• Report: #303101

Complaint Review: American Servicing Company - Wells Fargo Bank

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  • Submitted: Thu, January 24, 2008
  • Updated: Thu, January 24, 2008

  • Reported By:Chicago Illinois
American Servicing Company - Wells Fargo Bank
P.O. Box 10388 Des Moines, Iowa U.S.A.

ASC - Wells Fargo Bank Adjustable rate that keeps on growing Des Moines Iowa

*Consumer Comment: What's the worse case scenerio of being foreclosed?

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An adjustable rate that keeps on growing and growing. During the early part of 2007, our loans was sold by Mortgage Lenders Network to ASC. We have a split loan (80/20). The larger loan is the adjustable one. Shortly after we were notified about the adjustable rate increase. Back in October 2007, our mortgage increased from 790.85 to 1,003.93. The index value used to determine the interest rate from 5.38475% to 4.91000%. The current index value was published on 12-03-07. According to the Wall St. Journal "6 Month libor 1st business day". On February 1, 2008 our payment will be adjusted from 9.87500% to 9.50000% which means $1,194.27 - one loan. I'm reasearching alternatives to re-finance, re-construct our loans. After being denied because of our family modest earnings, I'm afraid we will be forced into foreclosure. I'm trying to keep our family credit and dignity in tact. I need information on how to stop the madness, before I go insane. What's the worse case scenerio of foreclosing?

Marsha
Chicago, Illinois
U.S.A.

This report was posted on Ripoff Report on 01/24/2008 05:45 PM and is a permanent record located here: http://www.ripoffreport.com/r/American-Servicing-Company-Wells-Fargo-Bank/Des-Moines-Iowa-50306-0388/ASC-Wells-Fargo-Bank-Adjustable-rate-that-keeps-on-growing-Des-Moines-Iowa-303101. 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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#1 Consumer Comment

What's the worse case scenerio of being foreclosed?

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

Well your credit rating may take a really big hit. Some employers now consider credit ratings when they hire people. Many insurance companies now base premiums, and even underwriting decisions, on credit ratings. And it may be a long time. maybe a very long time. before another bank will ever entertain the thought of writing a mortgage for you.

Your loan sounds unduly complicated. That 20/80 split sounds really silly and makes no sense to me. And why would your payment go UP if the basis interest rate went down? I think you need professional help on this. Especially since the FED is now killing interest rates, which kills some of OUR income.

Is this one of those "Sub-Prime Mortgages" that we have read about? The "Sub-Prime Mortgages" that have crippled the banking industry, several financial firms, caused the discharge of some CEO's, and just might spawn a depression? The Iraq boondoggle was bad enough.

Of course, I could ask if you read & understood your mortgage paperwork before you ever signed it, but I think I can guess the answer. A lot of people were looking for miracles, I suppose. Now those miracles are becoming nightmares.
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