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

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...

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.

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.

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.

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.

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.