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EMC Mortgage Corporation's Treatment Of Customers Is Worst In The Industry
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Owning A Home Is Stressful Enough, Why Would A Mortgage Company Add To The Stress?
Every home owner in the world knows that rewarding feeling you get that day you sign the papers saying you are a home owner. There's really nothing like that feeling. And with home ownership comes more responsibility than anyone could ever really be prepared for. Everything is now up to you, all of the maintenance, all of the repairs, paying for the utilities, it is a lot to juggle. That is why, as someone who owns two homes, I'm wondering why a mortgage company would add to the stress by creating an uncomfortable relationship between them and their customers. Let me explain.
As I said earlier, my wife and I are fortunate enough to be able to own a vacation home in Arizona. When our broker found financing for the home we were pleased with the terms the mortgage company offered and signed the papers with EMC Mortgage Corporation. The first three years were uneventful for the most part but most recently we have noticed a change in the way in which we are being treated by their customer service department. Now I will admit that I got caught up in the whole economic downturn and had a few months where the payments didn't quite make it there on time. But within a few months I was able to get my affairs in order and get back on track. Apparently that isn't good enough for the folks down at EMC so now they treat us like deadbeat dads who don't pay child support.
Our payment with EMC is due on the first of every month and, as with all mortgage companies, we have a grace period to make the payment before it is considered late. But apparently EMC's policy isn't to trust that I will make my payment on time. Their policy is to start calling if my payment isn't in by the second of the month. And they keep calling. sometimes two and three times a day, and on every phone number they have in their system. It's ridiculous! It didn't bother me at first. I thought, well I guess they just need to make sure since we were late before. But enough is enough! I have been back on track for three months now. I have paid all of the late fees and I am current on everything. Leave me alone!
Complaints To Management Prove To Be Even More Frustrating
After the second month of getting call after call, day after day from the not so kind folks at EMC, I decided I would complain and see if I could get the calls to stop. I was told that the only way for them to get the calls to stop would be to set up an automatic payment from my bank account. Even though I am not comfortable allowing strangers access to my bank account, I agreed to set up the payment so the calls would stop. What a disaster that was. These guys couldn't even get that right.
Because of the timing of when the automatic payment was set up, I was told to send my regular payment in like I had been doing and they would start taking the automatic payments the following month. So imagine my surprise when a couple of weeks later I had no money in my account due to them taking an extra payment even though no payment was due. These jokers told me one thing and did another. And what made matters worse was that they had left me short of money to pay my other bills and was charged late fees on them as well. By the time they agreed they had made a mistake and would reverse the charges, the next months payment was due and they agreed to just apply the extra payment to that one. I instructed them to take me out of the automatic payment plan immediately and to never go into my bank account again and I guess I upset them because the very next month I began to receive the calls again reminding me that I was late and asking me when I was going to make a payment. Well I don't play that game anymore, as soon as I hear that silence or see their phone number come up on my cell phone, I either hang up or ignore the call completely. I will never talk to them again!
My Message To EMC Mortgage Corporation And My Warning To Potential Customers
If I'm being completely honest, which I am, I have told several of the people at EMC Mortgage Corporation that if I could get out of the loan, refinance, sell the house or in any other way get out of the grasp of EMC, I would do it in a heart beat. I wouldn't care if it cost me more money. They are literally the worst run company I have ever had the displeasure of dealing with on a regular basis. Not only do I get regular monthly calls for no reason, they also stole money from my bank account and put me in a bad position with my other creditors. But that isn't the whole story, there's more. When I went through the brief time of financial difficulties and was late making the payment a few months in a row, I accrued some expected late fees. So when I was finally able to get back on track and contacted them to get my account current, I was told to pay a certain amount. But once again I found out how much worse this company could be when they called me to tell me my account was past due do to all of the late fees that had not been paid. Unbelievable! You mean to tell me that they had me pay only part of the late fees? What kind of company does that? A poorly run company that's what kind!
But wait, there's more. Yes, I asked about getting some relief by getting some kind of loan modification. I was told by the customer service person I spoke to that I was exactly the type of customer they were trying to help with the loan modifications and I would know in a few weeks what they could do. Fast forward six weeks later. I get a letter in the mail stating they would not be able to give us a loan modification because they felt they wouldn't be able to discount the price enough to even help our situation. Wait, you said you couldn't help my situation by lowering my payment? What kind of logic is that? Of course it would help. $20 a month would help, what are you talking about you morons? Wasn't it the banking industry that received billions of dollars to insure people like me would get help? Well where's my help?
If I had a message to give to anyone who even considers using EMC Mortgage Corporation for their mortgage needs I would say with all honestly, DON'T DO IT!
Even though EMC is now part of Chase, they still have no clue how to treat their customers. I don't know, maybe I'm not as valued a customer as I think and they are trying to make me leave. Well if that is the case, believe me I would if I could. Unfortunately, my house is now worth about 60 percent of what I owe on it, and because of my four or five months of late payments and credit card companies who cancelled all of the credit cards I had with zero balances (I think there was six or seven), my once impressive credit score went from over 700 to just over 500. In a matter of a few months I went from being able to finance just about anything I wanted and have now become an un-trusting deadbeat.
I'm not saying this will happen to you. I'm only saying that through this whole ordeal my other mortgage company, Bank of America, treated me with kindness and understanding. I received non confrontational letters in the mail asking me to contact them. And when I did they again were understanding and as accommodating as they could be until we got back on track. So contrary to the way I was treated by EMC, Bank of America understood the economic situation and that there were millions of people across the country who were in exactly the same position we were in. They treated us better than any company was expected to and for that we are truly grateful. I hope nobody ever has to go through what my wife and I had to, it was truly horrible. But if you do, it would be better if it was with a bank who understands rather than one who just wants their money at any cost. You have been warned.