• Report: #269324

Complaint Review: American Servicing Company, ASC

  • Submitted: Wed, August 22, 2007
  • Updated: Thu, August 23, 2007

  • Reported By:alexandria Virginia
American Servicing Company, ASC
Po Box 1225 Charlotte, NC 28201-1225 Alexandria, Virginia U.S.A.

American Servicing Company, ASC, Morgage adjustable to unreasonably Screwed Alexandria Virginia

*Consumer Comment: So what did the mortgage company do wrong?

*Consumer Comment: I agree in a sense...

*Consumer Comment: I agree in a sense...

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American Servicing Company sets you up for failure!! I never have been late in the past or missed a morgage payment in the past 6 years total. I had this house with the ex husband for 4 years and received it in my divorce agreement, with all it's refinances, and paying out the ex 30k total :( I refinanced to ASC for the past 2 years now. They didn't include taxes and insurance in my $2655. monthly payment. There is a pre-pay penalty if I sell or refinance before the 2 years is up, of over $15,000. Now I have completed my 2 years end of Aug. 2007, and by Oct. my payment will go up to $3400. !! I had a hard time when my taxes and insurance came up separately, due all at once. Paying this put me behind by 2 months....now my credit is screwed and no one will refinance me!!

I can't afford this $3400. payment without taxes and insurance or at all!! My children are sad they will lose their home now. After co-owning and as Vice President of a music store with my ex, custody of my kids and this house are the only thing I tried to get from the divorce of my ex. who was beginning to be verbally and physically abusive.

This house I tried to keep for the kids! I have had my house on the market now for 6 months and lowered the price more than $50,000. If it doesn't sell this month I willl be faced with horrible credit as I will get further behind, just when I had caught up!! or I will be faced with forclosure and/or bankrupcy!

And who really cares!! Not this company!!! and so many companies like this one !! It should be illegal to set people up like this!! No wonder in the "Land of the Free" there are so many homeless people! and Forclosures!! not to mention people who go crazy with stress and do unthinkable things! This country needs to stop the bloodsucking companies who rob us of our homes, our security, and our morale !!

Suona
alexandria, Virginia
U.S.A.

This report was posted on Ripoff Report on 08/22/2007 04:08 AM and is a permanent record located here: http://www.ripoffreport.com/r/American-Servicing-Company-ASC/Alexandria-Virginia-22315/American-Servicing-Company-ASC-Morgage-adjustable-to-unreasonably-Screwed-Alexandria-Vir-269324. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Comment

So what did the mortgage company do wrong?

AUTHOR: Ck - (U.S.A.)

I am having trouble understanding what exactly the mortgage company did wrong. Are you saying that they did not disclose the fact that you'd be paying taxes and insurance on your house? If not, how did you think those items would be paid?

This is what happens when consumers want a house that's beyond their means and mortgage lenders lend money to people with no visible means to repay it. I feel terrible for you and your kids, but I lived in the DC area at the peak of the housing bubble and I knew enough to stay out of the housing market for the exact reasons you describe. I wasn't going to pay those prices and contribute to the upward spiral of overvalued properties.
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#2 Consumer Comment

I agree in a sense...

AUTHOR: Bob Pace - (U.S.A.)

There should be more government regulation on home loans. Every new home buyer should be required to take a class on home ownership, what it entails, and how mortgages work. Unfortunately this isn't the case and so many people bought homes without really having any idea of what it actually entails.

Anyone off the street can be a "loan officer" nowadays and they can word anything to make thier loans sound appealing.

But then again, the buyers should be taking a closer look at what it is thier signing. Its certainly a two way street. ASC and all the other big servicing companies like them are binded into the same note that you signed. When they signed the contract to service your loan, they agreed to keep the terms of that note. If they don't, they are in violation of that contract.

These banks DO NOT want your home. Foreclosure is good for nobody involved. If you are having a rough time selling your home for what it is you owe on it, they certainly don't want to get stuck with the bill. However mortgage companies really have no leverage outside of foreclosure and IT IS a cash business, meaning they'll take short money over no money ---every day of the week, because they need it to survive.

I did read that you said you've dropped the asking price on your property 50,000 since you originally put it on the market. Are you upside down in the loan? If so, you can work with their loss mitigation department in trying to work a short sale. Of course you won't make anything on the deal, but you'll avoid the nasty foreclosure on your credit and be able to look for something more affordable in the near future.
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#3 Consumer Comment

I agree in a sense...

AUTHOR: Bob Pace - (U.S.A.)

There should be more government regulation on home loans. Every new home buyer should be required to take a class on home ownership, what it entails, and how mortgages work. Unfortunately this isn't the case and so many people bought homes without really having any idea of what it actually entails.

Anyone off the street can be a "loan officer" nowadays and they can word anything to make thier loans sound appealing.

But then again, the buyers should be taking a closer look at what it is thier signing. Its certainly a two way street. ASC and all the other big servicing companies like them are binded into the same note that you signed. When they signed the contract to service your loan, they agreed to keep the terms of that note. If they don't, they are in violation of that contract.

These banks DO NOT want your home. Foreclosure is good for nobody involved. If you are having a rough time selling your home for what it is you owe on it, they certainly don't want to get stuck with the bill. However mortgage companies really have no leverage outside of foreclosure and IT IS a cash business, meaning they'll take short money over no money ---every day of the week, because they need it to survive.

I did read that you said you've dropped the asking price on your property 50,000 since you originally put it on the market. Are you upside down in the loan? If so, you can work with their loss mitigation department in trying to work a short sale. Of course you won't make anything on the deal, but you'll avoid the nasty foreclosure on your credit and be able to look for something more affordable in the near future.
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