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

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.

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.

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.