UPDATE: Sept. 27, 2010
Class Action filed against EMC Mortgage in CA
There is a lengthy list of EMC complaints that point to a long trail of victims. Many homeowners have been sharing their stories on blogs and with the media in hopes of raising awareness to an array of claims that range from accounting errors to illegal foreclosures and mortgage servicing fraud and illegal evictions.
Read the below article that comes from the Salt Lake Tribune. Attorney Michael Pines is pursuing his beef with EMC in federal court in Utah. He has become an outspoken critic of the company, which once was owned by defunct Bear Stearns and today is operated by banking giant JP Morgan Chase.
Investor Battles Loan Company
EMC settled unlawful practices charges with the FTC, but beefs linger.
For years, Californian Michael Pines bought and sold investment properties without a hitch. Then came his sale of a home in West Jordan.
He contends that home loan servicing company EMC Mortgage Corp. not only bungled the payoff of the mortgages on that home, but that the company fouled up loans on other properties, as well, marring Pine's credit record in the process.
Pines, an attorney, eventually filed suit against EMC, a company that late last year was ordered pay $28 million to settle charges by the Federal Trade Commission related to unlawful practices in servicing consumers' home mortgage loans in a number of states.
The FTC said that 86,000 consumers who had mortgage loans serviced by EMC have been mailed checks totaling nearly $28 million as part of the settlement action. Consumers receiving checks either paid unlawful fees or had their homes improperly foreclosed, or both. And EMC continues to appear as though it's business as usual.
Pines wasn't part of that settlement. He's pursuing his beef with EMC in federal court in Utah. He has also become an outspoken critic of the company, which once was owned by defunct Bear Stearns and today is operated by banking giant JP Morgan Chase.
EMC doesn't comment on lawsuits, said a company spokeswoman, who added that EMC made changes to its operations even before the FTC settlement.
Like other mortgage servicing companies, EMC doesn't grant loans. The company is in charge only of what comes after a loan is made, such as accepting and recording payments from borrowers.
That's where Pines says everything went wrong for him, and he's among thousands of borrowers nationwide who lodge complaints against their mortgage servicing companies. See more: Investor Battles Loan Company
Where to file those EMC mortgage complaints: click here.
Where's the Justice? EMC Mortgage Servicing Madness
Another day -another story; Complaints against EMC continue to pile up
Find additional links, videos, etc. below:
Bear Stearns & EMC $28 Million Settlement
Why We Need Monthly Mortgage Statements
Former EMC Employee Publicly Discloses the Ugly Truth About the Mortgage Servicing Industry
Are you Facing an Unfair Foreclosure? Ask Your Lender to Produce the Note?
My mortgage servicing company is stealing my money and my home...:
Don't skip mortgage payments...
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