• Report: #230784

Complaint Review: American Servicing Company

  • Submitted: Tue, January 16, 2007
  • Updated: Wed, July 08, 2009

  • Reported By:Plainfield Illinois
American Servicing Company
P.O. Box 10388 Des Moines, Iowa U.S.A.

American Servicing Company My family lost our home we tried so hard to keep because of ASC ripoff Des Moines Iowa

*Consumer Comment: ASC has held my mortgage for 3 years

*Consumer Comment: ASC has held my mortgage for 3 years

*Consumer Suggestion: ftc.gov predatory lending laws you have rights

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Back in the June of 2000 it was the happiest day in our lives. We purchased our 1st home. My husband, myself and 3 girls finally had a home. The finance company Market Street Mtge was wonderful. They put us at a payment we could afford for having a new home. My husband and I had great jobs and we were doing ok.

In September of 2000 Market Street Mtge sold our loan to Chase Manhattan Mtge. It was getting harder for us. Our loan went from $1,535.29 and then jumped to $ 2,558.33 with in a 2 year period. Chase even sent us a check in the 1st year because we had and overage. How does this happen. We had to file for chapter 13 just to help us out with this increase.

We failed with even keeping up with these payments so Chase ended up giving our loan to American Servicing Co. in 2004. I could not even contact these people. We were no longer in Chapter 13 because we could not handle the payments so we were trying to work with all our creditors at this time.

American Servicing companies said we had to pay for all the past due in order to keep our home. This would have been impossible to do. We did not have $ 33,000. Our payment was close to $ 3000.00 at the time in 2004 - 2005. Then the Law office of Codilis and Associates started to try and take our home. We put our home up for sale in December 2005 to try and sell it before it was taken for us.

We did get a contract on our home in February of 2006. This was great right! American Servicing Company wanted to sell our home in Auction around March 2006. The home owner needed until April to sell their home to buy ours. After several attempts to contact American Servicing company they gave us until the end of April.

The new owners that were going to purchase our home had a buy for theirs and the closing date was the end of May. Our home would be closed at this time as well.
When we contacted American Servicing Company to let them no we needed only 30 more days and the home would be sold. They would get their money in full plus any past due lawyer fees etc.

American Servicing company could not be contacted for several weeks and then they said no. They wanted us out, even when we showed them the contract. We tried to move up the closing date with the people who wanted our home. They heard from their realistate person what was happening and ended up withdrawing from their contract. Because of American Servicing Company not waiting another 30 days we lost our buyer, and our home.

We had to move into a small rental so the kids could finish school. We just lost everything. Some new people ended up purchasing our home in October of 2006. American Servicing company still showes we owe them the full amount of the home they sold on us.

They will not even talk with me to clear this matter up. They took our home when we had it sold. This could of helped our family but they didn't care. Now we have credit that is so unrepairable we are unable to do anything. Our children were so effected by this as well as my husband and myself. Our 1st home we ever owned was gone and American Servicing company is to blame for this. How can a bank get away with playing with families lives.

More and more families lose their homes because banks like these get away with it. Why would a bank say no when the home was sold. Why could American Servicing Company not wait 30 more days. We are not bad people we were doing the right thing to help all parties. Thank you American Servicing Company for putting our family out in the street for not listening and for taking one thing in our lives we worked so hard to keep.

Smith Family
Plainfield, Illinois
U.S.A.

This report was posted on Ripoff Report on 01/16/2007 07:50 AM and is a permanent record located here: http://www.ripoffreport.com/r/American-Servicing-Company/Des-Moines-Iowa-50306-0388/American-Servicing-Company-My-family-lost-our-home-we-tried-so-hard-to-keep-because-of-ASC-230784. 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

ASC has held my mortgage for 3 years

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

ASC has held my mortgage for 3 years now. I've read a couple reports on here about them. As someone who has used this site to help me determine who to do business with I feel compelled to enter a response to this report. My experience with ASC has been nothing short of excellent. I keep up with my payments and have needed extensions before which they gladly gave. My home price is below what I owe on my mortgage so a refinance was out of the question when my ARM was about to adjust. They offered to restructure the current loan which saved my behind! One thing to understand about ASC is that from my understanding they deal with high-risk loans. I, among many others, purchased more than I probably should have with a loan that I probably shouldn't have taken. That said, I did fully understand what I was getting into. It sounds like you may have not been fully aware of what you were signing when you originally got your loan. This would mean that your report and any complaints should really be filed with that company that originally issued it not ASC. I do feel for you though and hope that all has worked out.
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#2 Consumer Comment

ASC has held my mortgage for 3 years

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

ASC has held my mortgage for 3 years now. I've read a couple reports on here about them. As someone who has used this site to help me determine who to do business with I feel compelled to enter a response to this report. My experience with ASC has been nothing short of excellent. I keep up with my payments and have needed extensions before which they gladly gave. My home price is below what I owe on my mortgage so a refinance was out of the question when my ARM was about to adjust. They offered to restructure the current loan which saved my behind! One thing to understand about ASC is that from my understanding they deal with high-risk loans. I, among many others, purchased more than I probably should have with a loan that I probably shouldn't have taken. That said, I did fully understand what I was getting into. It sounds like you may have not been fully aware of what you were signing when you originally got your loan. This would mean that your report and any complaints should really be filed with that company that originally issued it not ASC. I do feel for you though and hope that all has worked out.
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#3 Consumer Suggestion

ftc.gov predatory lending laws you have rights

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

report right on line over and over they will help you, good things come to those that wait they will get theres!

all my prayers
remember "The secret" positive energy will bring you all you need and i will send many prayers for a brighter tomorrow.

they failed to explain your loan was a 2 yr fixed and would jump by up to 3% on month 25 check your records if they upped your payment before the 25th month federal trade commission will nail them. ftc.com

god bless
Dari
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