I have received several questions obtaining a loan modification from EMC in Riverside County and Orange County.  EMC mortgage is owned by JP Morgan Chase.  During the real estate boom, EMC operated under its own name as a seperate division.  Since the market crash, EMC no longer operates as a separate division but is handled completely by Chase and follows the same general guidelines. As with many of the larger lenders, a loan modification or loan remod can be difficult due to administrative hurdles.  If you are struggling with a modification with EMC, Chase, or any other lender, give us a call at (877) 346-7411.

Since I receive several questions about modifications through EMC, I am going to post a sample modification we obtained for one of our clients in Costa Mesa, Orange County, California.

Loan Balance: $405,000
Original Loan Payment: $2,832.05 (Principal and interest only)
Monthly Taxes and Insurance (not included in original mortgage payment): $180

Total Payment for Property Before Modification: $3,012

Terms under Loan Modification (Remod):
Modified Principal, Interest, Taxes, and Insurance: $1,774.72

Monthly Savings under Modification: $1,237.82

As you can see, the modification of this EMC mortgage will save the homeowner over $1,200 a month.  Within the first five years of the loan, the client will save nearly $75,000.  As part of a loan modification analysis, I often point out to my clients that they need also consider the cost of renting a home should the decide to move out of their home.  In this case, a review of rental properties reveals that my client would spend $2300-2700/mo. to rent a comparable home.

If you are considering a modification or are struggling to pay your mortgage, you have several options available.  Call us today at (877) 346-7411 for a free analysis of your legal options.


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