Report: #194342

Complaint Review: America's Servicing Company

  • Submitted: Thu, June 01, 2006
  • Updated: Tue, July 03, 2012
  • Reported By: Tucker Georgia
  • America's Servicing Company
    PO Box 37297
    Baltimore, Maryland

Show customers why they should trust your business over your competitors...

I financed my home through a reputable bank and my loan was later sold and then sold again to America's Servicing Company. I have a stellar credit report and have had no problems with my mortgage until dealing with this company.

I received a notice from America's Servicing Company telling me that my mortgage payment was going to increase by over $200 per month due to an escrow shortage. I called them to question this because I knew I did not have a shortage and I had actually received money back the previous year from escrow overpayment. I was told that I am required to keep over a $2000 balance in my escrow account IN ADDITION to the money that was already being deposited into my escrow account every month. So basically they were telling me that I had to keep over $4000 in my escrow account in order to pay about $2200 in escrow payments for the year. I have never heard of an escrow account requiring a minimum balance and had certainly never kept a balance in there before now. Why should THEY make the interest off of my $2000?? I could see if maybe I made irregular payments or I was a financial risk to them in some way but every single mortgage payment I have ever made has been in full and early.

So, I called back later to ask if I could just opt out of escrow all together. I would just assume the responsiblity for my taxes and insurance myself and provide them with any necessary documentation. They said I could that I just needed to fax over a letter stating my intentions. So I did, I wrote a very clear letter stating my intentions and it had all of the pertinent information in it.

Two days later I called to make sure they had received the letter. They had not. I faxed it again writing in bold letters "SECOND FAX PLEASE FILE" at the top. I again called back in 2 days to make sure they had received it. I asked when my payments would be changed and if I could just send my next payment without the escrow added to it. They told me that I could not do that because they would not even accept a partial payment.

At that time they told me that I would receive a letter by June 6 (approximately 10 days away) telling me if I would be able to opt out of escrow. Now, they had already told me when I called previously that I could.

So, I received a letter stating that they had received my inquiry and that they would look into the matter within 90 days! So, in the meantime I am stuck paying the ridiculously inflated mortgage payment for NO REASON because I am not about to risk my credit over these people. It seems that my only option is to refinance my house, otherwise I have to pay their inflated payments until they decide to figure out whether or not I can opt out of escrow!

These people do not know what they are doing, I get a different answer from a different person everytime I call and they are certainly not in the least bit concerned about customer service. I am planning to call them back, tell them I am refinancing the loan if I do not have an answer about this escrow TODAY. And then I will spend the $2000 or whatever just to get out from under this company and their inflated escrow account nonsense.

The sad thing is, my new loan could just be sold again to the same company. Where are our rights as mortgage payers here? Why do we have no say in who we do business with, send our money to and rely on for support and customer service?

Tucker, Georgia
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This report was posted on Ripoff Report on 06/01/2006 06:03 PM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Escrow / Flood Insurance Night Mare

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

 We are going through the same thig with our escrow. My payment went from 1122.95 to 1500.00 becasue they say they estimated our taxes & insurance to go higher when infact my homeowners went down, then they added on Flood insurance & I am no where near water. I even have maps to proove that. I also found out that if I am 100 ft above elavation i do not need the insurance according to the new FEMA maps I am 243 ft above elavation. They are  horrible! I have never seen anything like it.
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#2 Consumer Suggestion

Halaluyah!! I got out from under America's Servicing Company.....and you can TOO

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

I am doing a follow up on the report I made about America's Servicing Company. Like I previously stated, ASC reported me late to the credit bureau, and said that I was late on my mortgage everyday since they acquired the loan back in May 2005, when in fact they hadn't bought my loan until September 2005. They reported me 30/60 days late. When in fact I wasn't. I had my bank print out all my bank statements from May 2005 to present, which in fact showed that I wasn't late at all!

I submitted these to the New Finance Company I am going through, and got everything resolved. I am closing my loan with the new company here in about an hour. What a relief to get out from under ASC. These people shouldn't even be in Business!

I am also sending copies of my bank statements to the credit bureaus so that I can get this cleared up on my credit as well! If you are interested in refinancing I strongly suggest contacting Rick Espinoza of Elending Net. He is truly amazing and gets the job done, and keeps you updated on the progress step by step. I know all the problems I had with ASC and I got refinanced and I know Rick can do it for you also!!

Good Luck to all of you who are with ASC. I am considering a lawsuit on them b/c they ruined my credit, and I have all the proof that the payments were made. I will keep all of you updated! Give Rick a call, he can help you get out of the nightmare with ASC. Have a wonderful DAY!
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#3 Consumer Comment

Escrow accounts

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

Brittney, never accept word from the company about how much you are required to have in escrow. Do some research on escrow laws for Georgia. Between those and federal laws, there is a limit on how much an escrow company can collect in advance.

If all else fails, contact a real estate lawyer and ask for a consultation. They should be able to tell you how much they can collect. $4000 sounds like a ton of money. I would think that it shouldnt be more than 1 or 2 months of taxes in your account. Of course, they then collect 1/12 of the total amount needed each year.

The are also required by law to give you a yearly accounting of your escrow account, including how much they paid in taxes and homeowners insurance.

One last thing... MAKE SURE THEY ARE ACTUALLY PAYING THE BILLS. If they dont pay your homeowners insurance, it gets cancelled they they hit you with an exhorbinant insurance policy.
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#4 Consumer Suggestion

ASC & Refinancing.....

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

For those of you out there who have ASC here is some info you may want to know. I currently have my mortgage through ASC...only after it was sold from Option One back in October 05 to ASC. I am currently in the process of refinancing with a different company. During the refi process my potential lender stated to me that all of my payments to ASC have been late since May of 05. This is kinda funny since they did not acquire my loan until October 05.

My credit report and my bank statements clearly show the time I was with Option One (may 05 - oct 05). This has created quite some confusion and delayed the refi process. It is clear to me and the potential lender that ASC does not want this loan refinaced. I would suggest anyone refinacing from ASC to not let them know that refinancing is your intention. ASC will do anything they can to delay or prevent the process. I now have to provide my bank statements back a year to the potential lender to verify what I'm saying is true.

So hopefully come Tuesday or Wednesday we will be out from under ASC. My potential lender ordered a (VOM) Verification of Mortgage from ASC and this was about 2 weeks ago and they said they couldn't get the VOM to my potential lender until June 1st...How amazing, they did this b/c they wanted another payment. Well my potential lender called them back to see when it would be sent and they proceed to my potential lender that there was no record of them ordering one....Well you get the just of all this. It is harder than hell to get out from under these guys.

I've been trying for about a month now, and hopefully when I get all my bank statements sent this weekend, I will be closing on Tuesday..... I will keep you all informed on my situation!! I can't believe that this company keeps getting away with doing this stuff to people!! Good Luck all....and don't tell ASC that you are refinacing... They will make you look bad in everyway possible to keep you from refinancing.
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