America's Servicing Company [ASC]
United States - 45501
I have been reading al these complaints about ASC and somehow I may be missing the fact that the Federal...
My wife and i have fallen on rough times like many others in this current economy. She is unemployed and has been since May of "08" and i have been curtailed off and on from about the middle of july. We have fallen behind on our payments for a few months now and applied for a loan modification with a.s.c. only to be denied after a month of review due to our expences were too high! Yes we would refi. if we had better credit than what we have now to get away from this heartless company. Oh b.t.w. our first mortgage company has already approved our modification with them and were very greatful for accredited home lenders helping americans out such as my wife and i in a time of crisis due to the economy we are in today! The reality is companies that perform customer no service business practices that Americas servicing co. adheres to, and not willing to work with their customers somehow manage to avoid going bankrupt during these times, yet they will be more than happy to throw you, your contract, and your dream home under the bus so you can join the forclosure dilema! We are now refiling for another modification, like the previous request so we can simply put some of the past payments due now toward the end of the loan. In my opinion we not asking for a.s.c. to meet us more than half way, just the middle this one time only! I also would like to thank Aames home loan for selling our loan to this customer no service mafia!
How could a company be allowed to scam hard working people out of their homes. They post payments late in order to charge late fees. We have been harrassed with foreclosure several times which forced us to file bankruptcy. With all the charges of late fee, we can't take out a second mortage to get a lower payment. They also say that they don't do refinancing. They bought our mortage from Chase without us knowing until the last minute. We have had problems with this company after the first month. Someone should really look into all the scams about this company. We are tryting everything we know how in order to get out from under them.
I asked ASC if I could skip a payment and make it up over 6 months. They said sure and then come to find out they where reporting that I was 30 and 60 days late to the credit bureau and destroyed my credit. They never told me about this and I found out 6 months later that this was happening when I went to buy a car. Nice mortgage firm! They then jacked up my interest rate and I went to refinance with someone else and no one will even look at me because of late payments that I acquired over the six months it took to repay the one month I skipped.
In January 2008 Americas Servicing Company said they would refinance my $85, 000 first mortgage from a 10.625% ARM to a 6.200% fixed rate effective March 1, 2008 with my next payment scheduled for April 1, 2008, and they instructed me to make no further payments on my loan or they would withdraw their offer.
It is now the end of September, and I have made no payments since December 2007. Although Peoples Choice Home Loan made my loan and assigned ASC to service it soon thereafter, HSBC has filed a foreclosure action against me...however they admit to the court they have NO interest in my loan and have absolutely no paperwork regarding it. Meanwhile, ASC changed my loan payment schedule and increased my $825 payment to over $3, 200.
Based on their behavior, I rescinded my loan, the results of which is now there is NO security interest in my real estate any longer and therefore NO ONE may foreclose on my property, and I have filed a 17.15 million lawsuit against ASC and a host of banks for financial fraud and racketeering. I sued the lawfirm
that brought the foreclosure action, and the attorney assigned to defend them has asked me to make a settlement offer to them. The firm routinely files foreclosure actions in the name of institutions which have NO right to foreclose - commiting fraud upon the court/borrowers and violating State Bar Rules of Professional Conduct. I will probably soon ask for a default judgment against ASC ( which is Wells Fargo Bank ) since they have not answered my complaint against them. I have caught them red handed in acts of larceny...they make maybe $30-$40 a month for servicing my loan, and they have defrauded me to raise money for themselves...leaving the true investor in my loan without security or a right to foreclose, and now holding an unenforceable loan since no court can order me to make payments larger than the payments set forth in my loan agreement. My investor needs to sue ASC as well in my opinion.
I have a second mortgage Line of Credit with Bank of America, but even though I have made every payment on the due date by direct deposit, they added $625.oo in junk fees to my loan, and by doing so I have rescinded that loan as well and demanded return of all my payments, plus damages, as part of my 17.15 mil lawsuit...by law, there is no longer ANY loan against my home whatsoever, and these banking giants owe me substantial damages for the damages they have heaped upon me, which includes lowering my property value and the tax base by their widespread fraud.
The financial fraud going on in this country has brought the country to its knees.. EVERYONE being foreclosed on should CONTEST THE FORECLOSURE ACTION and sue for damages to make the lenders and investors prove they have a right to order the property sold in a quick cash desperation sale for way below market value and force them to negotiate an equitable resolution for everyone, as I believe there are probably NO mortgages in this country that do not have some degree of lender/investor/servicer/foreclosure agent and attorney non-compliance or outright fraud or misconduct that is actionable...I urge you to consult with several consumer defense attorneys to review your individual circumstances and options open to you and BECOME VERY AGGRESSIVE LEGALLY with servicers, lenders, and investors, as well as MERS - who hides the true parties involved and skirts paying fees to county recorders to make changes and assignments public record.
In my case, I believe a court will award me substantial recovery for the fraud I have been subjected to. If you or/and your attorney would like to speak with me, I welcome your calls...[protected].
ASC has agreed to not report any derogatory information on my credit report, which I ..and you..are entitled to under law. YOU MUST DISCOVER AND EXERCISE YOUR LEGAL RIGHTS..this is NO time to be passive and think there is nothing you can do. I believe ASC and Wells Fargo are engaged in criminal racketeering...if you think they have done wrongs to you, I want to know about it !!!..please call me.
I lost my job and fell behind for a while. We did everything ASC asked of us, made all our payments so we could modify our loan. During this time, we received a letter stating ASC would freeze our interest rate to 7% because of the economy. We finally get our loan modification paperwork, and the interest rate is higher than our original fixed rate, plus our loan balance jumped 100k. In addition, we have a prepay for LIFE, have to ask their permission to SELL (not just short sale, we actually have a lot of equity), and our payment has increased by over $1, 000 a month. I asked how are you helping us? The rep said WE REPRESENT THE INVESTOR, not YOU. I asked how she could justify the increase? She (Erma) replied because you have an excess of $2, 000/month according to your financial statement so you can pay more. So basically, because ASC got ripped off by ARM debtors, it thinks it can screw us because we can actually afford our payments? I have contacted an attorney who told me he is representing 10 other clients with ASC and they are the worse and corrupt and it goes all the way to the top. He said I should save money and sue. He said ASC needs to be sued big time. This company ***.
Americas servicing Company (ASC) lost two of my mortgage payment checks AFTER CASHING THEM and claimed for months that I did not make the payments even though my bank sent them copies of the checks showing them paid. ASC threatened to foreclose unless I accepted a forebearance agreement and paid those same checks again. I accepted and paid the agreement off several months early. They are still claiming that they were not paid on the original two checks. I complained to the Texas Attorney General and filed criminal charges against them. I won and got some money back. Now ASC hates me! Yeah for me!
ASC then deposited into my bank account three payments without my knowledge or concent and is attemptin to foreclose based on me now being three payments behind. They have refused to take thier money back. This is bank wire fraud according to my bank manager. I will again file criminal charges against them this week.
I asked ASC over the phone to point out where on my note it allowed them to do this. I was told that notes are complicated and that I would not understand it even if they pointed it out to me. I explained to them that I am a mortgage banker and an expert in notes so go ahead and point it out. They promptly hung up. They are nothing but an organized crime racket.
The Texas Attorney General wants all information on this company! Those of you in Texas start documenting everthing, especially ASC's illegal activity regarding thier 'drive-by fee' if you are late. ASC was ordered by the Texas Attorney General to cease and desist collecting this fee and to return it to Texas customers. Document everything. This company must be put out of business and it's corporate officers must go to jail!
People in other states: Check with your Attorney General. 37 of 50 state Attorney Generals have criminal investigations currently underway against ASC. Get involved and help your AG by documenting everything and offer evidence to your AG against ASC! Take these scums to the mat!
Lets get a class action lawsuit going! This company breaks every law that there is and must be stopped. A multi-million dollar lawsuit ought to get thier attention.
Anybody have a lawyer already doing this?
after reading these and other complaints on related websites, I can say that none of you understand the commitment you made when you borrowed the money to purchase your home. you are all under the belief that the loan servicing company and/or mortgage lender is required to accept late payments and provide you with options to bring your loan current through payment plans and loan modifications. you need to sit down and read the terms and conditions of your deed of trust. an escrow account can be established if you do not respond to the servicer when they ask for proof of tax payments made or current hazard insurance. they are required by the deed of trust to ensure the integrity of the property. you need to remember, until you make that last payment on the note, you do not own the property. the lender has a right to protect their interest. also, if you are being serviced by ASC, it's because you are considered a high risk, subprime borrower. your credit scores are in the high 500s to low 600s. this is considered poor credit. the bank or lender has every right to protect themselves from default by charging higher interest rates because you have proven in the past that you will default on your obligations. your note states your payments are due (usually) on the 1st day of the month. there is no grace period (again, read your documents) on a mortgage payment. technically, you are in default on the 2nd day of each month if you have not made your payment. the servicer is not required to accept short payments, interest payments, payments of principle and interest if you have an escrow account. you agreed to the terms of the contract when you wanted funding for your home; but once it became inconvenient to make your payments, you start blaming your servicer for all your troubles. I will agree that any large corporation can and does make mistakes, but certainly not at the level these complaints would have you believe. read these complaints, these people admit they are in default, admit they missed payments and admit they wanted ASC to fix their problems. banks do not want your house. it costs more to foreclosure on a property and have to refurbish it and make all payments for taxes and insurance and maintenance while waiting for the property to sell. the bank makes its money when people perform their loans. that is what the interest is for. I'm sure the majority of you chose to take vacations or buy Christmas presents rather than make your mortgage payments on time. or you lost your jobs and expect the servicer to feel sorry for you. banks are not charitable organizations, they're not your mother. if you can't continue to afford your home, sell it or work two jobs or whatever you have to do to satisfy your obligation. stop whining and grow up. and by the way, ASC is a 'doing business as' of Wells Fargo. Wells Fargo did not purchase ASC; ASC is not a division of Wells Fargo; ASC services all subprime loans, not just Wells Fargo originated loans. if you're going to whine and complain about a company, you should at least know what you're talking about.
I have resolved my problems with ASC, although they should still be shot for their fraudulent practices. Right after they purchased my loan, my check that I mailed on time was not credited until after the late payment day. Then, they increased my mortgage payment by $700 per month for an escrow shortage of $900! I reported them to the FTC, to no avail, but somehow I paid the extra $700 until I could convince them that I was serious about suing, and I now pay ALWAYS through the online banking from my bank so they can never hold my check again! This company has no integrity and they are ###, oh, and their customer service people are rude and STUPID!
I refinanced my principal residence in 2004 with Peoples Choice Home Loan, Inc, who promptly turned the servicing over to America's Servicing Company, a division of Wells Fargo Bank. In January 2008, I contacted ASC and requested a loan modification refinance. On January 31, 2008 I was approved. I was to have my $85, 500 ARM rewritten to a 6.2% 30 year fixed starting March 1, 2008, with no payments for January, February and March - until my first payment April 1, 2008, with the interest for the 3 months without payments added to the loan balance.
Now it is the end of June, they have supplied no loan documents, and their attorney (who was supposed to handle the closing on the new loan) now having filed a foreclosure action on behalf of HSBC which has NOTHING to do with my loan, and ASC has added nearly seven thousand dollars to the balance of my old loan!!!
I have rescinded the loan and declared it void and unenforceable, and sued for over 7 million for the racketeering these people are engaging in. I welcome anyone with problems with ASC to contact me and possibly join my lawsuit and seek recovery and damages for their unconscionable fraudulent conduct. I will be glad to furnish you a copy of my lawsuit. I have been in the mortgage business since 1965 and know what they have done wrong and what the remedies are.
Their conduct is an outrage and everyone should seek to recover the injury they have done to you.
I have much information to share! You may call me at 1 800 LOANPRO [protected]).
We have been trying to get someone to talk to us regarding getting our mortgage back on track after they TRIPLED our payments with the adjustable rate mortgage - more than my husband and I even make each month! I have ONE contact who pretty much lies to me every time I talk to her, claims she's working on something for us and then never calls us back.
The last time I asked her, she said that it wasn't possible for them to bring our 260K mortgage payments down below the 2800 a month it is at. I work for a bank and had a mortgage analyst do a amortization for us... she said that means they are are looking a rate of about 10% - way to work with consumers! What do they think we are stupid?
AND in answer to the collections rep for ASC saying that all mortgages with them are for Horrible Credit?!... not so, we had a 680 score when we were financed with Option One... we got sold to ASC about a year later... nothing but problems since then... all of the above complaints are early familiar!
I used to work for ASC (Wells Fargo) in the Loss Mit department. I worked for them for about 8 months. In that time I watched and heard many stories of how people are losing their homes. In all honesty most of the time the people that you are talking to don't care if you lose your home or not. Most of the time the phone reps are making fun of the caller or calling them names under their voice. People with asc loans lose their house because the company itself could care less about the people they claim to be serving. The company itself is nothing more than a front for Wells Fargo, the call centres and offices are all in Wells Fargo buildings and the people work for WF and are paid by WF. Another thing about the company is how badly organized it is. You can talk to one person an hour and get a totally different story than the last one told you. So all in all if you have a mortgage with ASC best of luck to you, you will need it more than ever before.
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Home » Consumer Reviews » OTHER » foreclosure help
May 29, 2008
Americas Servicing Company review by Herbert Lubitz
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I just want to say that the mortgage company has to send you an act91 before foreclosure and after default. Find out about it from any government mortgage fha or other agency to see if they are doing illeagle business. Act 91 is all over the internet just google act 91. I am in default now and started working with the councellor to file for the loan help. The mortgage companys are obligated to send Act91 to the borrower after 60days default, and you only have 30 days after to go to one of the addresses listed in the list included with the Act91 packet.
Shortly after my loan was made to me in 2004 by People's Choice Home Loan, the transferring of my servicing was made to Americas Servicing Company.
They have a pattern and practice of forcing you into paying them extra fees, by either posting your payments late or charging you to make your payment electronically. I WANT MY MONEY BACK, and so should you.
MERS, the Mortgage Electronic Registration Systems, Inc., a company founded in co-operation with major lenders to electronically change ownership of your loan in an instant, is my Mortgagee (owner) of my loan and holds legal title to all interests in the mortgage.
I called ASC in January 08 and asked for a modification, as I was probably going to miss several payments do to a period without the same income I had been making, and was told "You have to be 30 days late before we will consider a modification, but you meet the requirements of modifying your loan." I had a perfect payment history and asked if they would erase any 30 day late on my credit report and I was told they can do that.
In February they told me I was approved for converting my ARM to a 6.2% 30 year fixed, they just needed two pieces of documentation, one of which I sent to them immediately, the other took me several weeks to obtain and send to them.
My rate at 6.2% was to start March 1st, and my payments start April 1st.
I waited and waited and finally the first week on April they told me I had been DECLINED on March 24th and put into active foreclosure on March 30th.
In our state we use judicial foreclosure thank goodness so this can go into major litigation without it as much as costing me a penny and that is where we are now, with some unknown loan company claiming they own the loan, MERS saying they do and ASC is servicing it. Meanwhile People's Choice is out of business and WHO KNOWS where my original note and mortgage are or who really owns it...SO I'm asking the court that in the event no one produces the originals within five years, all payments are returned to me and the security interest be re-leased... Although I have now rescinded this loan for failure to supply ANY disclosures required by law (ASC will only do things verbally - in defiance of federal law that says they MUST respond IN WRITING within 30 days).
My damages include the loss of my credit standing and future lost income and standard of living. MANY times more than the amount of my mortgage.
Through these intentionally Unfair and Deceptive Practices I have suffered a huge injury, and I expect in the end I will get an award sufficient to more than payoff my first with Peoples Choice and a Line of Credit I took out in an amount about equal to my first and to compensate me for the Bad Faith they undertake in oppressing people and the shocking things they have done...the lawyer wont even talk to me because I have filed complaints against them for violating state bar rules for filing a foreclosure action using fraudulent allegations.
You only stand a chance if you AGGRESSIVELY stand up to them and hold them AS accountable as they hold YOU accountable.
ASC is an alter ego of Wells Fargo, to do the things they don’t want Wells Fargo's reputation to suffer for, but the people and offices and phone lines are Wells Fargo
ASC has had me fax paperwork 3 times for a short sale, and almost 2 months later, we still don't have any information. I can call every 15 minutes, and get a different answer every time.
Before this, I applied for a modification. One representative told me we made too much money, and the next time, a different representative told us we didn't make enough money.
I know we put ourselves in the situation that we are in with the ARM, but that is still no excuse for them not to do their jobs. We are hearing all over the news about how mortgage companies are going out of their way to help consumers and keep people out of foreclosure. Apparently, that doesn't apply to them.
I've submitted to this board before. I want to let you all know something that is riveting. I was too going to get away from ASC so I started a re-fi. Trouble was they had my credit so screwed up that I was getting taken by this new finance broker called: TopDot Mortgage a division of Premium Capital Funding LLC). Well they were totally trying to take advantage from me by ripping me off on this re-fi for rolling in $18, 000 into my mortgage with would have left me with hardly any equity in my home. They lied to me twice, I bounced the offer and they came back with a offer that was $4, 000.00 lower than the first one and then lied to me again. So I decided to call ASC and have a talk with them. I actually got a human on the phone who was very very nice, her name was Tammy I believe. Anyway, I started mentioning to her that I was planning on a re-fi and asked should I call Wells Fargo their parent. She said, sure you should, so she gave the number to their loan division. I called them and got this great person named (Christopher) who I explained my situations, re-fi woes and disasters in dealing with ASC in general and how they tried to take my home 2 years ago this June and he was very sympathedic to all. He asked me for my original loan numbers with ASC, looked at my history and within 1 1/2 hours called me back and approved me for a re-fi (recast) of my loan directly with them, with all my Taxes, Insurance etc.. rolled in. And it was only going to cost me less than a percent to do this deal with them. The weight was off my shoulders I tell you!!!
I'm awaiting my new loan docs and paid them in advance for the home inspection which someone is to call me this week. I'll keep you all posted on the outcome of this. But do yourself a favor and call Wells Fargo directly and put yourself behind in dealing with ASC for ever more. I can't believe I didn't think of this sooner. Wells Fargo knows there are issues with ASC being the servicing company to some loans out there. From what I'm hearing Wells is going to be done with that division soon. I hope for all of you that is true.
Keep your head up!!!
Attempting to catch up on mortgage. Payments fell behind when I lost my job. Made payment 3/24/08. They applied it to my account, the cut a check dated 4/3/08 and sent it back. I then fedexed 2 payments, one on 4/9/08 and one on 4/16/08 totalling over $2, 400.00 Called and called, was told they would note my account. Finally spoke to someone on 4/21 who said I was in foreclosure, they were going to send my 2 checks back, I was on a "short sale" list. Never served with paperwork for foreclosure, never sent certified mail. Am attempting to get mortgage reinstated with some type of repayment plan. Sending them multiple documents twice, calling. Seem to be getting the run around. They are trying to push me towards the short sale. Advised I do not want that - I want my mortgage reinstated. Turning me over to a negotiator but, after doing some research, am finding out that their neogiation process is a scam, they tell you to wait a couple months and they'll work on it. They do nothing, they don't contact you and they foreclose anyway. This is one of many websites I got this information from. http://forums.treemedia.com/fb/showthread.php?t=994&page=14&pp=15
Also, I worked wiith a woman who went through this exact same. They never called her after telling her that he account was with a negotiator and they were going to foreclose.
They will not accept any payments from me and I don't want a short sale or a forecosure - I'm working very hard to catch up. They need to be stopped from stealing people's homes right out from under them. They are crooks.
My home loan was sold to America's Servicing Company (ASC) about 2 years ago. From day one I have had nothing but problems with them. It all started 3 months after they took over my loan... they changed my escrow amount and did not notify me, when I was making my payments they were about 30.00 short every month. Because they typed in my phone number wrong, they were calling a phone number I used to have 18 years ago. Anyway, they were holding my payment in suspension untill they got the next payment, they would take part of the second payment and apply it to the first payment, after a few months they would take what was left charge late fee's and then put it to principal without contacting me. What this did, every 3 months it would make me fall behind by 30 days. Once it hit my credit I contacted them (since they never contacted me), to find out what was going on. Bottom line they blamed me and refuse to remove the mark from my credit. Less then 30 days after this mess started, the adjusted my rate to 10% from my 5.7% rate. So I contacted them again and they offered me the possability to lock in a 30 year rate, but I needed to give them personal financial information. After playing cat and mouse with them for 6 weeks (giving them the same information 4 times), the sent me a letter saying "It is not in our best interest to lower your rate at this time." WT[censored] I cannot refinance because they hurt my credit score... so I am being forced to put my home on the market so that I do not have to forclose on it. They have completly done everything wrong to me... and have no desire to help me in any way shape or form. :-(
I hope that something is done about this horrible company soon!
Due to serious neglegence on the part of america's service company (hereby refered to as asc) I am preparing...
We've been paying our mortgage since this company took our mortgage on time. But it was only beginning...