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America's Servicing Company / Consumers have no protection and little recourse when they get screwed

1 United States Review updated:

On October 30, 2004, I received a notice from Option One Mortgage (dated 10/15) that my mortgage was sold (again) and servicing was transferred to America's Servicing Company in Maryland ("ASC")...effective November 1, 2004. I was given a PO Box at ASC to send the November payment, but no phone number, fax number, email contact, or new loan information. I live in Hawaii and it takes a good 5 days even for "overnight" mail/fed ex/UPS to get to the east coast. Further, I'm not about to mail money to some corporation on the east coast without having at least a loan number to write on the payment to ensure it gets posted properly. Mailing the payment was not an option.

On November 1st I went on line to try to get information on ASC and see if I could pay on line that day. ASC has no web page...what I found instead was this site. I got ASC's phone number from here and called them, but they were closed (time difference, 6 hours). I got a recording saying "the mailbox for extension 3904 is full and you cannot leave a message", so I tried the switchboard extension...also a recording, also not able to leave a message. I tried to call Option One and to reach them on line to get information on ASC, but they don't recognize my loan number anymore and would not give me any information.

I called ASC back during business hours on November 3rd and 4th...more recordings. November 5th came (today), and still no payment coupon or even information from ASC, and still more recordings when I call. From this site I've gleened that I probably can pay over the phone, if I can ever get through to a person. I hate paying by phone, but at least my bank will have a record of the payment date so ASC can't say they didn't receive it when paid.

After what I've read here, I'm very concerned about my payments being posted on time to the right account, irresponsible credit reporting, and the real potential for my property taxes and insurance to not be paid by ASC.

I used to run the "portfolio department" for a large timeshare developer, and part of my job was to sell the developer's Notes Receivable with their securing mortgages to various lenders, and each lender had its own servicing company. In my experience, most loan servicing companies do a decent job, but one in particular was horrible and should be called an "un-servicing company". I got frequent complaints from frustrated buyers about the same things I've read about in this site, and I constantly struggled, to no avail, with the idiots who worked at the unservicing company to do their jobs right, especially getting loans set up quickly and payment coupon books sent out in time for the buyers to send their first payments on time. And I was on a first name basis with the idiots and was supposed to have some clout! Even their top managers were buffoons. Any individual buyers who tried to get help from them got stonewalled, which is why they came to me.

After my experience on a professional level with that unservicing company, and then reading the complaints against ASC here, I'm concerned about my own loan, to say the least. I am hesitant to send them any money, but I have no choice. I can only hope that ASC sells my Note and Mortgage to yet another company as quickly as BNC and Option One sold them (this is the 3rd mortgage company in four months!!).

I understand how "the mortgage game" works, and because of the very nature of it (what each transfer entails), there should be strict limits on the number of transfers allowed per year (no more than two), and companies like that Unservicing Company and ASC should be shut down and sanctioned. Consumers have no protection and little recourse when they get screwed.

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  • Je
      24th of Apr, 2007
    0 Votes

    There is a better way for everyone posting on here to work with ASC. We were transferred to them and they started changing the terms of the mortgage and we took immediate action against them. We filed a complaint with the BBB in Iowa (their headquarters) and now they are being really quiet. We have not received an harassing phone call, letter, or anything in the past days. We have also reported them to our State Attorney General and the Department of Banking and Financial Institutions. Both government departments are taking action against them and the original holder of our mortgage as well. One thing that many do not seem to realize is that they are a mortgage servicing company and they are not your mortgage holder in most cases. With the recent breakup in the subprime market, it is very difficult to know exactly who officially holds your mortgage. Many of the recently fallen subprime lenders were what we call wholesale lenders and they basically fund their loans through lines of credit that they have with other banks. When they fold, it is unknown by most homeowners what has happened with the loan and who currently holds it. There is a difference between being the lender and being the loan servicer. A lot of the fraud that you are complaining about is actually a result of your original mortgage company. This is what happened in our case. Our mortgage ended up being a violation of state law and we are protected now by our state. We will hopefully even be entitled to fees that we had to overpay in the past as well. Check your state laws especially concerning predatory mortgages. Many states have laws out there now that have stipulations on the fees that can and cannot be charged to your account as well as the posting of payments. There is a way to fight companies such as this but you really have to be on your toes and do all of your homework. We have several agencies working together to help us and ASC knows not to try to foreclose during this process or they would just get in even more trouble. Congress is currently holding hearings concerning the subprime market so subprime lenders and servicing companies know not to do anything as they are all being watched very closely now. Also, although we all agree that the fees to pay online and by phone are ridiculous, they do have to pay to accept payments electronically and that is why they charge the fees. Some companies are willing to eat the cost for that, but ASC is either not able to or not willing to. Hopefully some of this information helps. Also, do not talk to customer service representatives if you are having problems. Insist on talking to someone higher up. It is actually even better to have a paper trail. Send everything via certified mail with a signature required then if they should ever try anything against you, you have proof that they have everything and they would lose in a court of law.

  • To
      7th of Jul, 2016
    0 Votes

    Guess what those stupid ### ended up relieving me from that mortgage because they know that they screwed up in the past, in fact I think that they still owe me some money, , I'm in the process of filing a law suit on them to get the remaining of my monies back, because they have been screwing customers all around the country. Therefore everyone should be getting there monies back, and put there ### out of Business along with Wells Fargo for taking on the responsibility of that Bogus company...I hope that they have a nice life, and go completely out of business, because of their screwed up Illegal practices ..

  • Wa
      14th of Nov, 2018
    0 Votes
    America's Servicing Company (ASC) - mortgage payments
    Des Moines
    United States

    Beware of both ASC and Wells Fargo these people are all story tellers and you just might loose your house. Go elsewhere and check internet for background of other bankers you might go to happy hunting and good luck.

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