EMC Mortgage is the section of JPMorgan Chase Bank that deals with residential mortgage loans. The company has its headquarters in Texas, with additional offices in California. They are a reputed member of the MBA, and have an impressive record of providing ethical service for over 480,000 loans.
After sanctioning a loan to an individual, emc mortgage servicing has many facilities in place to make the rest of the procedure easy. The mortgager is given a password and login name to allow access to the round the clock servicing window. The payment can be made through phone, mail, or through the website speedpay.com.
The EMC servicing will keep the mortgager updated with the loan repayments and insurance. They provide paid individual services, but some services like loan modifications and appraisals, credit reporting and automatic payments are done free of charge. Other free services include sending proper payment histories, duplicate forms for the IRS year end payments, and opening escrow accounts.
Emc mortgage servicing tries to do their best to help the customers retain their property, if for some reason the payments cannot be made.
They will help the mortgager to either modify the loan, or if it is still difficult to continue payment, they will help to sell off the property. The loan modification would be done based on the current financial situation of the customer, and this is a chance to retain the property by paying less every month than earlier.
If the customer has been unable to make payments due to loss of job or some such reason, then the company’s forbearance plan can help. According to this, the customer can make a first deposit, and then go on to pay higher payments each month. This goes on till the payment gets up to date.
If it is still difficult to continue payment even after loan modification, emc mortgage servicing will help the customer to steer clear of foreclosure by selling the property. They would try to avoid this to the best of their ability, by conducting pre-screening of the mortgages before moving on to foreclosure. Emc mortgage servicing senior executives would look into the matter and conduct reviews by themselves if the loan fails to satisfy the screening criteria. The sale sometimes might have to be done for a lesser price, depending on the value appraisal of the property. The proceeds of the sale would go to the company. They will not bear the fees associated with the sale, which should be borne by the customer.
Instead of selling the property, foreclosure can be avoided by turning over the legal documents of the property to the company. EMC will accept the papers if it is not tied up in any court case or succession issue.
The loan department of emc mortgage servicing has the facilities to deal with such problems. The customer should give them the contact number, social security number and the loan number, and they will give the best options possible depending on the situation.