• Report: #190394

Complaint Review: America's Servicing Company

  • Submitted: Sun, May 07, 2006
  • Updated: Tue, March 03, 2009

  • Reported By:Niagara falls New York
America's Servicing Company
PO Box 10388 Des Moines, Iowa U.S.A.

American Servicing Company and Wells Fargo Added Charges & Inconvienences Des Moines Iowa

*Consumer Comment: ASC/WF doesnt own your loan

*Consumer Comment: ASC-Wells Fargo not interested in meaningful dialogue

*UPDATE EX-employee responds: This is to Larry...

*UPDATE EX-employee responds: This is to Larry...

*UPDATE EX-employee responds: This is to Larry...

*Consumer Suggestion: American Servicing Company is deff a rip-off

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After refinancing 1 year ago, my mortgage was bought by America's Servicing Company a few months later. I was used to making my mortgage payment online with my old bank and found it to be an inconvenience to have to mail the payment in.

I attempted several times to use the automated phone payment but found out it would cost me $15 to make my payment by phone. In December I tried again to make my payment by phone, agreeing to the $15 fee so it was not late only to be transferred to a Customer Service rep and told it would cost me $20 now because I was speaking to a live person. I agreed to it and did the payment by phone.

One month later, January's payment had cleared my bank account but December's was still there. I called ASC several times about this but they assurred me December's payment was received from my bank on Janury 9. After making February's payment I then received another statement showing that I was now late for January and February and this included late charges for both months. The whole time, December's's payment was still sitting in my bank account. I called ASC and was told that I gave them incorrect information regrading my bank account. Considering the rep read my account information back to me when I made the payment to confirm, I can only say he screwed up. Which lead me to tell them I am not responsible for two late payments. They told me yes I am because they used the money received in January to pay December's bill and they considered January as unpaid but I could make a payment over the phone with them right now for January & February including both late fees (December & January) and the $15 phone charge. I told them they'd have to be crazy to think I would ever use the phone pay again and I personally thought their company sucked and I wish they had never purchased my mortgage.

Now I'm caught up and thinking everything was okay when I received this months bill with an added charge of $15. I called to find out what this charge is for only to be told that it is a charge for property inspection. I explained that I did not ask for a property inspection, nor did I have one so I didn't understand the charge. They told me that ASC randomly goes out to do property inspections to be sure the residence is occupied and it carries a charge of $15 which the customer is liable for. I am appalled that someone came to home without my knowledge, obviously had to do some walking on my property to see if there was occupance because every window is covered with blinds, no vehicles are here during the day and because it was before Spring actually came, there is no sign of outdoor furniture or life. I am only sorry the person inspecting my property did not go past my back gate and meet my two rotwiellers. Though they would have licked the "inspector" to death before ever thinking about biting him, their looks sure are scary.

So now I am responsible for an inspection I did not know anything about when I receive a statement this week telling me they are raising my mortgage payment $155 a month. Though they mailed me a check for an escrow refund when they purchsed my mortgage, they now say my escrow is short and I am required to keep a minimum balance of $1200.00 in my escrow account. Well, what did they mail me a refund check for and why did they tell me it was NOT a mistake when I called to inquire about the check I received?

Again, I truly hate this company and at this point I am sorry I ever refinanced. Citibank was wonderful with my mortgage. If I had to all over again, I'd let the roof blow away before I would have replaced it (my reason for the re-fi). Can someone tell me, is it possible to request a company sell your mortgage? I should wish ASC would sell mine.

Lucia
Niagara falls, New York
U.S.A.

This report was posted on Ripoff Report on 05/07/2006 07:04 PM and is a permanent record located here: http://www.ripoffreport.com/r/Americas-Servicing-Company/Des-Moines-Iowa-50306/American-Servicing-Company-and-Wells-Fargo-Added-Charges-Inconvienences-Des-Moines-Iowa-190394. 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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REBUTTALS & REPLIES:
0Author 6Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

ASC/WF doesnt own your loan

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

ASC probably does not own your loan; a private investor likely does.

What does that mean? It means the private investor has 100% say in what loan modifications or repayment plans are allowed for you.

Why else does this suck? The details of what loan modifications allowed on your loan were agreed to right around the time you originated your loan, when markets were fine and very few people needed loan modifications, so requirements were stringent and very limited (also, investors are the ones who require property inspections if a customer is XX days delinquent, to determine if they customer abandoned the property).

Why does this suck even more? Private investors are really more investment companies who invested American 401ks and pensions in to mortgage backed securities. Can you really get the 10,000 Americans together who collectively own your loan and get them to agree on a plan for you? or agree to change the whole contract? not so much... Especially when the investment companies are not experts in the mortgage world...

What does this mean as far as ASC? They aren't really to blame for your lack of qualifications, because they won't determine who qualifies for a loan modification; all they can do it try to match YOU with the criteria the investor gave them.

On the large scale, servicers (like WF) are pushing congress to pass a 'safe haven' clause for them again private investors when they modify people's loans (when they otherwise would not be allowed to & would get sued, per the contract with the private investor). Many folks think this is helping the banks' greed; most of these people are morons.

On a small scale, keep contacting ASC; keeping working with them; keep calling; keeping asking for a modification/repayment plan/other retention options. They can't help 100% of the people they aren't in contact with.

All servicing companies would rather you stay in your home than ANY type of liquidation (short sale, foreclosure, etc) because it costs waaaaaaaaaaaaaay more to do that.

Servicing companies make money for each normal, regularly scheduled payment you make. Thinking they don't care about you staying in your home is just paranoia.

Conclusion? You're more justified blaming bureaucracy in general than a specific company. But hey, if blaming 'big corporations' makes you feel better...
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#2 Consumer Comment

ASC-Wells Fargo not interested in meaningful dialogue

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

Simply put...ASC works with you this way
1. Forebearance
2. Deed in lieu
3. Short Sale
4. Foreclosure

Those are the options they give the individual homeowner. My apologies to the greedy mortgage marketers but the problem this nation has is a direct result of your unmitigated greed. I happen to know some mortgage brokers that were making killings off of sub prime, alt a, ninja, pay what you want loans. They made vast commission based fortunes...some of you reading this did the same. You guys have brought this economy to a vitual standstill...and you have the gall to tell homeowners not to get hooked by loan modification experts...you expect the homeowner to let the fox (you) guard the hen house again. I want to see the day when the feds will investigate every loan you closed during the 2000's and force you to repay the country every cent you stole from your victims. You mortgage guys did this to the United States...no amount of stonewalling, raging about losers, or whining about "regulation" will change that fact. You and you alone are responsible for the mess. I hope you enjoyed the money and bought yourself a nice soft mattress so you can sleep at night. Come on out into America and check out the damage you caused.
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#3 UPDATE EX-employee responds

This is to Larry...

AUTHOR: Bob Pace - (U.S.A.)

A loan modification company, huh?

So you charge thousands of dollars to people to call thier mortgage company for them? and you have the nerve to talk about a rip off?

There is no bigger rip off right now then "loan modification" companies.

To the original poster, please whatever you do, don't get so frusterated that you'll pay any of these 3rd party companies money to work with ASC. You are going to get the same exact deal if you call and work something out yourself.

The reason everything went so smoothly w/ Citibank is because it was the first year of your loan. Very rarely do folks ever experience any problems w/in the first year. Its after a year that taxes and insurance normally come into play.
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#4 UPDATE EX-employee responds

This is to Larry...

AUTHOR: Bob Pace - (U.S.A.)

A loan modification company, huh?

So you charge thousands of dollars to people to call thier mortgage company for them? and you have the nerve to talk about a rip off?

There is no bigger rip off right now then "loan modification" companies.

To the original poster, please whatever you do, don't get so frusterated that you'll pay any of these 3rd party companies money to work with ASC. You are going to get the same exact deal if you call and work something out yourself.

The reason everything went so smoothly w/ Citibank is because it was the first year of your loan. Very rarely do folks ever experience any problems w/in the first year. Its after a year that taxes and insurance normally come into play.
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#5 UPDATE EX-employee responds

This is to Larry...

AUTHOR: Bob Pace - (U.S.A.)

A loan modification company, huh?

So you charge thousands of dollars to people to call thier mortgage company for them? and you have the nerve to talk about a rip off?

There is no bigger rip off right now then "loan modification" companies.

To the original poster, please whatever you do, don't get so frusterated that you'll pay any of these 3rd party companies money to work with ASC. You are going to get the same exact deal if you call and work something out yourself.

The reason everything went so smoothly w/ Citibank is because it was the first year of your loan. Very rarely do folks ever experience any problems w/in the first year. Its after a year that taxes and insurance normally come into play.
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#6 Consumer Suggestion

American Servicing Company is deff a rip-off

AUTHOR: Larry Schulz - (U.S.A.)

Dear Reader,
i work for a loan modification company, and have talked to clients who had the American Servicing Company work on their mortgage. I have not heard anything positive about them. Only how they have increased mortgage payments and not lowered interest rates. The exact opposite of what they claim to do for customers.
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