America's Servicing Company - ASC Ripoff, Abusive Lending Baltimore Maryland

Your story is simular to mine. Try a Chapter 6 RESPA letter and contact Project HOPE. They are a non-profit and free to use group set up to help durring the credit meltdown.

Your story is simular to mine. Try a Chapter 6 RESPA letter and contact Project HOPE. They are a non-profit and free to use group set up to help durring the credit meltdown.

Your story is simular to mine. Try a Chapter 6 RESPA letter and contact Project HOPE. They are a non-profit and free to use group set up to help durring the credit meltdown.

Your story is simular to mine. Try a Chapter 6 RESPA letter and contact Project HOPE. They are a non-profit and free to use group set up to help durring the credit meltdown.

As I mentioned, my suggestion applies to people that have learned that their loan is being transferred and come across this website like I did.

If there is a problem with not knowing of the transfer for whatever reason. By law, you have 60 days after the transfer before they can take any action against you, including any fees.

If payments are being made on time you should know of the transfer way before the 60 days are up.

I am familair with that website, I came across it while I was researching when I first learned of the transfer.

All companies should ensure contact with their customers was made, if not then that is really a shame and something should be done about that.

I, on the other hand was notified by my previous servicer, ASC, and I also rec'd a phone call from on behalf of ASC's new transfers to verify information on file, and I took the steps that I mentioned on my previous post. So to answer your question, yes I am comfortable with the results.

But it is important that you post how to go about corrected the problems that have accured, as many people I'm sure don't know where to begin. Again as I mentioned I am simply posted for people that have just found out that they are being transferred.

One of the missing elements to "AVOID" problems with a new loan servicer is prior knowledge of the transfer.

Many people have complained they did not receive prior notification from their original mortgage company or their new mortgage servicing company prior to the transfer.

There is no way a person would know or be able to "avoid" a problem if they were never notified of the transfer/sale of their loan until there was notification of a problem with the loan from the new servicer.

There are complaints in which some people have said they sent in their regular payment to their mortgage company and it was returned with a letter telling them to send it to another company. They had no idea their loan had been transferred or sold.

The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute, first passed in 1974.

"A Servicing Transfer Statement is required if the loan servicer sells or assigns the servicing rights to a borrower's loan to another loan servicer. Generally, the loan servicer must notify the borrower 15 days before the effective date of the loan transfer. As long the borrower makes a timely payment to the old servicer within 60 days of the loan transfer, the borrower cannot be penalized. The notice must include the name and address of the new servicer, toll-free telephone numbers, and the date the new servicer will begin accepting payments."

LOAN SERVICING COMPANIES

Section 6 provides borrowers with important consumer protections relating to the servicing of their loans. Under Section 6 of RESPA, borrowers who have a problem with the servicing of their loan (including escrow account questions), should contact their loan servicer in writing, outlining the nature of their complaint. The servicer must acknowledge the complaint in writing within 20 business days of receipt of the complaint. Within 60 business days the servicer must resolve the complaint by correcting the account or giving a statement of the reasons for its position. Until the complaint is resolved, borrowers should continue to make the servicer's required payment.

A borrower may bring a private law suit, or a group of borrowers may bring a class action suit, within three years, against a servicer who fails to comply with Section 6's provisions. Borrowers may obtain actual damages, as well as additional damages if there is a pattern of noncompliance.

Others complained they did receive a letter from their original company telling them of the transfer, but when they attempted to contact the new servicer they found the information on the letter had incorrect telephone numbers, full voicemail box when they called, and/or wrong mailing addresses.

Attempting to contact the company when properly notified does not always avoid problems with the loan even though items were verified and thoroughly checked before the transfer took place.

Eventually the servicer will do an account audit and often the new servicer will send correspondence notifying the person the account has missed payments, escrow shortages, no insurance or the person was paying the wrong amount.

Upon receiving this information the individual responds and attempts to understand what happened and is met with little or no cooperation.

This is where the complaints start. Frustration and anger set in when there is no cooperation or information the person can use to straighten out the situation.

People check the Internet, talk to family and friends and find there is really no information or support to help them with these problems, this is where HUD/RESPA can help.

LOAN SERVICING COMPLAINTS

Section 6 provides borrowers with important consumer protections relating to the servicing of their loans. Under Section 6 of RESPA, borrowers who have a problem with the servicing of their loan (including escrow account questions), should contact their loan servicer in writing, outlining the nature of their complaint. The servicer must acknowledge the complaint in writing within 20 business days of receipt of the complaint. Within 60 business days the servicer must resolve the complaint by correcting the account or giving a statement of the reasons for its position. Until the complaint is resolved, borrowers should continue to make the servicer's required payment.

A borrower may bring a private law suit, or a group of borrowers may bring a class action suit, within three years, against a servicer who fails to comply with Section 6's provisions. Borrowers may obtain actual damages, as well as additional damages if there is a pattern of noncompliance.

If you are not properly informed of the loan transfer to another servicing company, there is no way you can avoid problems prior to the transfer.

One cannot assume that verification of the information held by the loan originator and the new servicer is 100% accurate at the time of transfer.

The new loan servicer will eventually do an audit and hopefully everything is in place. If it is not, there will be problems with the loan.

HUD/RESPA is a tool for the consumer to be able to obtain information from their loan servicer so they can effectively understand what the problem is and hopefully work it out with the servicer.

With the amount of fraud that is being allowed to continue, a person has to be extremely diligent in handling their mortgage these days.

If you choose to ignore your account and do nothing, then you will loose your investment and your house in the long run.

Check out www.msfraud.org and you can decide for yourself.

There are a lot of people at this site who have been diligent in their efforts to "avoid" problems and have still lost their homes.

They have a preponderance of evidence to the contrary and have still lost their homes.

Still feel comfortable? I wouldn't, there are entirely too many variables working against us and the only way to stop this is to make sure your local politicians, state representatives and congress people know what you are going through and urge them to enact laws that will protect consumers from companies such as this.

I am posting this suggestion for people that have just found out that their mortgage is being transferred to America's Servicing Company or any other servicer for that matter.

When I first found out that my loan was being transferred I had never heard of ASC. I did some research on the Internet and I came across this website and some postings that scared the heck out of me, I even lost sleep over it! No Lie!

I looked into Refi, but then I came across a friend that also had their loan transferred to ASC. I calmed down when they told me they never had a problem. I decided to stick it out, I really didn't want to pay the prepayment penalty if I didn't have too. My loan was transferred on Feb 1st 2005 it is now Sept 2005 and I have NOT had any problems.

This is what I did as a consumer and a homeowner concerned about the future of my home.

1) Prior to the transfer date, I called my existing servicer and made sure that all of my information was up to date and accurate. I had them send me a print out of my loan history, payments, insurance, etc. and I have it filed away (including the envelope) IF your past the transfer date call ASC or whichever servicer you have and verify with them. (If you are behind in payments, no one is judging you just pay it immediately, don't delay)

2) Because ASC is a few states away, I sent my first payment certified to ASC 1 day before the transfer date, Feb 1st. . Which was my due date as well. I have confirmation that they rec'd it, a copy of my check, and my bank statement showing withdraw. I called ASC and was told it posted appox a week later (I didn't send it earlier because I was afraid it would be rec'd prior to the transfer date and would not have been applied to my account.

3) Day one of transfer, I faxed over to ASC my proof of Ins, even though my previous servicer had it on file.(just to be safe) I called and confirmed it was received. I have the fax confirmation sheet filed away as well.

4) I logged name, date, emp ID# of every one that I have spoken too on a pad of paper that I only use to document conversations regarding my loan.

5) I made the choice to enroll in direct withdraw with ASC. I didn't want to deal with the cancelled checks, cert mail. I opened a separate checking account that I use for this purpose only. ASC has taken out my payments on time with no hassles. It also shows my Loan # on the withdraw.

6) I keep every statement they send me. (Yes, including the envelope) I verify payment made, payment due and make sure there is nothing in question.

I think I pretty much covered everything I have done and continue to do. Will I have a problem in the future? LORD I hope not, but if so I am PREPARED! Please feel free to ask questions, I will try to answer if I can, however you can also call ASC, they were very nice to me. (or call whichever servicer your being transferred to)

I want to offer you this last bit. DO NOT assume someone else is responsible to verify your loan is up to date and accurate. This is your responsibility to be sure of that. This is your home and your investment. Be Thorough.

I expect to see more negative comments posted here from people that are having problems. I will not respond to their negative comments and accusations, it's a waste of my time. I am going to assume that they did not do all of the above and I truly hope that they find solutions.

I am simply making suggestions to newly transferred homeowner who have been scared by some of the postings on this website, like I was.

In a way I am annoyed because I was so stressed out and scared at first, and now I think I probably didn't get the whole story. But at the same time, I THANK them because I probably would not have done all that I did to prevent a problem from happening.

I really hope ASC has a website we can utilize soon so we can all be reassured until then I hope this helps eveyone with questions concerning their transfer.

Best of Luck to ALL!

And get some sleep!
:)

There is no way to control the sale or pooling of a loan.

Once you sign on the dotted line you are at the mercy of the mortgage company. If they choose to sell or transfer the servicing of your loan, you have absolutely no choice in who services your loan.

As I have stated in my earlier post, you can choose the company you want to finance your loan, but you cannot pick your servicer.

You are one of the lucky ones who has been able to get away from these people.

Please keep everything you have learned in mind while dealing with your new company.

At the first sign of trouble, go after them and stay on them until you get the result you need.

As far as Feb 1st goes, I am not going to respond. I don't have time to play childish games when there are people out there hurting and in need of help.

Eliza, all the best to you and your family!

There is no way to control the sale or pooling of a loan.

Once you sign on the dotted line you are at the mercy of the mortgage company. If they choose to sell or transfer the servicing of your loan, you have absolutely no choice in who services your loan.

As I have stated in my earlier post, you can choose the company you want to finance your loan, but you cannot pick your servicer.

You are one of the lucky ones who has been able to get away from these people.

Please keep everything you have learned in mind while dealing with your new company.

At the first sign of trouble, go after them and stay on them until you get the result you need.

As far as Feb 1st goes, I am not going to respond. I don't have time to play childish games when there are people out there hurting and in need of help.

Eliza, all the best to you and your family!

There is no way to control the sale or pooling of a loan.

Once you sign on the dotted line you are at the mercy of the mortgage company. If they choose to sell or transfer the servicing of your loan, you have absolutely no choice in who services your loan.

As I have stated in my earlier post, you can choose the company you want to finance your loan, but you cannot pick your servicer.

You are one of the lucky ones who has been able to get away from these people.

Please keep everything you have learned in mind while dealing with your new company.

At the first sign of trouble, go after them and stay on them until you get the result you need.

As far as Feb 1st goes, I am not going to respond. I don't have time to play childish games when there are people out there hurting and in need of help.

Eliza, all the best to you and your family!

I'm sure MANY people coming across this site for the first time because they learned their mortgage is being transferred to ASC would rather get suggestions from someone who AVOIDED a problem rather than someone who is having a problem...

Best of Luck!

Wow, I was having my blood boiled by that Feb Xfer person as well, and I really appreciated your response.

Just FYI, I am no longer an ASC customer, I was posting here to simply add my story to the litany of complaints against ASC. So to the person who accused me of not wanting to help myself, well, you're a little late considering I have already taken care of my situation.

P, your advice is clear and complete, I wish I'd posted here earlier! I did file a complaint with the Attorney General and with the BBB, but I neglected to do one or two of the items you recommend. I'm not doing this to help myself - I'm already shut of ASC - but to help others.

The one question I still have is, what control do I as a consumer have over what companies buy my mortgage in the future? Any? None? Obviously I want to avoid ever ending up back under ASC's control.

And Feb Xfer person - typing in caps is considered quite rude, you should avoid that in the future.

Everytime I read about the Feb 1st transfer posts on the Rip-off Report it makes my blood boil.

The people who have posted here do have legitimate complaints and just because one individual hasn't any problems does not mean there will not be problems with the loan in the future.

Out of over 350 complaints on this site, I have only seen two people who are satisfied with this servicing company. That should tell everyone something is wrong in the mortgage servicing industry!

You are not alone, there are others having the same problems and the only way to get real help is to file a formal complaint.

Not everyone that ends up at ASC is a deadbeat or someone with lousy credit. Most are good people who end up with their loans being transferred or sold.

The problems people are having are not entirely their fault. There can be mistakes on the loan when it was transferred and it's up to both the customer and the new servicing company to straighten them out.

Once a customer realizes a problem exists, they contact the loan originator. The loan originator tells the customer they can no longer help them, they need to contact the new servicing company and deal with them.

The customer then contacts the new servicing company, and the new servicer refuses to work with the customer and states the information was on their account wwas there when the loan was transferred.

The customer diligently does everything possible to get the account straightened out and they are met with little or no cooperation.

The customer is frustrated, angry and left to fend for themselves. Meanwhile the new servicing company decides to foreclose and then the problems s****.> People are being forced to fight these situations with the mortgage servicers and often times are backed into a corner where they either sell their homes or file for bankruptcy.

This is a viscious circle that needs to be tightly regulated by our government. It is our elected officials who should be enacting laws to protect the consumer against Preditory Lending and Mortgage Servicing Fraud.

People can choose where they get their loan, however, they can not choose who services their loan after it's sold or transferred.

Loans get scrutinized, put together in a servicing pool with other loans and end up getting sold to investors.

The investors are the ones who decide how a loan is to be serviced, and often times the terms of the Mortgage and Note are not followed. This is
why it is important to read your Mortgage and Note to make sure your servicing company is following the terms of your loan.

Sure insurance and taxes increase, this is a given, however, the servicer should at least notify the customer well in advance of the increase and offer to work on a solution with them if the customer calls or writes and says they are going to have a problem making the new payments.

This would be an ideal response from any servicer who cares about their customers. Unfortunately, servicing company representatives have a reputation for being confrontational, argumentative, rude, unresponsive and hostile. This is not the way to deal with customers who are trying to clear up the problems with their account.

There is no cooperation, understanding or willingness to work with the customer and this is why there are so many complaints against these servicing company's.

Yes, sure it's nice to know someone had their loan transferred and there were no problems. However, these posts are of no use to anyone experiencing problems with their loan after it was transferred to a new servicing company.

People want to know what to do or where to go for relief, they do not want to read posts with suggestions from someone who has not had a problem with their servicing company.

Telling someone they went about it the wrong way is not helping, it is criticism that is unwarranted and unnecessary. People are looking for help not judgment.

As I have said before, the only way to get real help is to file a formal complaint against your servicing company.

You may receive a form letter in response, but please be advised your complaint will be added to a data base that contains complaints similar to yours.

Once the numbers of complaints reach a certain threshold, an investigator will be assigned and something will be done about these servicing company's as a result of the investigation. This is why it is so important that you file a formal complaint.

Please gather all your information and evidence in chronological order. Putting your files in chronological order will help the agency where you file your complaint better understand your problem and position.

If you need answers to certain questions about your account from Wells Fargo dba America's Servicing Company, or any mortage, or servicing company you need to send a RESPA Letter (Real Estate Settlement Procedures Act.)

They are required by law to provide a response and if no response is received there are penalty's for such violations.

Loan Servicing Complaints:

Section 6 provides borrowers with important consumer protections relating to the servicing of their loans. Under Section 6 of RESPA, borrowers who have a problem with the servicing of their loan (including escrow account questions), should contact their loan servicer in writing, outlining the nature of their complaint. The servicer must acknowledge the complaint in writing within 20 business days of receipt of the complaint. Within 60 business days the servicer must resolve the complaint by correcting the account or giving a statement of the reasons for its position. Until the complaint is resolved, borrowers should continue to make the servicer's required payment.

A borrower may bring a private law suit, or a group of borrowers may bring a class action suit, within three years, against a servicer who fails to comply with Section 6's provisions. Borrowers may obtain actual damages, as well as additional damages if there is a pattern of noncompliance.

Other Enforcement Actions

Under Section 10, HUD has authority to impose a civil penalty on loan servicers who do not submit initial or annual escrow account statements to borrowers. Borrowers should contact HUD's Office of Consumer and Regulatory Affairs to report servicers who fail to provide the required escrow account statements.

Filing a RESPA Complaint

Persons who believe a settlement service provider has violated RESPA in an area in which the Department has enforcement authority (primarily sections 6, 8 and 9), may wish to file a complaint. The complaint should outline the violation and identify the violators by name, address and phone number. Complainants should also provide their own name and phone number for follow up questions from HUD. Requests for confidentiality will be honored. Complaints should be sent to:


Director, Office of RESPA and Interstate Land Sales
US Department of Housing and Urban Development
Room 9154
451 7th Street, SW
Washington, DC 20410

SAMPLE OF RESPA LETTER: (Fill in your information)

Attention Customer Service:

Subject: [Your loan number]
[Names on loan documents]
[Property and/or mailing address]


This is a "qualified written request" under Section 6 of the Real Estate Settlement Procedures Act (RESPA).

I am writing because:

(Describe the issue or the question you have and/or what action you believe the lender should take in detail.

Attach copies of any related written materials.)

Describe any conversations with customer service regarding the issue and to whom you spoke.

Describe any previous steps you have taken or attempts to resolve the issue.

List a day time telephone number in case a customer service representative wishes to contact you.

I understand that under Section 6 of RESPA you are required to acknowledge my request within 20 business days and must try to resolve the issue within 60 business days.

Sincerely,



[Your name]

REMEMBER: This letter SHOULD NOT be included with your mortgage payment, but should be sent separately to the customer service address. Send this request by certified mail that way you will have proof the letter was mailed and you will also be able to track the letter online at the U.S. Postal Service website at:

http://www.usps.com

You SHOULD continue to make the required mortgage and escrow payment until the request is resolved.

You may bring a private right of action under Section 6, if you suffer damages due to the lender's servicing of the loan. See the RESPA statute and regulations.

ALSO -

I highly recomment you file a complaint with the Office of the Comptroller of the Currency Customer Assistance Group by telephone or through written correspondence.

This is the entity that regulates Wells Fargo and America's Servicing Company.

You can reach one of the Office of the Comptroller of the Currency's customer assistance specialists by:

Telephone: Dial 1-800-613-6743, toll-free (Monday-Thursday 9:00a.m. to 4:00p.m., Friday 9:00 a.m. to 3:00 p.m. CT)

E-mail: Send E-mail to Customer.Assistance@occ.treas.gov

They will not accept a formal complaint, nor will they accept further information on your complaint by email. It is best to send the complaint by certified mail.

Fax: Send written material to 1-713-336-4301

Mail:

Customer Assistance Group
1301 McKinney Street
Suite 3450
Houston, TX 77010


I strongly urge anyone having problems with this company to file a complaint with their local Office of the Attorney General, the Federal Trade Commission and the Office of the Comptroller of the Currency who regulates Wells Fargo.

HUD/RESPA information can be found at:

http://www.hud.gov/offices/hsg/sfh/res/respamor.cfm#MT

Please read the Rip-Off Reports on Wells Fargo and America's Servicing Company, you will find others in pretty much the same situation as you. Their circumstances may apply to you and you may not realize it until you read the other posts.

Take the suggestions from the other posts here on the Rip-Off Report into mind and prepare your documentation as if your life depended on it.

Yes, Wells Fargo is the parent company of America's Servicing Company, so please make sure when you refer to this particular company by using the name Wells Fargo dba America's Servicing Company.

The government agencies cannot and will not start an investigation until they receive a certain number of complaints.

Please people I cannot stress this enough, do something pro-active and file your complaints with the various agencies NOW! The longer you wait, the more you stand a chance of loosing your home to foreclosure.

Why would you make accusations? I am not an employee of ASC, I am a consumer giving advise to other consumers that come across these post like I have and get concerned. Right away people want to judge.... amazing, but believe what you want.

Is your reaction due to you not liking questions asked, because it turns out you possibly didn't tell the WHOLE story? It seems that you are using this forum to point fingers rather than find solutions.

THIS IS WHAT I DID AS A CONSUMER. I was thorough and took responsiblitly for MY home loan. I hope that other people learn from this, don't trust other people with the future of your mortgage.

I truly wish good luck to all and as long as you are thorough and take responsiblity for your loan you should not have any problems...If you do, REMEMBER, there are LAWS that protect you!

Look, it's becoming clear that you haven't had this problem with ASC so I don't see what advice you have to share. I'm not saying the company abuses all of its borrowers, but at least some. Why don't you just go back to work, we all know you're an ASC employee fakely writing into this site.

Look, it's becoming clear that you haven't had this problem with ASC so I don't see what advice you have to share. I'm not saying the company abuses all of its borrowers, but at least some. Why don't you just go back to work, we all know you're an ASC employee fakely writing into this site.

Look, it's becoming clear that you haven't had this problem with ASC so I don't see what advice you have to share. I'm not saying the company abuses all of its borrowers, but at least some. Why don't you just go back to work, we all know you're an ASC employee fakely writing into this site.

Look, it's becoming clear that you haven't had this problem with ASC so I don't see what advice you have to share. I'm not saying the company abuses all of its borrowers, but at least some. Why don't you just go back to work, we all know you're an ASC employee fakely writing into this site.

I'm glad that they found your proof of Ins! I hope that has brought some relief to you.

Just be sure to continue to keep on top of it. Every year fax your proof of insurance to ASC. Don't just rely on the Insurance to get that to them. And KEEP EVERYTHING filed, including proof of FAX, cert mail, cancelled check and also very important each and every statement they send you. Be sure that everything is accurate and up to date on it as well.

I set up a seperate checking account and deposit my payment into it every month. ASC has taken each payment out on time with no problems what so ever.

I wish I had access to unlimited amount of funds, but I don't :)

I would refinance if I was having probelms, but Im not. I've been with ASC since Feb 1st and everything has gone smooth.

ANYONE HAVING THEIR MORTGAGE TRANSFERRED SHOULD BE SURE TO CHECK WITH THEIR EXISTING SERVICER THAT EVERYTHING IS UP TO DATE, PAYMENTS, INSURANCE, ESCROW ACCT. GET PRINT OUT SENT TO YOU.

This is what I did, because I came across these posts and it scared the heck out of me. So, I was sure to be very thorough. and that everything was in order PRIOR to the transfer.

Good Luck to ALL!!

The advice given by another individual here implies a bottomless well of funds. Many people purchase homes based on what they can afford in a monthly payment. He or she is also telling people to trust a company that has already been dishonest - why would it be easier to get your money back, once they have it?

If you can afford it, in spite of all I've said so far, it is better to pay than to lose your home. Refinance if you can, and get your loan away from these people as quickly as possible(who, by the way, are owned by Wells Fargo).

Anyway, when I told ASC that I had filed a complaint here, with the Better Business Bureau, and with the Attorney General's office for abusive debt practices, they suddenly "found" a copy of my proof of insurance. Go figure!

I have not had one single problem with ASC. I made sure prior to the transfer that everything was up to date with the previous servicer and had them send me print out of payments, insurance, etc. I set up a seperate checking acct and every month I deposit my mortgage payment in and ASC has taken it out on time with no problem.

I'm sorry you lost your house, it must be extremely devistating. I hope you can work out everything to your advantage. However, I have to say that you went about it the wrong way.

You cannot just decide not to send the entire amount they are requesting. You have to send it. Property taxes are constantly changing that is not ASC not it is the County you leave in. Insurance prem changes as well. That is the Ins Co, not ASC.

If you have an ARM, there will be changes in payments. This was all covered on your note.

And if you think their calculations are incorrect, you still pay it until they fix it and then get reimbursed. You just cannot take chances like that with your investment.

Good luck with everything.

I feel for you, man! I also want to tell you to BEWARE! As soon as they started servicing my loan my payment went from $944 to $2005 -- they also claimed I had an escrow shortage and no insurance, even after I PROVED to them there was no escrow shortage and that I had insurance coverage. I too, sent in my regular payment and refused to pay the additional escrow charges. Instead of applying my payments against the loan balance, they held the money in a "suspense" account (basically holding it in limbo) and showed my loan as being in default. This went on for 6 months. Despite my complaints and demands for proof of the additional escrow charges, they instead foreclosed on my home. Now I have had to hire an attorney to defend me and keep them from taking my home. This has been going on for over a year, with no end in sight. START NOW -- writing letters and filing complaints with your Attorney General's Office, HUD, the Fair Housing Authority, the Federal Trade Commission, and the Office of the Comptroller of Currency, and to any one else who will listen. Do it now before they foreclose on you and you end up in the same mess that I'm in.
Good Luck and God Bless!