Class Action Complaint Filed Against EMC Mortgage and The Bear Stearns Companies

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Seattle, WA: A class action lawsuit has been filed on behalf of all mortgagors in the State of Washington whose home mortgage loans are serviced by EMC Mortgage Corporation and who (a) have attempted to obtain modifications of their loan terms from EMC; and (b) have made payments pursuant to a "Repayment Agreement," a Home Affordable Modification Program ("HAMP") trial modification plan, or any other temporary modification plan.

The complaint alleges, among other things, that the Defendants: engaged in bad faith as to home mortgage loan modification negotiations; led mortgagors to reasonably believe and rely on Defendants' representations that they would permanently modify their mortgage loans upon successful completion of "Repayment Agreements" or other trial programs; charged unreasonable, unlawful, or excessive fees; failed to properly disclose and/or concealed fees and other charges; failed to provide to mortgagors a proper or comprehensible accounting of fees, payments, credits, arrearages, and amounts owed; improperly or under-applied mortgage payments to accounts; and breached "Repayment Agreements" or other trial modification program contracts or promises.

The complaint has been filed pursuant to the Washington Consumer Protection Act and contains additional claims for breach of contract, breach of the duty of good faith and fair dealing, promissory estoppel, and unjust enrichment.

EMC Mortgage Corp. and The Bear Stearns Class Action Legal Help

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Reader Comments

Posted by
Sandra turner-sharp
In 2009 EMC was my loan co. I applied for a loan modification and had to come up with 4600.00 to give them and we did only to get forclosed on and kicked out of our home and on the street. Even after we paid them 4600.00. EMC should be closed down. I still have all the paperwork

Posted by
Lisa Smith
I sent in my payments.Then they started stop sending me my statements for months. I tried to call customer service never got a response.For months I tried to get some one to respond back to me with no results.Untill I got a paper that they were going to for close on my home. I had J P Morgan Chase take over my loan and refinance my home. EMC really caused me a lot of heartache and almost made me homeless. They are a very bad company and should be punished for all the pain and money they have caused people that tried to do right and didn't have the extra money they cost them. Or the ones they made homeless.

Posted by
Carmen F Compoli
I was a victim of EMC during that time period. I was required to deal with major issues form month to month simply in attempt to pay my mortgage. For unknown reasons they always made it difficult to even get a Modification loan due to needing more documents even tho they had them they would claim they where missing or out of date. One of there practices were the methods they used to intimidate me by routinely threatening me with a
foreclosure on my property. Either with a phone call or through the mail even though I was making the monthly house payments .Then they sold my mortgage to another bank during the process.which forced me to start the loan modification process all over again

Posted by
Mary P Gateley
I was a victim of EMC during that time period. I was required to jump through major hoops for months and months simply in attempt to pay my mortgage. For unknown reasons they always implied that it was late and charged me a fee. I even tried to get a Modification loan three times and all three were denied. They kept adding fees and charges to my monthly payment(s) without an explanation. Most annoyingly would be the dead ringing sound with no answer; unable to reach a customer service agent when ever I would try to call them with my questions. The most horrible aspect of their shady practices were the methods they used to intimidate me. It became a routine to threaten me with a
foreclosure on my property via phone calls or through the mail even though I was making the monthly house payments.

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