Report: #276599

Complaint Review: Asc - American Servicing Company

  • Submitted: Mon, October 01, 2007
  • Updated: Fri, October 05, 2007
  • Reported By: south haven Michigan
  • Asc - American Servicing Company
    Po Box 10328
    Des Moines, Iowa
    U.S.A.

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

*Consumer Comment: Suspense

*Consumer Comment: Suspense

*Consumer Comment: Suspense

*Consumer Comment: Suspense

*Consumer Comment: It's simple Chuck

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

1) you buy a home for your family. 2) you make your payments, somtimes late but hey we are human. 3) asc decides where and when your payments get credited to your account. 4)then they forclose on you. All I know is this company has every dollar we owe to them. On to many occasions to count I have provin to them that they have there money, but to no evail 30 days later they are right back where we started. they really like to put peoples money in what they call suspense accounts, i call it you making money at my exspese account. How they cannot apply my funds to my account is beyond me. so i am asking for any help i can get.

Chuck
south haven, Michigan
U.S.A.
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This report was posted on Ripoff Report on 10/01/2007 01:16 PM and is a permanent record located here: http://www.ripoffreport.com/reports/asc-american-servicing-company/des-moines-iowa-50306-0328/asc-american-servicing-company-suprise-escrow-accounts-and-suspense-accounts-they-decide-276599. 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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REBUTTALS & REPLIES:
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#1 Consumer Comment

Suspense

AUTHOR: Bob Pace - (U.S.A.)

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.
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#2 Consumer Comment

Suspense

AUTHOR: Bob Pace - (U.S.A.)

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.
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#3 Consumer Comment

Suspense

AUTHOR: Bob Pace - (U.S.A.)

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.
Respond to this report!

#4 Consumer Comment

Suspense

AUTHOR: Bob Pace - (U.S.A.)

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.
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#5 Consumer Comment

It's simple Chuck

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

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.
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