Short Sale Report - EMC Mortgage/JP Morgan Chase
Short Sale Report
| Avg. Days NOD to NTS | Avg. Days NTS to Auction | Total Avg. Days in Foreclosure | Commissions | Comments |
| 279 | 75 | 354 | tbd | 5 |
NOD=Notice of Default NTS=Notice of Trustee Sale Auction=Trustee Sale
EMC is the servicing arm of JP Morgan Chase.
They are easy to work with and they will give a full satisfaction release. We have heard that they are closing short sales in 7-8 months.
Contact Info:
800-723-3004
Direct link to all short sale info and docs needed (Registered service mark of JP Morgan Chase)
https://emcmortgagecorp.com/emcccn/faq/keepmyhome.jsp
If you have had an experience with them please add your comments or you can email us at info@foreclosureradar.com.
Comments
I closed an EMC short sale about a year ago - in late spring 2009. They turned down the first offer (w/VA financing), about 60 days into the listing period, and that deal was lost. Then at about 150 days on market, they accepted the second offer I submitted (a cash offer), and closing was relatively easy. They cut commission to 5%, there were no repairs or concessions. As I recall, it took about 2-3 weeks to get the 2nd offer set up into their system; I was assigned a single negotiator. I believe they are a division of Chase.
In my experience dealing with EMC Mortgage, it seems that everyone there is either incompetent or a liar. I tried to get a loan modification and was repeatedly told they were reviewing our account and found out 8 months later that they never did a thing with my request.
I finally tried a short sale. They said that they rejected the offer we had because it was $200K below the appraised value. When, after 3-4 weeks, I finally got a copy of their appraisal, it came it very close to the offer we received. They finally agreed to re-evaluated the offer, but after 4 months they still haven't responded. They did, however, set a new auction date for the house.
All the information we've received from them has eventually turned out not to be true. I still can't figure out if they're lying to us, or their people simply have no clue what they're doing.
A ForeclosureRadar user wrote: I just wanted to tell you that I had a good experience with emc. They closed the short sale for my investment property within 4 months and gave full satisfaction. I would consider them one of the better ones to work with. I only had one loan which i'm sure helped with the process.
We tried to buy a short sale property that is being serviced by EMC. We offered around 45k and the house is valued after comparing comps at around 55k and steadily declining in value, EMS came back with a counter offer of over 80k. As they say..I don’t think so Scooter.
Closed HAFA EMC short sale two loans, negotiator gave me multiple extension to close due to HOA litigation issue.
They are reasonable to work with and allowed me to overcome Buyer Loan extension barriers due to HOA litigation that stalled the deal due to Buyers appraisal disclosing HOA Litigation. I would recommend EMC to work with on HAFA .shrt sales and have the alt. rass ready to submit if you have a committed buyer. I used these numbers to call EMC before obtaining a negotiator 1(888) 332-7856 early morning call, or late afternoon call to this number 1(866) 418-3634.
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