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Americas Servicing Company / Their loan modification terms are worse than original loan

United States Review updated:
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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 ***.
Va
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Er
  6th of Nov, 2008
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My story is identical to yours except I told them to get lost. Here was their solution for me; I was currently in default at a mortgage payment of $5200 per month. I took the income / expense questionnaire with an ASC rep and she responded with a glorious rejoice, “You’re approved". I said perfect what are the new terms? She told me I needed to fund my escrow account with $10, 000 and my new payment would be ...get this...$7, 400 per month. I immediately replied with such a sarcastic tone, "Wow you guys over there at ASC are fabulous can you fax it to me right now so i can sign it and put this to bed." I'm unsure which part bothered me the most, was it the fact that she offered a homeowner currently in default an increase payment of $2, 200 per month and a capital contribution of $10K when obviously i couldn't afford a $5, 200 payment because I was already in default and if I had $10, 000 wouldn’t I be paying my mortgage with it? Or, was it the fact that she truly didn't get the sarcasm and responded like I really wanted to sign.
In short I have acquired in what equates to a 25-30 hour part time job. The horrible part is I’m not getting paid for it, I trying to save my house. I have been battling with ASC for over 1 year. I have documented everything because I want to pursue exactly what you are doing. What state is your attorney located in? I have been slowly putting together everything I need to legally pursue them between my fulltime job and my new part-time job dealing with them. I wish you the best of luck…ASC is absolutely the most unscrupulous and scandalous company I’ve ever dealt with.
Er
  6th of Nov, 2008
Agree Disagree 0 Votes
Woops I was so busy complaining Woops, I was so busy complaining about ASC that I forgot to check the “agree with” box on the previous comment.

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America's Servicing Company [ASC] Logo America's Servicing Company [ASC]
Customer Service
Overall Satisfaction Rating

94 Reviews
PO Box 4455 Springfield, OH
Springfield
United States - 45501
+1 866 674 1430
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