• Report: #420750

Complaint Review: American Servicing Company , Wells Fargo

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  • Submitted: Thu, February 05, 2009
  • Updated: Mon, February 09, 2009

  • Reported By:cathedral city California
American Servicing Company , Wells Fargo
Po Box 60768 Los Angeles, California U.S.A.

American Servicing Company, Wells Fargo Preditory Lending Actions Los Angeles California

*Consumer Comment: Who caused your problems? Where is the negligence?

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American Servicing Company is at all no service to any of its loan holders. It causes unnecessary run around on the telephone; plus none of the call agents or supervisors can give you a truthful or correct answer. American servicing Company charges extraordinary fees that they them self can not justify or have clarification on besides that's just the standard fee.

They provided false APR information. I was told that I would have a 7.5% and got stuck with a 9.87% rate. Also I was suppose to be in a FRM and was put into an ARM. Fraudulently showing one interest rate on initial proposal and installing a higher one on the actual mortgage note. Was not shown the change at closing just told to initial everything.

Mortgage Broker informed at signing not to worry about anything that we would be refinanced in 12-18 months. Completely untrue. Your ability to refinance is completely up to the lender not the broker.

I am looking for anyone with proof of negligence to join us and bring this to a class action level. I feel that it is time to take a stand against the practices of this company and its parent company.

Wantsjustice
cathedral city, California
U.S.A.

This report was posted on Ripoff Report on 02/05/2009 04:58 PM and is a permanent record located here: http://www.ripoffreport.com/r/American-Servicing-Company-Wells-Fargo/Los-Angeles-California-90060/American-Servicing-Company-Wells-Fargo-Preditory-Lending-Actions-Los-Angeles-California-420750. 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

Who caused your problems? Where is the negligence?

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

"Mortgage Broker informed at signing not to worry about anything that we would be refinanced in 12-18 months. Completely untrue. Your ability to refinance is completely up to the lender not the broker."

So... you are upset with the lender or mortgage broker here? Sounds like the mortgage broker screwed you. We have all heard how lenders have tightened requirements lately, this shouldnt be a big surprise.

Also, keep in mind, in many cases, ASC/WF was NOT your lender... what exactly are you going to go after them for?

Who was your lender? (This is not the same as your servicer)
Who was your mortgage broker? (99.9999% this was not WF or ASC)

If you want to file a Class action against ASC because you felt they gave you the "run around" on the phone or didnt give you good enough answers, that probably wont go very far.... but good luck.
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