For those who have taken a mortgage with EMC and are having trouble repaying it, there is a reason to smile. You can modify your loan so that it becomes easy for you to repay.EMC being an independent lending institution will always strive to make it easy for customers to borrow and repay loans. The EMC mortgage modification is allowed under a 20008 act.
There are a few steps involved in modifying an EMC mortgage but considering the relief that one gets after completing a successful modification, it is a worthy process. The first step involves drafting a hardship letter addressed to Consumer lending institution. In your hard ship letter remember to include all available documents to show that you are indeed facing hardships. It is important to be as honest as you can in your letter. In case EMC realizes that you are being dishonest you are not likely to receive the modification. You may even get charged or receive some other form of penalties.
In your letter be specific about the exact kind of hardship that you are facing. For instance, if you claim that a personal injury claimed your job, give the nature of the injury and the exact date it occurred. Give also finer details like doctor’s prescriptions and any payments that you may be receiving for the injuries.
Your next step in seeking to modify the EMC mortgage will be to collect all the documents you need. as the 2008 act on mortgage modification mandates, the company requires that all the documents commonly grouped together as ‘things you’ll need’ have to be produced for the process to continue. These are the documents that allow EMC know the degree of hardship you are going through. The mortgage lender only based on income and hardship.
After receiving all the documents, EMC will then do its own independent calculations to determine your income ratios. The ratios must be above what is stipulated in the mortgage modification act of 2008 so that EMC can agree to modify the mortgage.
The next step will be to check the amount of disposable income that you have. To qualify for the mortgage payment modification your disposable income must be quite low. In case you have high disposable income and still want the modification, your request will be denied. The idea behind this is that EMC want to be certain that you are truly struggling before authorizing any modification on your repayment mode. Again, authorization favors those people with a considerably low amount of disposable income.
Once you are approved here, you fill in the financial evaluation form. Here you have to detail all the monthly expenses including things like food utilities, and several other non reportable expenses. Once you have filled all the necessary details and signed, you enter into the last step of EMC mortgage repayment modification.
The last step involves submitting your hardship letter, together with all other documents to the EMC. Remember to include your personal contact information so that the company will inform you inform you if your application succeeds.