EMC Mortgage Loan Modification

EMC Mortgage Corporation is part of JPMorgan Chase, one of the oldest and most established lenders in the country. The company mostly offers sub-prime loans and mortgages to borrowers who don’t meet requirements for regular loans. But like most sub-prime lenders, EMC Mortgage has seen a rise in foreclosures and delinquent borrowers who are at risk of losing their homes.

To help these clients, EMC has formed a team called the Mod Squad specializing in loan modification programs. The Mod Squad works with local community groups to help borrowers stop foreclosure and get their mortgages back on track. The team focuses on cities with the highest number of delinquent borrowers and gives priority to people who are already in foreclosure.

EMC loan modification works by changing the mortgage terms to better suit the borrower’s situation. This can be a reduction of interest rates, a shift from adjustable to fixed rate, or any change that lowers monthly payments. To qualify, one must have a source of income and present a hardship letter explaining their circumstances. Depending on the borrwer’s case, the EMC loan modification process can take one to three months.

The loan modification program also includes workshops on mortgage management and personal finance. To get the best deals, it’s best to hire a loan modification attorney, preferably one who has worked with EMC and has experience in mortgage modifications. If a loan modification isn’t possible, a lawyer can also discuss other alternatives such as a short sale or a deed-in-lieu.