Need loan mod to avoid Foreclosure with EMC

[Mike]

Hello folks, Here is the short version of this experience. I applied for loan with Wells Fargo in Nov. 2004: $229,000. They provided me with a "good faith estimate" 3 or 4 days prior to closing: Conventional loan / 6.75% / fixed / 30 years. At closing the paper-work showed an ARM. I signed because the Wells Fargo loan officer told me He would 'refinance it for free in about 6 months' to a fixed rate. Turns out, he lied. There was nothing free about it, so I passed on his offer of a second "financial raping". I lost my job, and had a car accident. Fell behind 2 months behind on the mortgage. Before I knew it I was in foreclosure and Wells Fargo set a date to sell my house. Wells refused to talk to me. told me loss mitt does not exist. pay up or move out. I was instructed by a bankruptcy attorney to file a chapter13 to save the house. I did. I had to pay 672.00/month to the trustee and 1440/month to Wells Fargo. In Nov 2006, Wells sold the loan to EMC. EMC increased the interest rate (per the ARM) from 6.75% to 9.75%; and 6 months later another increase to 10.75%. Payments went from 1440/month to 1920/month. Again I lost my job, fell behind by about 2 months on the post petition payments to EMC. I got another job and I paid as i could...almost consistently 2 months behind. I approached EMC about 9 or 10 months ago requesting a mod. They had me fax them the hardship letter etc...and i waited the 60 days they said it woud take to do it. I called every 2 weeks for status. It was always 'under review". I escallated my efforts when I found that EMC was not responding in January. They had me re-fax everything..repeatedly. Finally they tell me March 1 that they had everything they needed to do the mod. (including a letter from the attorney saying they can talk to me). Since then I have called at least 2 times every week. Same response.."still under review" I come home Saturday, April 19th to a letter from their attorneys requesting the bankruptcy court grant a 'relief from stay'. They claim the outstanding balance is 255,000 because they paid taxes and hazzard insurance when the insurance had lapsed..all true. All I need is a mod. But I cant get anyone on the phone who can tell me what's going on with it. I got really irritated last friday and told the woman to tell me YES or NO RIGHT NOW!! She said she didnt have the answers. How do i proceed?

[John C Picinich]

Call "Hope now" @1.888.995.HOPE or someone There are other free credit services like Geneseis Housing Services 602.539.0559 but call one!! they have "back doors" to help + it shows you are trying!!!
Hope Now is a collective alliance between large banks, counselors, services, and other critical industry supporting organizations with the sole purpose of trying to keep you in your home and to mediate any foreclosure threats. The Department of the Treasury and the HUD supported the formation of this alliance to encourage responsible business practices and to help avoid further down turns in the housing market.

Action Plan

• Will include a direct mail campaign to notify at risk borrowers that they can seek help and counsel with their mortgage.
• Members of the alliance have agreed to make the process as speedy as they can and to streamline communications between counselors, banks, and homeowners.
• The alliance will further seek to broaden its self by expanding capacity on a national level.
• Counseling fees may under certain circumstances be reimbursed fro securitization.
• Customized solution for each borrower and a streamline process.
• Sharing cross industry technology
• The alliance will also keep track of the progress that is being made.

The mission of the Hope Now alliance is to prevent homeowners from foreclosures and assist borrowers who seek help and guidance. If you have not received a Hope Now letter you may call the Hope Now hotline directly at 888-995-Hope to speak with a mortgage counselor