IMC Financial Serviecs / Stealing from homeowners
I am a former employee of this company. PLEASE... stay away from this company!! To start, it is a horrible company to work for. The management does not respect the staff. They have no worries or concerns about the multiple pay checks bouncing. They completely ignore anything of importance and when a customer finally does some screaming they are very quick to place the blame on the staff... when the problem has been presented to them several times with no response.
A huge problem that they can't seem to get a grasp on is the refunds. The previous general manager was part of this problem. She would just sit on the cancellations/refund requests... for WEEKS. I'm afraid that they are continuing in the same suit. First, I will say that IMC has worded their contract very well to say that they "Cannot guarantee" a modification but will work to find a solution. Many of the times the only solution that is available is a short sale or filing Chapter 13 bankruptcy. What many people don't understand is in all reality, there is not much room for negotiation. Every person's file is unique and has a different outside investor. All final decisions are based on this outside investor. There are many times that the investor is not participating in modifications and only will work a repayment plan. People do not like to hear this as they are sold in the enrollment center that we can and will get a positive solution. Unfortunately this is not the case. They are doing all they can to get the sale. If you have a sales date in two weeks and you have a 6% interest rate... there is a good chance the only thing that will be available is a repayment plan or short sale. But, I digress. Because of this false hope and approval given up front, many customers request a refund. Because management does not want to deal with this, they have passed the refund review responsibility to several different people. I believe at this point it's reviewed by two of the sales people first, then the owner, and then passed to the accountant for the writing of the checks. MAKE SURE TO READ YOUR CONTRACT THOROUGHLY!!! It does not guarantee anything.
Lastly... you, the homeowner, can do this on your own... FOR FREE!!! All you need to know is that your lender does not want to take back your house. It will cost them more in the end. Everything is based on your current rate, if it's fixed or adjustable, how far past due you are, how much you have available in up front funds and how willing you are to take the time to do it. You WILL need to have a little time to work with your lender. There are many times when the mitigation staff is on hold for an hour with a lender. Have patience. It will pay off! Call your lender, request to be placed in a loan assistance review, provide the information to the lender they request, and wait for your account to be reviewed. Call weekly to check up on your account to follow it's path in the review process. If you receive a call from someone in the mitigation review, make sure to respond back. They will call if they need updated information or need to confirm something. Many lenders have the financial worksheets they require available on their website. Once they have all the information they need for the review that is really it. There isn't much negotiation taking place. Your lender will check what your outside investor will allow and then go from there. For modification reviews the first plan they offer is the best. For repayment plans, the first plan they offer will be the least expensive. Fees and costs do not stop accruing until an approval has been reached. If you have a sales date listed on your property ask if they can postpone the date until the review is complete. All you need to do is take action! Don't pay companies like this one to perform this service. If you do, you are only to blame for the end outcome. You can resolve it on your own.
Call me disgruntled, annoyed, and just plain frustrated. Companies like this steal from the poor to pay the rich. It really should be considered theft.
If you are currently working with IMC be prepared to wait a little to hear back from someone. The first week in February 2009 the company did "downsizing", releasing many from the mitigation staff. There are now five employees to handle a file load of 350. If you do not have an immediate sales date, your file won't have any priority. If you do not reach the person you are assigned to it's because they are no longer there. Just keep calling so that your name is fresh in their minds. Also, be proactive... call your lender yourself to check status. There are many times they try to contact you, the homeowner, to update information and because IMC advises you not to speak with your lender there are many times accounts are closed out for no contact. Don't let this happen to you.
Again, be wary of this company and make sure you fully document who you speak with, when, and anything else important. They have already been part of a couple of lawsuits.
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