Loan Modification With EMC
EMC Mortgage Corporation was acquired by JP Morgan Chase, but still operates and is actively modifying loans as well as additional workout options. We have seen some positive results and has successfully negotiated many EMC loan modificaitons for clients. If your troubled loan is with EMC, you should absolutely pursue assistance as you have a great chance of successfully securing better mortgage terms.
How They Work
EMC is apart of President Obama’s Making Home Affordable program. We have had recent success utilizing this program for clients.
Making Home Affordable helps incentivize lenders to modify loans. While the program got off to a slow start, it has been picking up steam and there is still a lot of government money on the table for the program which means lenders will only use the program more as everyone gets familiar with it.
There are other options in addition to Making Home Affordable. Traditonal loss mitigation programs -such as short sales – are available as well.
Success With EMC
Loan modifications can take patience, but the rewards are worth the wait. This was the case for two recent clients that were with us for four and five months respectively. Both were granted modifications under the Making Home Affordable plan. The first received a 23% reduction in monthly payments and is saving $292.10 per month. The other, with a significantly higher monthly payment of $3,883, received a 15% reduction and is now paying $608.13 less per month. The loan will be fixed permanently at that amount as long as three consecutive on-time payments are made.
Of course, it’s not only a monetary win for the clients. Saving the money can be the difference between keeping and losing your home. Their patience and our hard work proved to be a winning combination that resulted in gratified families able to breathe a little easier every month.
Do You Qualify With EMC?
We like working with EMC and will happily talk to you about your situation with the company. Our qualification process is free and we’ll be able to make a reasonable assessment of your chances of getting a loan modification.
We can get started on your loan modification with EMC right now. The application on this page gets you started. You may also call us at the number provided at the top of this page.
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