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ASC Inc. / I wasn't even late 60 days and foreclosure began

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I missed one payment because my payments went from 1575.00 per month to 2000.00 per month (single income, divorced mother). I ended up getting the money and was going to send it in and I received a letter stating my acct . was turned over to the trustee for nonpayment and the foreclosure process had started. Since that letter, they stopped calling me and quit sending me statements. I now owe the trustee 12,000.00 in order to keep my house!! My original loan had been sold to ASC.


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A  10th of May, 2007 by 
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My sister was a victim of predatory lending practices through a mortgage lender. They then placed the loan with ASC. Her mortgage is $1900 monthly (interest only) for three years. Afer the three years, it adjusts to $2400 for another thirty seven years. That's right, it was a 40 year loan. This means that she is not paying any money towards her principal at all. She put down $40,000 on the house nine months ago. She has also paid $1900 a month for eight months. She now has become disabled and cannot pay the mortgage. She has fallen behind two payments. She decided that she needed to refinance the house to bring down the payments. She then found out that she would have to pay a penalty of $18.000 to ASC to refinance the loan. Because she has not paid down any of the mortgage (interest only), and the housing market has tanked, her house is now worth less than when she bought it. If she refinances, the payments will go to $2400 a month, and she has to pay the penalty. If she got $25,000 cash out (which is the most she could get in this market), she would have to pay the prepayment penalty, plus closing costs, and be left with about $1500. On top of that, she would have to bring the account up to date ($3800).

This has caused her so much stress that she has been in and out of the hospital for the last two months. I have offered to bring her payments up to date to buy her enough time to sell the house. However, I have read such horrible things about this lender that I am scared to send them any money at this point. Any suggestions?
A  29th of Jul, 2007 by 
Agree Disagree 0 Votes
Your not telling the whole story. A trustee? Are you in chapter 13?

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ASC Warranty / Auto Services Company Logo ASC Warranty / Auto Services Company
Customer Service
1793 Highway 201 N
Mountain Home
United States - 72653-2410
+1 800 442 7116
+1 870 424 6618
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