An EMC mortgage loan modification may take an extraordinary amount of time and patience, but it definitely is a possibility under the right conditions. Many borrowers applying for Loan Modification with EMC feel discouraged and frustrated after working with the lender for many months, and sometimes years, but after all that waiting, there can be a nice reward.
EMC Mortgage is participates in the federally mandated Home Affordable Modification Program (HAMP), which offers borrowers loan modification alternatives to foreclosure. In addition to the HAMP and Making Home Affordable (MHA) government directed loan modification programs, EMC Mortgage offers it’s own “in house” loan modifications as well.
EMC Mortgage HAMP Loan Modifications
Applying for a HAMP loan modification with EMC is very much like applying for a loan modification with any other lender participating in the HAMP loan modification programs. The challenges homeowners face are often not with the lender itself, but with the complexities of the HAMP program. The differences in the application process among lenders are that some lenders are more helpful and faster in the loan modification process than others. EMC is notoriously one of the slowest lenders to work with. However, if a complete loan modification package is offered to EMC that meets the requirements and fits all the guidelines for HAMP or MHA, it must be approved.
EMC Mortgage Loan Modification “In House” Programs
In addition to EMC HAMP Loan Modifications, EMC has its own “in house” options unique to the lender to offer borrowers assistance in avoiding foreclosure and keeping their properties. Typically lenders “in house” programs are generally not as good as HAMP programs, so HAMP or MHA loan modifications are often the best choice. In house programs still offer relief, but they vary widely in their terms including potentially wide degrees of variations in interest rates, initial payment, extension of term, and possible balloon payments. Additionally, “in house” programs can change unexpectedly, even when a borrower is right in the middle of the approval process. This is one of the things that frustrates borrowers and loan modification attorneys, the rules can change with very little notice.
EMC Loan Modification Attorneys
Even if you have been denied once for a EMC Mortgage loan modification, the loan modification request can usually be resubmitted either because of a “change in circumstance,” or resubmitted for a different loan modification program. The way in which the file is presented to EMC can make all the difference, even if it contains similar information.
McFarlin LLP attorneys handle all aspects of EMC loan modifications for borrowers in Anaheim, Irvine, Huntington Beach, Mission Viejo, Orange, Lake Forest, Fullerton, Laguna Niguel, Aliso Viejo and throughout California. We’ve also represented a number of borrowers with EMC loans in Newport Beach, Rancho Santa Margarita, Tustin, La Habra, Yorba Linda, and Buena Park. Our attorneys are available to provide you with honest reliable advice at our Irvine office or over the phone. With a matter as important as loan modification and foreclosure, it is a very good idea to consider hiring a qualified California loan modification attorney to represent you and protect your interests. Call us today at (888) 728-0044.