EMC Mortgage Company Fraud (Irving, Texas)

The crime mortgage company, EMC has now possessd the property. It is obvious that the property is now reverted to bank has more market value than alleged cancelled debt or “forgiven debt”. I know this crime agents are going to ripe big profit out of that property and as the same time sending me 1099c to write off tax for “alleged forgiven debt”

Me, the victim of these all trauma has now had to put up myself with uncle Sam whose tax code allow them to count the so called “canceled debt” as my income. I heard about for closure tax relief act passed December 14, 2007. Is there anybody out there could give me more insight information and claim to IRS that I should not pay penny for the lost property when the crime agent, EMC ripe the profit and throw 1099c form to me to suffer more. If this tax relief act passed in to law, why I am getting 1099c form from crime agent EMC mortgage? How can I get help from people know how about this? How much percent (%) is Uncle Sam is going to tax me for debt between 60,000.00- 100000.00 alleged as “canceled debt”

Many thanks,

Well if you look around like at this web site http://political-resources.com/taxes/16thamen...
you can see that THERE IS NO LAW that requires you to pay your income tax at all ANY MONEY YOU GIVE TO THE GOVERNMENT IS A DONATION and you are freely giving it to the government!... so you can choose not to give your money to them and there isn't relay anything they can do to you, hollow threats but any half wit attorney should be able to fight it...

Debt is never forgiven when you go into foreclosure. It costs a mortgage company a lot of money when someone forecloses on their home, including attorney costs, winterizing, putting the house back on the market, selling it, etc.

Just because you gave back the home because you couldn't pay for it does not let you walk away "scott-free".

Per the US Government, the amount you still owe on the loan (including all costs listed above) must be declared as income.

Don't blame the mortgage company because you didn't do your research.

Look you didn't have to so jazzy! You dont enev know the person's situation as to why he or she lsot the house!!!!!!!!!! Don't be to jazzy you don't know when you may need help!!!! You hade better be grateful especially during these economic times!!!!!!

F... EMC

How did you find out that EMC was not doing what it was supposed to be doing?

wear it

EMC is out to rip people off. They purchased my loan right in the middle of a re-fi and immediately forclosed with due notice by an attorney. I even offered them cash to pay off the loan. They have now ruined my credit so they can profit. I am going file suit against them next month....My attorney will crawling up their arses with a microscope.

eashon wrote:

Debt is never forgiven when you go into foreclosure. It costs a mortgage company a lot of money when someone forecloses on their home, including attorney costs, winterizing, putting the house back on the market, selling it, etc.
Just because you gave back the home because you couldn't pay for it does not let you walk away "scott-free".
Per the US Government, the amount you still owe on the loan (including all costs listed above) must be declared as income.
Don't blame the mortgage company because you didn't do your research.

Hey Buddy.. This company is so messed up its not even funny! YOU don't even know half of the crap they try and pull. They said they didnt get one of my payments.. thats fine ill send two the next month.nope they sent them back and it was in foreclosure. First off i sent my payment the first time they "just didnt get it"... an second off why didnt they just wait for me to send it with the next month.? Because they knew i was good for it an they just wanted the house back! then later on when I hired a attorney they said "oh we ar sorry we applyed you payment to someone else's loan"... really now? If this is true why didnt my check ever clear the bank. And they thought that when they put it in foreclosure i would let it go but they go a hold of the wrong person.

I think we will have to revert to sending payments by certified mail. I believe the new law President Bush just signed mandates that mortgage companies credit the borrower's account the same day the payment is received.

I think that everyone who had a ARM Loan should be able to resign for a new loan. Take their current paystubs and the mortgage companies work with that information. This will help a lot of homes from foreclosure.

John, have you approached the EMC Loss Mitigation Dept to see if they would agree to a short sale? The debt foregiveness in a short sale may in fact not be subject to debt foregiveness income tax.

John wrote:

The crime mortgage company, EMC has now possessd the property. It is obvious that the property is now reverted to bank has more market value than alleged cancelled debt or “forgiven debt”. I know this crime agents are going to ripe big profit out of that property and as the same time sending me 1099c to write off tax for “alleged forgiven debt”
Me, the victim of these all trauma has now had to put up myself with uncle Sam whose tax code allow them to count the so called “canceled debt” as my income. I heard about for closure tax relief act passed December 14, 2007. Is there anybody out there could give me more insight information and claim to IRS that I should not pay penny for the lost property when the crime agent, EMC ripe the profit and throw 1099c form to me to suffer more. If this tax relief act passed in to law, why I am getting 1099c form from crime agent EMC mortgage? How can I get help from people know how about this? How much percent (%) is Uncle Sam is going to tax me for debt between 60,000.00- 100000.00 alleged as “canceled debt”
Many thanks,

My horrible EMC Experience!
A management company stole my money and never had renter in the property as I as told. The investment property is out of state from me. When I found this out, November 07, I called and wrote EMC and asked them to work with me. I called them again in December 2007. I sent in paperwork in January 08 for a modification, 1st is at 8.50 % the second is at 16+%, yes sixteen percent. We had plans to refinance at the end of one year but did not make it to a year.
EMC would not help. I submitted the whole package again to a different person as instructed in February 2008. They stated that they could not do anything to help. A friend used $25,000 to keep up the payments as long as he could. He ran out of money.
I tried again in March 2008 to work it out with them. I tried again in April to work out a plan with them. No luck! We started a short sale process in April, it would not work out with the offer made. We had to close it and submit another short sale. My agent did just that and we had a buyer for the property. I was told by EMC that it was agreed on it would just be a couple more days until it was complete.
The property sold Friday, August 15, 2008 at auction while my short sale agent was working on closing the deal. The EMC person handling the short sale did not know that it sold until Monday, August 18! Very strange! The right hand does not know that the left hand is doing.
Everyone tells a different story when you talk with them. One guy got nasty today when I told him of my experience and that EMC was the worst that I have work with. He said that they did not make me sign the paper work. They actually purchased it from my original lender.
I told him that I did not make someone steal my money and run! He was rude! I did not get nasty but really wanted to scream at him.
There are some nice people there that want to help, but they are not allowed to help.
No wonder that the government had to bail them out. They are part of Bear Stearns. Never do business with EMC.
My credit is ruined and I do not know what I can do. I barely have enough to pay most of my bills and rarely go to the grocery. I eat very cheap. My air condition has been off for 2 weeks. The gas prices have hurt since I have commute to work. I have a cheap old car.
EMC is a predatory leader for sure.
If you see EMC on your loan RUN...RUN...RUN

I found this web site that may help with some of the problems. This site promotes selling a book ( Am I The Only American Who Thinks This Way by Jim Purcey. I'm not promoting his book but it is a good source of info.There is a place to contact him, he has a lot of knowledge dealing with banks, liens and titles. Hope this is helpful.

I found this web site that may help with some of the problems. This site promotes selling a book ( Am I The Only American Who Thinks This Way by Jim Purcey. I'm not promoting his book but it is a good source of info.There is a place to contact him, he has a lot of knowledge dealing with banks, liens and titles. Hope this is helpful.Here is the web site http://www.americaindistress.com

EMC got me too! They took my home right up from under me without proper notification nor proof of service. The proof of service is no excuse! I had been a long time customer with no payment issues and they didn't even take the proper legal route. I am a single mother and I WILL be fighting this to the end. This has caused a lot of undue stress and hardship. I'm sure that I'm not the only consumer that this had been done to and they shouldn't be allowed to continue to get away with something like this. There is obviously a problem with the court system as to how this could happen.

I know what you mean because I am going through the same thing now. I need to know who can I contact for help.

NCD 1244 MN wrote:

EMC IS NOT A COMPANY THAT YOU CAN TRUST.
THEY KEEP DOUBLE BOOKS ON THIER LOAN PORTOFOLIOS
AND I BELIEVE SOMEONE'S ARE STILLING PAYMENTS AND TRY TO COVER UP BY BY FAKE VOD'S AND IS A STANDARD PRACTICE BY THE THIEFS WORKING FOR THEM.
THE SEC SHOULD INVESTIGATE AND CLOSE THEM DOWN.
I AM ONLY ONE WHAT CAN I DO?THIS EMC CO OWNED BY BEAR STERNS,AND THE FEDS THEY HELP THEM TO KEEP THE COMPANY I MEEN EMC WICH IS WORTH ABOUT 52 BILLION DOLLARS.I HAVE THE PROOF OF WHAT THEY DO BUT NO ONE TO UNDERSTAD THE SEVIRITY THE CREAT.
I KNOW OF A CASE CUSTOMER PAID THEM IN FULL IN CHAPTER 13,AND IN RETURN THEY FORCLOSE THE HOUSE
AGAIN. WHERE THE MONEY HE ASK BUT THEY CLAIM NEVER RECEIVED A PAYMENT FOR OVER A YEAR.PLEASE GIVE A BRAKE,WHO EVER DOES THIS SHOULD BE IN JAIL
FOR LONG TIME.I CAN BELIVE THAT HE/HER THEY GETTING AWAY WHITH ALL THE STILLING.YOU NEED A GOOD ATTORNEY TO GO AFTER THEM AND ALSO THE SEC .
BIG MISTAKE TO BELL BEAR OUT WITH OUT INVESTIGATE
THE OTHER OMPANYS THEY OWN ,AGAIN WORTH BILLIONS OF DOLLARS.THEY ARE BENEFIT AND CONSUMERS THEY LOOSING THEY HOMES.I LIKE TO HELP YOU BUT AND THIS TIME I HAVE MY OWN TO GO ABOUT WITH THEM.

EMC claimed they received my house in foreclosure from Homebanc as we know filled chapter 11 July 2007, brought by Chase who in turn sold a bundle of loans to EMC. I'd mailed Homebanc a payment of $1200 August 2. Homebanc cahsed the check on Septmeber 28th then turned around and placed my house in forclosure on October 2nd 2007. Once EMC received my mortgage I fought with them for 4 months to take my house out of foreclosure. They claimed they didn't however what the did was placed it in REO. Which stands for Real Estate Own. By the way did you all know EMC is owned by Bear Stearns. Because of my lack to education about the mortgage industry I didn't know what REO meant until I was listening to Clark Howard one day and a caller, called about purchasing a home in foreclosure and Clark explained it meant REO. By then I was in the process of being removed from my home permenantly. So on July 20th 2008 4 day before my 48th birthday I became homeless with no where to live. Unlike most I don't have living parents or stepparents. My two sister live in St Lucia and because we didn't grow up together our relationship is astrain. So here I am pieceing my life tgether. Now I read I going to be taxed for the cost of the home. This all really sucks. It's good to see Lehamn Brother being affected by this issue, it's not the home owners it's the banks and mortgage compnies. My step parent didn't have this issue 30 years ago when they purchsed their home neither did any of our neighbors in Brooklyn NY. So at the end of the day this has all been a SCAM... Three Card Marly....

eashon wrote:

Debt is never forgiven when you go into foreclosure. It costs a mortgage company a lot of money when someone forecloses on their home, including attorney costs, winterizing, putting the house back on the market, selling it, etc.
Just because you gave back the home because you couldn't pay for it does not let you walk away "scott-free".
Per the US Government, the amount you still owe on the loan (including all costs listed above) must be declared as income.
Don't blame the mortgage company because you didn't do your research.

Well I think that it is very wrong for you to say this when you do not know how decieving that EMC is I have a mortgage withthem and when you lose you job they do not care and will not help at all. Unless you have experience this company you need to watch what you say. I think it is luticrious of this since they are retrieving thier money anyways for selling this house