America's Loan Sharking Company Bought our loan from Freemont I&L. We had no problems with Freemont but when ASC bought our loan, the nightmare began. According to loan transfer laws, individuals have 90 days to rectify any discrepancies' with the new loan servicing company. The problems started when we were informed by Freemont that we were sold to ASC.
ASC did not send us a "Welcome to your new loan servicer" packet so we continued sending our payments to Freemont. Soon thereafter, we got a nasty delinquency notice from ACS stating we were behind on our mortgage payments, so when I called ASC, I had to play a game of wits with the un-customer service rep before I got out of him that there is a 90 day transfer grace period to settle my account.
He however did not believe that we were sending our payments to Freemont but when I told him to open an investigation to get all monies from Freemont that belong to our loan, he informed me that my credit may be affected, I replied that it had better not as I am not at fault, it is the responsibility of ASC to collect from Freemont, not the mortgagee. One week later, Freemont sent me a check for the amounts sent to them and I quickly signed it over to ASC and mailed if certified.
In the mean time, ASC said that since I was late, my credit would be impacted and they would charge me a late fee, fine, I paid it. After clearing up my account for ASC since their incompetence preceded their efforts, on my next payment, I received another notice saying that I did not send in the full amount so my loan payment was late again(A must READ), An account rep admitted that they received my full payment but said that an administrative charge was deducted from my mortgage payment for an unknown item and I needed to pay it, I Said no, you (ASC) will not embezzle parts of my loan payment and extort monies from me, my monies need to be returned, he put in a request and the money mysteriously re-appeared and my payment was met.
In retaliation, the 92 dollars re-appeared as an administrative action that ASC initiated without so much as a letter notice or a phone call and demanded I pay, I was tired of fighting so I did but ASC wasn't through with me yet, they sent me a insurance lapse letter so I faxed them my Insurance form but they insisted that I submit 254 more dollars to them, I said, the extortion stops here, I will not pay another cent over my mortgage payment.
Under Freemont, My credit score was A-1 but ASC has made it virtually impossible for me to secure another loan to leave them as they have purposely, within the 90 day grace period were they followed no proper business protocol or procedure in acquiring my loan, and systematically destroyed my credit rating. I have written this to warn any and all persons of ASC Loan sharking and extortion tactics so avoid them at all cost, even if it means you must walk away from a deal, WALK.