ASC Modification

[pacmom]

I feel so fortunate to have stumbled onto this website! We purchased our home 9/06 and our mortgage was acquired by ASC. We were rushed into signing the mortgage. We have an ARM at 6.5 which is going to adjust in September. In addition, our second mortgage is at 9.75 with a balloon rider. The payment on the first mortgage was originally $1891.15. We put our property taxes into escrow 2/08 and the payment is now $2,320 in addition to the $682 we pay on the second. Our property taxes run about $3,200 per year (I can do this math in my head and know something isn't right). ASC will neither discuss or explain any issue that you may bring up. We have remained current on our mortgage by running up our credit cards (ugh!). We have now reached a point where we will not be able to make the mortgage payment this month. My husband had to take a 10% reduction in pay, or lose his job. I was laid off February 21st and will be eligible for unemployment. I am currently interviewing for two different positions, each of which will have a start date that is pushed out at least, another 5 weeks. We planned on working on a modification in February, but will be unable to do so secondary to my transient loss of income. We have paid nearly $50,000 in interest and have paid down $11,000 in principal. We desperately want to keep our house, but the mortgage payments continue to escalate. I learned about NACA by reading the forums. I went to their website and it doesn't appear as if we can do the modification without having my income known. Do I have any options while waiting for my employment to be secure? I am physically sick over all of this and I dread the phone calls that will surely come April 15th, threatening foreclosure and tagging on additional fees for being late. I would appreciate any advice that is out here.

[Moe Bedard]

Hi pacmom,


Welcome to the forum and thank you for joining.............


Try working with ASC's ART team and see if you are able to start the process for the modification..............you may need to wait until you have income.............but they will let you know.

ASC ART Team
1-866-398-7569

[pacmom]

Unfortunately, I did speak to them last month about modifying my loan. I provided my husbands income before the 10% cut, and provided my now, non-existent higher salary. She stated that this information would be reviewed and they would let me know if we qualified for the modification. They were supposed to send me a financial information packet, but I have not received anything. Now, I fear the phone calls will start with the threatening conversations again. They are very difficult to work with. I had them stop the auto draft for Dec, Jan, Feb, and March (the few months that I worked at my new job). I told them that I was being paid on the 15th now, and it would take me a few months to bridge this gap. I paid them on the 15th each month. I spent several hours and many days on the phone with them, after they auto withdrew on my account and caused me to incur $2000 in OD fees! After 2 weeks of this, they finally agreed to listen to a recording of the phone call I made requesting them to cease the auto draft for March. The next conversation, I was told regardless of the request, they do not reverse payments. When asked to contact my bank so they would reverse the OD's, they refused.
Now I need a modification that will reflect my husbands 10% cut in pay and my new, lower salary. Again, it takes several hours over many days to speak to anyone of merit. Should I join on with NACA and see what they can do for me? Should I call the ART people at ASC? I am fearful of calling ASC. Everyone I have spoken to, bullies me. Sorry, I didn't mean to ramble on.

[Moe Bedard]

If you were not dealing with the ART team............that is a different dept.

Here is the info on NACA's modification program so that you can look through and decide if you want to give them a try........the services for their Home Save modification are free...........
https://www.naca.com/refinance/refinanceTenStep.jsp