EMC gets the prize for the servicer that is the best at Being the WORST Servicer to deal with. We have a lot of short sales with EMC and they have never been easy to deal with however lately, they are even worse . They are totally unresponsive. They are totally arrogant, nasty and unprofessional. But if you read their mission statement right here you will see that they say right in print- that they" do not tolerate abuse... " read for yourself. Facts are facts. Everything I write in this post is backed up here with facts. I am even putting the screen shots from the sources right here.
Their mission statement does not match their actions. You can read their mission statement right here directly from their website. They also have their "Best Servicing Practices" listed here. What a joke. They say that EMC is committed to the highest levels of customer service, satisfaction and convenience.
Get this part, they say: "EMC's 'One Call Resolution' policy is to take care of our customers' needs during the first phone call to EMC. Our Call center agents are trained to resolve ALL customer issues promptly and aim to so do without transferring customers to other departments." What are they smoking! It must be some good stuff because they are really out there! I can tell you that our clients, who are EMC's customers get NO SUCH SERVICE!
Now we see they are protecting their butts because our clients can not longer find out who the investors are on the notes that EMC is servicing. They just told one of our sellers that they will not tell her. Then she said she would request this information through a written request and was told not to waste her time because they would not return the information she requested. Is it any surprise then that it is like finding a needle in a haystack to find the board of directors and the officers information on the internet? Hmmmm, are they trying to avoid talking to anyone about their awful service. What investors in their right minds would even hire EMC to be their servicer? That is beyond me! They are not doing the right thing by their investors. And if you are an investor who is having EMC service your notes, read on. Later on down this post, you will see how they are losing money for you.
In fact, in 2008 EMC settled with the FTC who investigated them and came after them. You will see the actual FTC press release about how EMC agreed to pay out 28 million dollars on charges of unlawful mortgage servicing and debt collection practices. I wonder if EMC has a public relations department that monitors their online reputation or do they even care to monitor it. Just google EMC complaints and you will see there are so many complaints. I guess 28 million dollars did not teach them a lesson because if you scroll down....
... you will see below that they have complaints and they don't even care to address any of them. IN FACT, and I give it to you below in black and white, a screen shot of the Better Business Bureau's rating they gave EMC. A BIG FAT F! In fact, their standing was so bad that the BBB actually revoked EMC's accreditation! John Vella is the President and Chief Executive Officer CEO of EMC. I wonder who rates you John? Show us you care about your customers like your mission statement says you do... call me.....
EMC has now outsourced many of their short sales to FSLO. We discovered some very interesting facts about FSLO which you will read later on in this post.
EMC is the servicer of one of our short sale listings. They are involved with the second mortgage. EMC sent our file over to FSLO. Our seller owes $47,000 on the second. The first note holder is paying EMC, the second $3000. Our seller is broke. She came up with another $2K to give to EMC. So that is more than 10% of the note.
But FSLO is like a collection agency. You may be surprised or not when you find out later on here who is in bed with who. FSLO says they are not going to allow the sale unless the seller comes up with $10,000 just to release the lien and that she will be responsible to pay the balance. They told us flat out no promissory notes. We countered them with $5,000 and they became very nasty to us.
We don't know how much EMC is monitoring their reputation online but I will tell you that the last time I wrote a complaint about Freddie Mac- we got a phone call later that day from Freddie Mac's public relations. We shall see how that goes here.
So EMC- how is that helping your investors? NOTE INVESTORS- how do you like them apples? You would rather lose this property to foreclosure because some rude, disrespectful creepy collection agency agent is shouting to us on the phone that he does not care if our seller is sick or what. He wants to push.
Now get all this- EMC is owned 100% by Bear Stearns who is 100% owned by JP Morgan Chase! Ah, I see, it is Chase again. Where are you Chase? Now get this gets even more interesting and actually disgusting...
So who is FASLO??????? Hmmm, FSLO is owned by none other than First American Title!!!!!!!!!!!!! You think you are going to get any title orders from us??? Not a fat chance!
FASLO is the disgusting collection agency that EMC sends their short sales to. FASLO was created in 2006 by First American Title "to act as a storefront for of First American's products and services in the subordinate lien space, as well as create an outsourcing solution for a troubled industry." Are you kidding me?
Hey, maybe someone at First American would like to step up to the plate and repair the damage that your FASLO is doing to good Americans just trying to do the right thing.
FASLO became the nation's largest provider of subordinate lien services in their first year in business. Well, I wonder why, you don't think they had an inside unfair advantage do you?
Wait, this gets better, stay with me here now, I know this is long but read on.... Guess who the president of FASLO is??? Jason Pinson Esq. is the president and he used to be the President of Default at EMC!!!!!! We are getting pretty cozy... he was responsible for loss mitigation. First American is a Fortune 500 company that says it started back in 1889. Their revenues are over 8.5 Billion and is the nation's largest provider of business information.
There is new class action law suit against EMC regarding deceptive collection practices and other violations. If you have been treated unfairly by EMC or are being harassed by FASLO, contact your attorney to see if you can be added to the class action law suit. There are people who have never been late that are getting foreclosures filed against them. There was one man who paid off his mortgage to EMC with proof and when EMC sent him threatening letters, no one at EMC would help him. SO much for their 'One Call Resolution'!
So EMC, FASLO and American Title- If you really believe in living up to your mission statement, call us and take this offer, do the right thing for your investors, you won't get a dime at the foreclosure because the first note is going to get the proceeds, the only choice you are leaving our client with is bankruptcy and then even FASLO can't squeeze blood out of a turnip.
To view Welington Florida short sales Click here. We know Wellington Florida Real Estate and Wellington Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.
Copyright © By Katerina Gasset 2010*EMC-FASLO- Wins the Prize For Worst Servicer Of The Year- Short Sale Nightmares*
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