ASC / Wells Fargo Preditory lending Milwaukee Wisconsin

ASC had purchased our motgage within about 6 months of close. Upon that transaction, two months of our mortgage payments had been lost and we started getting the calls. We had proof of payment, and yet they would not help us. This story goes on and on and is the worst experience on my life. The previous company was going out of business and we couldn't get anybody on the phone. We then tried to push this back on ASC as being thier problem not ours. Needless to say, I was on the phone non stop trying to get this little problem fixed.

Within 6 weeks of closing on the house, and being screwed at the closing tables with a two year arm and higher interest rates along with an 80/20 mortgage, I lost my job. We where able to rebound very quickly and get right back on track. Our first mortgage company was wonderful and very helpful during this period. Things changed when ASC took the loan!

From the first month with ASC things went really bad and for no reason. The events that happened over the next few months where more a head ache than anything. Then I lost yet another job due to a cut back, as I am in the Air Freight business and that was clearly the end. We had fallen behind two months and had entered a repayment program, which by the way is your normal payment, plus the arrears divided up and added to the top, along with fees for 6 months. If ya can't make your normal payment, then how do you make a larger one?? On top of that, there is no grace period for this program, and payments are set at strange dates that don't fall into pay schedules.

I was on unemployment, which in VA is 300.00 weekly! My mortgage was $2500.00 per month before the program and went up to over $3,000.00. We where only behind on the larger of the two mortgages, as we had an 80/20. The smaller one was always paid on time to help keep things under control. Due to our payment being set two days before payday, we would try to change it and could not. We managed to stay above water for a short while, but with this kind of weight anyone would sink sooner or later.

To make matters even worse, if you miss that due date, you break the deal. Then you can apply for a new one, and if accepted, the again divide your missed payments and add them ontop of your payments again. Now your mortgage goes up even more. We where well over $4,000.00 per month at one time!

One situation that I will never forget and this happened twice. We made our payment electronically and posted it for the next day. I explained so clearly to the lady from ASC, that all but forced us to give her the information on a Thursday, that though the money would be in the account by direct deposit, we would have to transfer the funds in the AM. My wife happened to be a manager at our bank and would do it @ 07:30 when she arrived. We where promised that they would not hit the account until later in the day. They lied! They hit the account at midnight that night. It bounced all kinds of stuff and almost broke us. I call right away and stopped the payment from trying to hit again, and was promised that it was stopped. We just needed to transfer the funds and fix the damage done by them.

Within 3 days later, they automatically hit me again, doing extreme damage. They then told us that they could not stop it!!!! It would hit again for a third time. It did! We tried to block it but there where no identifying numbers attached to thier draft and bam!
Needless to say, that was a horrible blow. They offered nothing in return. They even had the b***s to tell us to block it, but could not give us an ID number to block.

The following month, a similar situation occured. Our money was in the bank waiting for them. There was no way to transfer fast enough so we called to simply change the routing number to the account where the money was lodged and waiting. A girl took the information and told us that we would be fine. What to our supprise, it happened again! This time we closed the account and opened a housing account with another bank, as my wife almost lost her job of this one. I called and wanted to know why they did this to us. Thier answer was, we can't re-route a draft without 2 days notice.
Now my payment was so far out of reach there was no hope.

The following month, we had some money in a suspense account from over paying our morgage. We had enough money to add to our suspense money and make a full payment. Several days before our payment was due, I called the bank and told them to please apply our suspense money to what we where sending them to make a full payment. They refused!!! They told us that they could not accept a partial payment?? I am a pretty tough guy, but almost broke down in tears. I argued the point and had a manager put on the phone and stressed the point that suspense money was ours! It was there and held until we had over paid again and then would be applied to make an additional payment or could be held by our choice to put towards the account later. That was it for us!

At that point we realized that these people where doing something terribly wrong! What kind of idiot does something like that to people that are giving 100% and actually could have made a full payment. I ask them to mail me back my suspense money and I would then send it back to them. They again refused and stated that I was trying to make a partial payment?

I then decided to allow the home to go into pre-forclosure in order to save it. At that point we where actually able to speak to somebody that could help. We filed a hardship letter and did everything perfectly. We where accepted into a program and ask to make a downpayment. Which we did right away and to the amount requested by ASC. At that point, we verified that there would be no more large downpayments and that our payments during this plan would be within reason. We where assured that this was the process.

I treated this person like a 5 year old and ask that question several times, making sure the conversation was being recorded for future use if they tried to screw me again. We where told to have our first months payment ready and it would be around 3,000.00. We would pay the program for 6 months and then the balance of the arrearage would go to the end of the loan or be spread out over 30 years and a new loan would be written. This was great news!!!

Then the months started to tick away. We called on a regular basis asking for our paperwork. We where told they where too busy to get to us and to just wait. I would aways reconfirm that nothing would change. And the answer was always the same, don't worry, everything is fine. We where told it was against the law to make a single payment until we got our program.

In the meantime, we spent our money paying off debt to change our debt to income ratio to be more in our favor. The rest was invested into the company that I started, which is going extremely well and we are in the best financial situation of our lives. We had put an extra 1000.00 into the housing account to be safe and waited.

All of the sudden I get a call. ASC finally wanted to get to work. We did the evaluation of our income again, for the 5th time and the papers where being sent out. Another month had gone by. Finally a Fedex letter arrives. Its demanding another 9,000.00 dollars in down payment money by the next day to start the program!!! This was just the the larger of the loans. We called that day and began to tell them they where crazy! I also asked where the second loan was. They told me they didn't know and that I would probably have until the fall to worry about that one. So this was all for just one loan. I ask for some time, like a week or two. They gave me three day.

I then called and spoke to somebody else the following Monday. They told me that I already had 4500.00 in suspense and I just needed the other 4500.00 to get going. I was so excited I almost exploded. So I ask to speak to a supervisor. She called me back on Wed. the last day. I was ready to wire the money, and she told me that the 9,000.00 wasn't above the 4500.00 that was already there. At that point I told her to forclose, there was nothing we could do without more time.

Two days later, as I expected, we got a letter on the smaller mortgage. Asking for another 5,000.00. They lied again! They always had it. They knew that if I paid what they ask for, then I would have been locked into the agreement and would loose every penny. I fortunately had that feeling and refused to comply. I got my 4500.00 back, so at least we can get out of here.

Can somebody tell me what is wrong with this picture? I had our congressman write a letter to thier CEO. They finally responded asking for more time to give a proper answer!!! lol I should have told them that there was no grace period! I know this was a long story, but it was also a long fight. We, as a home owner and customer, can only do what we are told to do. We can only pay what we are told to pay. When you follow thier instructions to a "T", you should not have to go through this.

This is a home that does not need to be forclosed on. We simply pleaded with them to stick to thier deal and we would keep our home. They simply refused.
We can only pray that we can sue these criminals. We are moving out next weekend and plan to fight this battle from a different home, as we feel its best. We are cleaning the house so that we give them a property that is fit for sale, again, going beyond what we should do. No home owner should lower themselves to thier level. Stand tall and proud and go out knowing that your at least on a different level than they are.
Good luck to all. If you have any suggestions, please share them.

J.c.
Cross Junction, Virginia
U.S.A.

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