Loan company helping Calif home owners in wildfire areas. They will suspend foreclosure proceedings

[Robbien]

According to their press release, they also plan on suspending debt collection calls.

EMC Mortgage Corporation

For the next 30 days, we will be ceasing all foreclosure and bankruptcy proceedings, negative credit reporting activity, late fees and collections calls to affected EMC Mortgage customers. Automatic adjustable rate mortgage (ARM) resets may be modified as needed.

http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20071023006716&newsLang=en

[LakeSamish706]

1. Well I guess thats decent of them, considering... Those poor people...

as if they didn't already have enough problems and then this fire...

[Schema Thing]

2. LOL! Regular humanitarians, dey iz!

Uh... we'll just take a breather on this ol' foreclosure thing; see whether it's better for us to own this thing, or the insurance company to own this thing.


Oh well, I'm sure it does take a load off of the people affected, so that's good.

[Donnachaidh]

3. for 30 *days*? pfffftttt -- wait till the cameras turn off

Day 33 they'll swing all the mess back in action.

These companies are looking for *good* PR, and will get it with announcements like this. But FEMA and other groups are notoriously slow in getting aid to people, and when the excitement/horror of the fires settles down, these Mortgage companies will have the boom in place, waiting to go after these people just as hard, if not harder.

Don't be so quick to give them props. Let's see how *generous* they still are 6 months after this announcement.

[flashl]

4. This bad.

This is going to get ugly. Negotiating with insurance and mortgage companies? Poor souls.

[Wiley50]

5. The Collateral is in ashes and no ones there to answer debt collection calls

But, they plan to get some feel good publicity for the company

before they sue for the insurance payoffs

Fuck greedy corporations!

[SoCalDem]

6. Too funny for words..

"Mr jones, don't worry about making those payments for a few months.. the payments on that chimney , front porch & pile of ashes.. "

[MasonJar]

7. That's nice since they now have nothing to foreclose on.

[izquierdista]

8. The view!

They can take the view. Don't you know, that's why it's so valuable, it has a million dollar view!

[Oeditpus Rex]

9. Wow! That's

almost human.

[flyarm]

10. Please pass this info to anyone in Calif you know who will have insurace claims

claim as much as you can on personal property!!

claim everything you owned that was inside that house..

the bank can not tell you how to spend the personal property $$ to rebuild..

and you get that check without the banks name on it..

I know i lost my home completely in the Northridge earthquake..

and i used that money to rebuild as much as i could to resell the property ( house was sold .. as is..) ..

the bank was not able to touch that money or tell me how i had to rebuild.

It takes some work to inventory everything that was in your house..but it is worth it to keep the bank's hands off that money and to keep them from telling you how to rebuild.

fly