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Americas Servicing Company / Update on my lawsuit

1 United States Review updated:

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Based on their behavior, I rescinded my loan, the results of which is now there is NO security interest in my real estate any longer and therefore NO ONE may foreclose on my property, and I have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every payment on the due date by direct deposit, they added $625.oo in junk fees to my loan, and by doing so I have rescinded that loan as well and demanded return of all my payments, plus damages, as part of my 17.15 mil lawsuit...by law, there is no longer ANY loan against my home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.

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Comments

Va
  6th of Oct, 2008
Agree Disagree 0 Votes

Hey,

Wow I just googled ASC for my parents because they are facing foreclore and I am SO much in shock by all these stories. My parents mortgage was $1200 monthly and since the past 4 months the mortgage have been almost $3000. They have called thousands of times since Frebruary 2008 because they knew that interest rate will go up.

They called ASC first and they were told to call Wells Fargo because there was nothing they could do. Then they called Wells Fargo and they said to call back ASC because they were the ones who had the loan. Then they called Fargo again and were told that they could refinance but they have to wait 45 days prior to interest rate changes in July.
They had us going back and forth.
They asked us to wait 45 days prior to changes of rate and send out all the documents Wells Fargo needed several times. (suposedely they never received NOTHING).
Finally, by the time they gave us results to be able to refinance they said there was nothing they could do. And the new rate kicked in.
Even though they asked us to wait 45 days prior, we kept calling and we were always told different stories.

The rate went up the roof and they just denied us any help!! (they said they could and would but we had to wait).
KEEP IN MIND my parents would call twice a week since the month of February 2008 to get this resolved. We got different answer each time.

ASC and Wells Fargo kept saying that we had to call next week. EACH TIME. Call us back next week. Call us back next week. Call us back next week.

They send enormous amounts of letters requesting payments and to also call to discuss alternatives plans to help. ???????????
WE TRIED SINCE FEBRUARY 2008!!!
We are now October 2008 and this is not resolved.

Wells Fargo says they will foreclosure the house in 3 months.

Ac
  25th of Jun, 2010
Agree Disagree 0 Votes

America's Servicing Company (ASC) (Wells Fargo letterhead )said they had a mortgage modification program with a 2-3% interest rate. They told us later on that they had other programs they could switch us to. It's the old classic bait and switch. We were current on our mortgage until ASC began the process. They had us lower the amount we were paying monthly, and sent us a letter stating that we were almost $3, 000 behind on our payments. Their company is set up to minipulate people that call in and ask for help in difficult times. They set up the program as if it's going to help the home owner, when in fact they are looking for ways to get us into a forclosure senario so that they can make money or count us as a loss on their taxes.

Se
  9th of Jul, 2010
Agree Disagree 0 Votes

What a bunch of crap. ASC would not ever have offered to refinance your loan. They are a loan servicing company an as such are not in a position to refinance. They are not a bsnk nor a lender and do not fund loans. At best they can offer a loan modification. Also, they would never suggest to stop making payments. The idea of continuing payments is to keep the current delinquency from escalating. Rescission of a loan is probably THE most difficult of proceedures to prove and be successful at. You have to prove fraud at the ORIGINATION level; not on a servicing issue and most important, even if your loan were rescinded, part of that process is that you have to repay thee lender EVERY DIME YOU WERE FUNDED TO PURCHASE THE HOME. Rescisson does not mean y0u are given your property lock stoci and barrel . I seriously doubt that someone who does not make their mortgage payments can afford to repay the lender the full amount of funds borrowed. Rescission basically means that the transaction never happened and both you and the lender are back at the beginning. Under the Fair Credit Reporting Act, a creditor is required to submit accurate activity for any creditor listed. There is no law that states they must report every month, but, it must be accurate. I seriously doubt ASC is not reporting. Should you be successful in whatever daydream you're engaged in, ASC would have to retroactively correct any inforation that inaccurately reflected the loan status.

So. Bottom line. I find nothing in your ranting that holds even a droplet of water. If you want to appear as if y0u know something, at least do your research properly and make your story at least SOUND plausible.

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