• Report: #344062

Complaint Review: American Servicing Company D/b/f Wells Fargo Home Mortgage

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  • Submitted: Wed, June 25, 2008
  • Updated: Wed, August 06, 2008

  • Reported By:Country Club Hills Illinois
American Servicing Company D/b/f Wells Fargo Home Mortgage
3476 Stateview Blvd. Fort Mill, South Carolina U.S.A.

American Servicing Company D/b/a Wells Fargo Home Mortgage (Canisha McPhatter Modification Preparer) Loan Modification Forcing People into Foreclosure Fort Mill South Carolina

*Consumer Suggestion: Class Action Suit Coming, but save your home first

*Consumer Suggestion: ASC

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I have been working with the Loss Mitigation at American Servicing Company since November 2007 due to my home going into foreclosure in 2006.

In November 2005, I lost my job due to age discrimination. I filed a discrimination complaint with the various municipal entities. In February 2006 I received notice that my case was founded by one of the municipalities. During this time I was receiving unemployment of only $171.00 bi-weekly. Due to lack of income, I was unable to pay my mortgage.

I gained part-time employment in May 2006. My income at that time increased but not enough to enable me to pay my mortgage or the arrearage.
During this time I did apply for a loan modification review but was denied due to insufficient income. My house therefore went into foreclosure.

In October 2006, I filed a Chapter 13, only to save my home.

In November 2006, I started working in a full time position which allowed me more money. In December 2006 my discrimination suit was settled. This small sume plus my salary allowed me to pay the Chapter 13 Trustee amd keep my mortgage payment current. However, the settlement money was depleated in August or September 2007 and I was not able to pay both the Trustee and my regulary payment. I did however, pay my regular mortgage payments. In November 2007, the Chapter 13 was dismissed causing my home to go back into foreclosure.

In January 2008, I again applied for a modification and was approved. In February 2008, I received a letter of forbearance plan from ASC. The wording of this letter was very ambiguous, I therefore made numerous phone calls to service representatives to get an explanation of the wording. I was told that I should not worry about the $20,000.00 payment that would be due in May, they only wanted me to show a good faith effort by paying $1,077.03 for the monthis of February, March, and April. After the payment in April I would be contacted about the amount of my loan modification.

After I made the three payments I called ASC to find out what my modification amount would be. I was told that my packet had been sent to me and that my payments was estimated to be $1,099.00 which would be due in July.

On May 7, 2008, I received a call from ASC congratulating me on approval for a loan modification, I was asked if I had received my packet yet, to which I responded, no. I was then told that I needed to make a contribution amount of $5560.00 dollars within the next seven days. He also told me that I had over $2560 in a "suspense" account" so actually I only needed to send in $3000. When I told the representative this was not possible, he told me not to worry about it.

I did not receive my packet until May 16, and it did in fact indicate that I had to pay this contribution amount. I contacted Ms. McPhatter (the person who handled my modification). Ms. McPhatter could not give me an explanation as to what the "contribution" is about. She said that the only thing that she could do was give me until the end of June to pay this "contribution" amount plus my mortgage amount of $1,091.00. In other words I had to come up with more than $6,000.00 to prevent my home being sold.

I have contacted my Congressman, who in return has sent a letter to the head person at Wells Fargo Home Mortgage in Iowa. I also contacted the Attorneys General Office and was recently contacted by them informing me that they are taking over my case. I also will be contacting the Federal Trade Commission. (FYI - The head person at Wells Fargo Home Mortgage recently faxed a letter to my congressman asking for more time to look into my complicated case). It is good to know that some action is now taking place on a higher level.

My advice to anyone doing business with American Servicing d/b/a Wells Fargo Home Mortgage is to contact your representatives, attorneys general or any other municipality to get assistance with your situation.

I am definitely interested in any class action suit.

Adrienne
Country Club Hills, Illinois
U.S.A.

This report was posted on Ripoff Report on 06/25/2008 10:26 AM and is a permanent record located here: http://www.ripoffreport.com/r/American-Servicing-Company-Dbf-Wells-Fargo-Home-Mortgage/Fort-Mill-South-Carolina-29715/American-Servicing-Company-Dba-Wells-Fargo-Home-Mortgage-Canisha-McPhatter-Modification-344062. 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 Suggestion

Class Action Suit Coming, but save your home first

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



As over 2 Million Americans are facing foreclosure, many turn to a loan modification company or lawyer to modify their loans. Most consumers find the following, after attempting to modify their loans through the banks "loan mitigation department."
1. They receive a forebearance, which in essence is just another promise to pay at a later time, with the back payments usually tacked to the end of the loan.
2. Lender never returns their phone calls, denies their claims, long enough for customer to fall far enough behind to face a Notice of Sale.
3. The bank approves a 'loan modification", but puts the customer into another Adjustable Rate Mortgage for 5-7 years, with a balloon at the end.

Customers should know the following:

92% of audited loans are found to have multiple RESPA (Real Estate Settlement and Procedures Act) and TILA (Truth in Lending Act) violations, which a forensic loan auditor can find.

Lenders are more than willing to save face and modify a loan after being presented with the possibility of litigation and the recision of the loan based on Federal Statutes.

Using legal leverage, a consumer can protect their most valuable asset and fight the rampant fraud in the mortgage business.


If you are a loved one is facing foreclosure, or have questions about how to prevent foreclosure with a loan modification, questions can be answered by writing;
Daniel
(((ROR redacted)))
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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#2 Consumer Suggestion

ASC

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

I would love to speak with you I am going through the same thing now! They want 7100.00 I just gave them $4000 in April
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