We have several modifications going with EMC. So far EMC seems to be reasonable to work with.
Meanwhile, EMC is being sued.
A young, self-employed couple came to us with a 7.0% negative amortization EMC loan. We were able to negotiate an interest rate of 2.0% for five years, 3.0% for one year, and then 3.875% interest for the next 25 years.
EMC reduced the principal balance from $595,000 to $460,000, a wise move by the lender given that the property was worth probably around $430,000.
Read the details here.
