• Report: #204216

Complaint Review: American Servicing Company

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  • Submitted: Wed, August 02, 2006
  • Updated: Fri, September 15, 2006

  • Reported By:Irvine California
American Servicing Company
7495 New Horizon Way, Frederick, Maryland U.S.A.

American Servicing Company - ASC - FAIRBANKS CAPITAL RIPOFF DO NOT HONOR LENDING AGREEMENTS Frederick Maryland

*Consumer Suggestion: Natasha - Tracy, California

*Consumer Suggestion: Natasha - Tracy, California

*Consumer Comment: not sure

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Our loan agreement was for an adjustment loan at 4.25% until August 2008. Twice the terms got changed to a higher interest rate with higher payments. Fairbanks first changed the interest and payments on us--then we fought it and they agreed that we were right. Next ASC got the loan from Fairbanks and after two years of payments, the rate changed and keeps getting higher.

It seems like Fairbanks went under when they were sued for bad business practices and lost $40 million. Guess who now owns them --ASC! (Same fraudulent business practices but different name.) I have a letter from Fairbanks that states our original loan amount was correct but ASC will not honor it. Talk about a den of theives. We are trying to work with an attorney now as we've spent over 10 hours on the phone with ASC and have not gotten anywhere. Our copies of the original loan documents show one thing but they won't honor it. THought changing the agreed-upon mortgage rate was illegal. How do they get away with this???

Jane
Irvine, California
U.S.A.

This report was posted on Ripoff Report on 08/02/2006 03:25 PM and is a permanent record located here: http://www.ripoffreport.com/r/American-Servicing-Company/Frederick-Maryland-21703/American-Servicing-Company-ASC-FAIRBANKS-CAPITAL-RIPOFF-DO-NOT-HONOR-LENDING-AGREEMENT-204216. 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 Suggestion

Natasha - Tracy, California

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

Call the Attorney Gen.of california at the State capitol in Sacramento. He knows all about this company. He will help you !

Get your money back for the Home Insurance. Refiance with a new company. If you live in Tracy california keep the Property. It will only make you money in the long run.
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#2 Consumer Suggestion

Natasha - Tracy, California

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

Call the Attorney Gen.of california at the State capitol in Sacramento. He knows all about this company. He will help you !

Get your money back for the Home Insurance. Refiance with a new company. If you live in Tracy california keep the Property. It will only make you money in the long run.
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#3 Consumer Comment

not sure

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

I bought my first house about a year and a half ago. It was actually transfered from brooks america over to americas servicing company. Everything was fine for about the first 6 months but then I started getting payment coupons in the mail where my payment was nearly doubled and stated that I had not paid my property taxes and or I had no proof of homeowners insurance since the purchase of my house.

I didn't understand because In order to purchase a house you must show proof of homeowners insurance and it was taken out of escrow to cover the entire first year. So as not to get behind on my payments, I went ahead and sent in the money but had also called them. Everytime I spoke with someone, it seemed like they were very young and didn't really have a clue as to what was going on with my account.

Not to mention, my loan is split between a first and a second. ASC is my first and My second is with wilshire credit corp. I was not having any problems with them whatsoever. The had proof of insurance and paid property taxes on file.

As far as the property taxes, I was getting letters from ASC brfore my taxes were even due stating that they had not been paid. Im talkin like receiving letters 4 to 5 months before they were due.

I'm just curious if anyone else has had these difficulties because it got so bad with my payments that I am trying to get rid of the property now. Its too much for me to handle. I bought the property when I was 21 and I'm going to be 23 this year. I had intentions on keeping it longer but it's not worth the headaches. Please get back to me if anyone had/has similar issues. Thanks......

-Confused
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