ASC modification please advice

[antomax]

First of all I would like to thank you for this site it's really helpful and is here at the right time for everyone who is struggling to keep their house. Thank you...
here is my story, we bought our house in 2006 for $395,000 we had a combo loan 80/20 3 yrs arm interest only, the 3 years will be up on June, 2009 and our interest only 3 yr arm loan will adjust to a higher payment that we will not be able to afford at alll!!. The first 20% of the loan is with nationpoint/ first franklin this loan is 77,000 principal and interest at 10.5%, the second which is the 80% loan of 316,000 is the interest only 3 year arm loan that will adjust in June, this loan is with ASC i know I heard horrible stories about them not working with homeowners but I hope with the grace of God we get through this. Right now we are making payments a little late but before the 30 days is up so no lates can be reported.
I need to start working on the loan modification as soon as possible we don't want to lose our house we have two children and don't want them to get out of their home and their school. Please tell me where to start and what to do. Thank you so much and God bless you all.

[Moe Bedard]

Hi antomax,



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

You would first need to put together a hardship letter.........click on the link for examples..........
Examples of a Hardship Letter

Then you would need to contact both lenders to see what the options are for a modification from the investor on your loan and to get the modification process started............


ASC ART Team
1-866-398-7569


NationPoint
Loss Mitigation
1-800-622-5035



Pease keep us posted on your progress..............

[antomax]

Originally Posted by *** Damiano

Hi antomax,



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

You would first need to put together a hardship letter.........click on the link for examples..........
Examples of a Hardship Letter

Then you would need to contact both lenders to see what the options are for a modification from the investor on your loan and to get the modification process started............


ASC ART Team
1-866-398-7569


NationPoint
Loss Mitigation
1-800-622-5035



Pease keep us posted on your progress..............

Thanks ***, so I should put together a hardship letter and send it out to both mortgage companies. Should I call them up first or just send it to them?? Can I also contact Naca at the mean time or should I hold on for that now. I will keep you updated. Thank you for your help.

[Moe Bedard]

that would need to be up to you...........but you will need to decide to either work with NACA or the lenders......

I will say........
If this is the only property you own.............NACA has the ability to negotiate a more permanent low fixed rate loan modification and they will negotiate with the investor through the servicer on your behalf..........so it may be a little less overwhelming to go that route.........they are also very detailed in going over everything with you...........so the process is overall a better experience...........if you meet the criteria......which they will let you know during the phone consult.............
here is the link if you would like to try that route.........
https://www.naca.com/refinance/refinanceTenStep.jsp

[antomax]

I called ASC ART number and told the rep about my loan adjusting soon this coming June and that I will not be able to make the increased payment and would need to do a loan modification. She said that I don't qualify for one until May that's when they send out a letter stating that my payment will increase and that's when I can qualify for a loan modification. I s this info is correct, I know that modifications take months to complete so if I would start the process in May the higher payment will kick in before the modification is complete. Did I do anything wrong, please advice. Should I prepare the hardship letter and send it out to ASC anyway. Thank you

[antomax]

also when I asked who my investor is I was told that they are not allowed to give that information.

[Moe Bedard]

they don't usually let you know who your investor is........there are pooling and servicing agreements in place that prevent them from doing so..........
the modification process would have to go through ASC and if they are not going to let you go through the process........then you may want to go through the process with NACA at this time.............

[antomax]

I just called in their ART Team number gave in all my financial info and was told to fax in all docs and expense sheet plus the hardship letter tomorrow. Any advice, my arm is due to adjust in July, 2009 and I'm terrified of the increase..... They also suggested to call in once every week after I fax everything to check if there is any outcomes.

[Moe Bedard]

Sounds like you are on your way.............there isn't much more to do if you have everything that you need into ASC...........then you would need to first follow up to make sure they received everything o.k.........and then make the follow up calls as they suggested to get updates on your file.



Keep us posted on your progress.........

[jennifer123]

hi there,
i am currently with asc. i completed a loan mod in july 2008 and recently started another but this time i went thru wells fargo exec. team. im told asc is a part of wells fargo. i spoke to someone in the office of the president, he asked me to fax my info and had us assigned to a negotiator in two days, two weeks later they called me and offered us a 3 month reduced payments under a forebearance agreement. as long as we make those payments on time they will finalize our loan mod. kind of like a good faith. you are right, you have to keep the faith and trust in god. blessings

[antomax]

Hi Jennifer
thanks for posting and hope you the best luck you and your family, it's not an easy thing to go through. Do you think I can email or contact the same exec team you contacted if I have ASC, I know they are part of wells fargo.
If so and you don't mind can you list the contact info please, I'm desperate for any help right now.

[antomax]

I just faxed over the required documents and was told to check back in two business days till the docs is scanned into their system. I talked to a nice guy when I was inquiring if ASC is a partisipant in the new Obama plan and he said Yes but I don't qualify because my loan is not backed by freddie or fannie and he was able to tell me who is my investor, he said it is HSBC bank. I will update again soon.

[deeezldoc]

Asc is a mess. My package was sent to them the first week of february. Asc assigned a negotiator on march 13th-this is the only consistent fact that doesn't change. Today is may 13th and asc can't figure out (internally) whether my negotiator still works there or not. The customer service rep does remember to ask for a payment each time though. Does anyone have a phone nber for the executive office at asc? The art team has no clue and can't help-if these are the people that i've been calling. I used the number that has been posted here. Would appreciate a good contact number. Prepare for a battle if you want asc to do anything for you.

[tpage66]

Hi Jennifer - I have ASC and have faxed them loan modification documents but I would prefer to go through the Wells Fargo exec team you mentioned in a previous post. I also lost my job recently and will be collecting unemployment any day now and do have documented rental income as well. I am hopeful they will consider my unemployment checks as income - do you know if they take unemp into consideration? Thanks, Tamara

[antomax]

***

I have a question about income. ASC called me to ask for more documents, they need two recent paystubs since the ones they have are now older than 30 days, here is my question, my husband's income is always different because of over time so for one month his income could be higher than the other so it it varies alot, I want to know hoe ASC works with this situation how do they calculate it. Do they look at the year to date net income and then divide it by 5 from January to May??? to figure out the monthly income. I'm confused. If sometimes there is extra disposable income at one month but in another there is a defeceit. Can you please tell me how do they work with a situation like that??? they also need a new signed expense sheet. Thanks

[Moe Bedard]

I am not sure as it is different with each of the lenders............depending on how often one gets paid............I have seen lenders using 26 weeks or 52 weeks when dividing a fluctuating income.................

you would need to ask ASC how they figure it............just be sure to tell them that it fluctuates.

[antomax]

anyone please reply to my question if you have/ had a similar situation, I need to submit these docs as soon as possible.

[Moe Bedard]

I already did

[antomax]

Ok *** thanks, I will ask them tomorrow, my husband gets paid bi-weekly.

[antomax]

Ok I have called the ARM Team and asked about the fluctuating income situation and how they calculate that, I was not given a direct asnwer and the Rep seemed to know not alot about a sitauation like that and at the end he said that it might be calculated by dividing my base salary into 12 months to find out. Anyone been in a situation like that please reply your experience I would like to know.

[antomax]

Update after calls and calls daily to ART team, my paymeny adjusted in July and I missed it because I couldn't pay it and today 8/5 someone called me from ASC and said that he is reviewing some information from my loan modification file, he went through the income and expense sheet with me and said that I'm short for 200 dollars and that I would not be able to afford the new payment because the new payment would be higher than the existing one because it was an interest only and the only program they can offer me is the interest and principal 30 yrs fixed and that would bring my payment higher... so he said it would be denied based on that and that I would need to come up with additional income if I can show someone helping me or rent a room and show a rental agreement. So for the time being the case is considered denied and closed and if I come up with the additional income document it will be opened again and reviewed, I asked how long it will take to open it again and he said he does not know... Can someone please advice me on what to do, I'm really confused and lost here and I don't wanna lose my house, I already missed my July payment.... note: I can find someone to rent a room to if that's what is needed.