Asc - American Servicing Company suprise escrow accounts and suspense accounts they decide where my money goes not my legal contract Des Moines Iowa

Most mortgage companies including ASC only hold funds in a suspense account if its not enough to make a full payment. By full payment I mean principle, interest, taxes and insurance. If you're not paying the taxes or your homeowners insurance is behind, you can be rest assured they will pay the taxes or provide thier own policy at your expense. They will also mail you several letters in this regard, that I would imagine normally end up in the trash, thinking its just another "you're late, pay up" letter from the mortgage company. If your in an adjustable rate mortgage, its possible that your interest rate went up as well.

So if your payment changes, whether its based on escrow or an interest rate adjustment, and you send the regular principal and interest payment, it will end up sitting in suspense until you send enough to make the full payment. Meanwhile, any fees you've racked up on the account will be pulled directly from there. I'm sure if you work with the company they would be willing to reverse those fees and apply full payments if you pay up. Of course you'll have to pay the late fees eventually, but they would rather you make your mortgage payment first.

Most mortgage companies including ASC only hold funds in a suspense account if its not enough to make a full payment. By full payment I mean principle, interest, taxes and insurance. If you're not paying the taxes or your homeowners insurance is behind, you can be rest assured they will pay the taxes or provide thier own policy at your expense. They will also mail you several letters in this regard, that I would imagine normally end up in the trash, thinking its just another "you're late, pay up" letter from the mortgage company. If your in an adjustable rate mortgage, its possible that your interest rate went up as well.

So if your payment changes, whether its based on escrow or an interest rate adjustment, and you send the regular principal and interest payment, it will end up sitting in suspense until you send enough to make the full payment. Meanwhile, any fees you've racked up on the account will be pulled directly from there. I'm sure if you work with the company they would be willing to reverse those fees and apply full payments if you pay up. Of course you'll have to pay the late fees eventually, but they would rather you make your mortgage payment first.

Most mortgage companies including ASC only hold funds in a suspense account if its not enough to make a full payment. By full payment I mean principle, interest, taxes and insurance. If you're not paying the taxes or your homeowners insurance is behind, you can be rest assured they will pay the taxes or provide thier own policy at your expense. They will also mail you several letters in this regard, that I would imagine normally end up in the trash, thinking its just another "you're late, pay up" letter from the mortgage company. If your in an adjustable rate mortgage, its possible that your interest rate went up as well.

So if your payment changes, whether its based on escrow or an interest rate adjustment, and you send the regular principal and interest payment, it will end up sitting in suspense until you send enough to make the full payment. Meanwhile, any fees you've racked up on the account will be pulled directly from there. I'm sure if you work with the company they would be willing to reverse those fees and apply full payments if you pay up. Of course you'll have to pay the late fees eventually, but they would rather you make your mortgage payment first.

Most mortgage companies including ASC only hold funds in a suspense account if its not enough to make a full payment. By full payment I mean principle, interest, taxes and insurance. If you're not paying the taxes or your homeowners insurance is behind, you can be rest assured they will pay the taxes or provide thier own policy at your expense. They will also mail you several letters in this regard, that I would imagine normally end up in the trash, thinking its just another "you're late, pay up" letter from the mortgage company. If your in an adjustable rate mortgage, its possible that your interest rate went up as well.

So if your payment changes, whether its based on escrow or an interest rate adjustment, and you send the regular principal and interest payment, it will end up sitting in suspense until you send enough to make the full payment. Meanwhile, any fees you've racked up on the account will be pulled directly from there. I'm sure if you work with the company they would be willing to reverse those fees and apply full payments if you pay up. Of course you'll have to pay the late fees eventually, but they would rather you make your mortgage payment first.

IF you are late, then they won't accept your payments without the late fee. If you are late often, then they don't accept your payments at all, but stuff them into a suspense account because they can.

They stop applying your payments to your loan because they have added tons of fees - lawyer, foreclosure documents, drive-by appraisals, etc, to your loan, and the payment no longer covers all the fees, so they keep the money in a suspense account instead of returning the payment as most mortgage companies do.

"2) you make your payments, somtimes late but hey we are human"... DOESN'T CUT IT CHUCKY. Nobody cares why you're late. If you're late on a car payment, you get it repoed. If you're late on a mortgage, you are foreclosed on. Simple. Unless you have the money to pay all their fees - which probably add up to thousands, you might consider bankruptcy to save your house.