Dealing with EMC and Homecomings Financial

Anyone know how EMC and Homecomings Financial are when dealing with a S/S or even trying to help the homeowner work out a payment place.

I have a friend losing 2 seperate properties bu wants to save them and i like to help him if possible. We want to try and work out a forebearance plan and loan modification but I like to know what these 2 banks are like

EMC has 1st and 2nd on his investment condo and Homecomings has his 1st on his home (no 2nd on the house but no equity now)


I’ve been worknig with EMC for awhile and I find them very helpful and very willing to work with my files and they don’t seem to lose them. Though I do fax the packet 3’s for luck :biggrin

Today we talked with EMC and they told my friend they are willing to lower his interest rate to 5% and waive interest on the loan for 48months as long as he keeps current with the new payment. he was told however he does not quailify for a loan modification but can still have the new interest rate and waiver which made no sense. His payments were to drop from $2300 a month to $2100 a month. Really did not help at all when he is only collecting $1200 a month rent now b/c market tanked on rentals.

I am working with Homecomings on two files. I find them to be very cooperative. I actually had the first file approved. By the time it was approved however, I determined that the value had fallen. I requested an adjustment in the offer. They just want black and white evidence of that. I’ve ordered an appraisal which I hope to have by end of week. I deal with a young lady who is very cooperative.

I called them yesterday to confirm receipt of my other file. The told me they would order a BPO within a week. Two hours later, the BPO agent called me, and wanted to conduct the BPO yesterday. I was quit impressed.

Anywho, Good luck.

P.s. You don’t need to be agressive with them, as per my experience. Just show black and white evidence of what you are saying in regards to your value vs. their BPO.

I have been saving hundreds of homes by means of loan modification. I can negotiate your principal balance plus lower your interest rate without refinancing. Many times it does depend on the lender, however, with the current market… I am seeing more and more banks offering negotiations. You need to know that it may cost a bit to do a loan mod though… yet in comparision,… it will save your home from foreclosure and buy you some time to restructure your financials.