Legal Question in Real Estate Law in New Jersey

Need Foreclosure Advice Immediately

My mortgage was sold to EMC Mortgage by Wells Fargo. I have never received a monthly statement from them. All I received was a letter stating they are now servicing my mortgage and payments are to go to them. All other terms of loan remain as they were with WFM. We are currently 2 months behind and I just received a letter stating that they are forwarding my account to an attorney to start foreclosure. No amount of what the default is. I believe they are looking to collect arrears they paid to WFM. I received an on line alert from Realty Trac of a preforeclosure in my area so I click on it and it shows my address. I have not received any legal paperwork regarding this procedure yet. I am contacting them tomorrow because this has turned into a mess since it was sold to EMC and I have not heard favorable things about this company either. In the meantime, I want to know what my legal rights are. Any help someone could provide would be great. Thank you so much. Sincerely.


Asked on 5/21/06, 6:25 pm

1 Answer from Attorneys
Dale Lundquist (Solo)

Re: Need Foreclosure Advice Immediately

It is probably small consolation to be a member of a big club but EMC is one of if not THE most notorious practitioners of "predatory loan serving." That is, dirty tricks like receiving payments on the 12th but not depsoiting them until the 16th so they can charge a late fee and adding in illegal service charges and unexplained penalties.

The are currently under investigation by the Office of Thrift Supervison, the Justice Dept. and other regulatory agencies. They are also being sued by private parties, some on their own and others in class actions. You may be entitled to join in one of these at no cost to you.

Go to Google and enter "emc mortgage" and you will find hundreds of articles and information about what government agencies to contact for help.

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Answered on 5/28/06, 12:29 am


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