suing their servicer rather than their
lender. I have sent two notices of “Intent to Sue” to AMC, ACC, and EMC
and none to my lender Town & Country.
Ed Cage | Plano Texas | email@example.com | 972-596-4363