America's Servicing CompanyMortgage Loan Modification

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Add your voice to mine so we can present our stories together to President Obama. FHA and others need to change some of the qualifying parameters (31% of gross to be net) and make the process much simpler for homeowners that are in distress. My mortgage payment is 31% of my gross but 55% of my net. I can only spend my net. What are they thinking?

I am collecting these letters to present to Obama to make a change to this ridiculous and failed program. He loves grassroots efforts and I am sure he will listen if have strength in numbers.

Your stories kept me from making grave mistakes with ASC (my mortgage company). One loan modification company told me to stop making my payments and give them $4500 instead. If I had done that I think I would have been on the street already. I don't think they can foreclose legally if I keep making my payments on time, right?

Bless you all for your help and your voice. I know this is painful but if we don't help each other no one else obviously will.


  • Bo
    bobtheman Aug 07, 2009

    President Obama??? Really? You're that clueless? Can't you do anything for yourself?? You need OBAMA to help you?

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  • Ma
    Mark G. C. Aug 14, 2009

    I also agree that changes need to be made.

    1. after 38 years of employment I lost my job.
    2. I am currently on unemployment so mortage companies or modification to current loan
    companies will not help
    3. I thought that is why the program was to help the people who lost their jobs due to the construction industry, which I was employed.
    4. My current lender will not work with me, I have called 3 different times to ask for the modification paperwork with no success

    Mark C.
    Temple, Ga.

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  • So
    Sophie St. Claire Aug 18, 2009

    Halonet, Mark, and Sharon:

    Thank you for your comments. I appreciate your information posted and I agree with all of you. Changes to need to be made now and not in the future. Life happens and if they cannot assist a family in their time of crisis why purchase a home. What happened to the American Dream?

    I was in an accident in 2007 and was in the hospital for two months. Three surgeries later, I lost my job while hooked up to IV drips. Ugh! As you stated Mark, no mortgage company or HUD qualifies one to have their current loan modified, % rate decreased, etc. Unless you have some sort of income stream, one will not qualify for any considerations in regards to your loan. Which is odd, because if we are collecting the maximum unemployment benefit per week, as you know, still does not provide you with the income needed to pay your monthly mortgage here in Ca. COBRA benefits cost me nearly $700.00 per month. Unemployment benefits do not cover COBRA nor the rest on your monthly expenses.

    Here in CA as you probably know, our home values decreased exponentially. Many of these lenders are not willing to make the necessary adjustments to the principal at today's housing market values. I learned that a lender is compensated on the approval of your original loan. However, when your loan is then sold in the future to a "Servicing Company'", the incentive for a loan modification is not part of their compensation plan. There is no commission plan in place for these companies to service our loans. They don’t care about your job loss or anything else going on in one’s life. If they don’t get paid they don’t want their time wasted. I was shocked and appalled when I learned this information. I couldn’t believe that there is no incentive for these professionals to take into consideration the financial hardships, unemployment, death and dying, stepping out of one's career to take care of an elderly parent, sick child, etc.

    The Congresswoman from Orange County, brought this to the CA consumers attention in 2008. She started contacting these company's on behalf of homeowner’s. There were several times she said that she couldn’t reach a company representative and went through the telephone automation maze.

    Evidently, as I understand it, our representatives are now attempting to change the laws so the Servicing Companies are held responsible for their unwillingness to help consumers. Finally, they need to be compensated for modifying loans, to date they are not, so this has to change. I was shocked when I learned this fact. These financial institutes are truly playing - "Chess" with our lives. They can choose to help you or not. This should not be negotiable. Let’s change the laws to protect homeowners and the American Dream.

    **See posted: 2008-02-23 by Sharon ~ “Not legally allowed to foreclose”

    Sharon encourages everyone to contact the FTC 1-800-382-4257 and file a complaint. She also encourages everyone to call your congressman or woman, the better business bureau, state dept., consumer protection agency, state attorney general and not to delay.

    I found this encouraging, she also shared that the FTC last year settled a class action case against EMC for the same predatory servicing of loans. There is hope! Together we can make a difference.

    Thank you.

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  • Ca
    cainperez Aug 25, 2009


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  • Sk
    skljdflkjsd Aug 31, 2009

    I sent in all of my paperwork on June 1, 2009 for a loan modification, was told it would take 30-45 days. I call every week and get a different answer. I called on 8/18/09 and was told that the appraisal was recieved and a negotiater should be assigned in the next couple of weeks. I called back today and was told that my file has not been set up yet!!! I HATE this company. They do whatever they want! I continue to get letters stating they are setting up insurance for me for 500.00 - I have homeowners insurance and my insurance company continues to send proof of insurance, but ASC continues to send these letters!!!

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  • Tr
    True Fact Sep 19, 2009
    This comment was posted by
    a verified customer
    Verified customer

    ATTENTION EVERYBOGY, go to go ever to Homesave, stroll down to process, enter all of your information for ten steps, see if there is a workshop in your area, schedule it, if not they will let you know, then scheldule a TELEPHONE counselor to call you, it is free, they gave me a fixed rate, and reduced my payment by 300.00 a month please please no fees no money print your fax sheet and fax your information to them, PLEASE IT IS WORTH IT, they will present everything and negoiate a loan restruction with your loan company, it doesn't matter if you are working with your mortage company, they will OVERRIDE them, good credit, bad credit it does not matter, no closing fee or anything, they can tell u when they call u for your telephoe interview, what your mortage will be how much, do this, fax all of you documentations to them with your personalized fax sheet, with your naca I d number on it.

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  • Tr
    True Fact Sep 19, 2009
    This comment was posted by
    a verified customer
    Verified customer

    go to go over to home save, stroll down to process, read and follow all instruction, go to a workshop, schedule a Telephone counselor, print your fax sheet with your NACA ID number on it and fax them what ever it ask for, and they will help you, credit doesn't matter, if you are working with American Servicing co for help they will submit all of your stuff and you will get a affordable mortage, for life of the loan. A email address is required, and remember your email address and passwork it is hard to change it PLEASE PLEASE that help everybody I had applied for a modification and they over rode that, they sent all of my stuff to asc and they had to act on it. let me konw how you come out. Email me at [email protected]
    [email protected]

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  • De
    Debby318 May 02, 2010

    I am also another of unfortunates to the perils of ASC they have forced us into loan modifacation and after that they changed the rules to benefit them, They even go as far
    as to go back a whole year to squeeze us for more money .
    I have stage 4 Colon Cancer and i just found out they increased my payment by 400.00
    a month plus have not been appling my payments and the increase will just hurt us .
    This Company has to be stopped and looked into by the federal government and i do
    agree that a class action lawsuit by all of us should be started. This Company is ruining
    peoples lives and without a care because they can and no one has tried to stop them .
    I think that enough is enough and no one should lose their homes to them.
    [email protected]

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  • Ay
    aypendleton May 05, 2010

    Since January 2009, I have tried to get a loan modifacation and have been unsuccessful after sending my information at least 6 times and each time I call to check on my progess I get a lame excuse about all documenation need to be no older than 30 days but yet no one contact me to continue the process. Also, as I go over my monthly bill I notice when my mortage is mailed 10 days prior to it's due date it is always created to my account on the 16th of the month and they charge me a late fee when the statement clearly says a late fee will be charged after the 16th apparently the company does not know the difference of the words on and after. I am also appaulled at how they what to charge you a $15 fee to pay a bill on line, how in the hell are they allowed to charge a fee to pay a bill. I would love to the be involved in a class action lawsuit against this rotten, unprofessional company. [email protected]

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