ASC Loan Mod - Questions - Loan Modification Forum

Enchanted · 09-23-2009, 08:20 PM

We called ASC last night to talk about a loan modification. We had all our expenses written out and were able to provide them to the person on the phone. After a lengthy phone conversation, she said we had been pre-approved for the HAMP program based on the information we provided. We are set up for 3 trial payments that are $475 lower than our current mortgage payment. The paperwork is expected to be here by Monday. We were told that during this trial period, as long as we make these payments on time, foreclosure proceedings will be suspended. Our payments are due 10/22, 11/22 and 12/22. We were told 2-3 weeks after the last payment is made we will be informed what kind of loan mod they will be able to do for us. We are not guaranteed anything, but she kept talking about how it was very good we were pre-approved, she talks to people every day who don't qualify for any of their programs so this is a very good thing. I also discussed this with our mortgage broker (we've worked with him for over 10 years) and he thought this was great as another couple he knows took 3 months to get the offer of trial payments.

I was feeling very good about this until I started reading this site and read what people are going through. I understand (by the person I spoke with at ASC) that we need to keep on top of the process, to call at least once a week and keep asking if there is anything missing, anything else they need, etc. She told us we will have to provide updates to our income every 30 days, and update our profit & loss statement at that interval as well. She also suggested in addition to sending a copy of our 2008 tax return to send a copy of 2007 instead of signing a form that says they can pull that information if they need it.

Can I feel cautiously optimistic? I was ready for a long, uphill battle and was shocked when we got this offer right away. Has anyone else received that, and if so, how is it /did it work out? Also, who else is dealing with or has dealt with ASC? I know they are owned by Wells Fargo, the foreclosure papers we were just delivered (today) state "Wells Fargo D/B/A America's Servicing Company".

Is there anything else I should be doing? We are 5 months behind in payments and the last thing we want to do is lose our home.

09-23-2009, 08:20 PM	#1 (permalink)
Enchanted Junior Member Join Date: Sep 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	ASC Loan Mod - Questions We called ASC last night to talk about a loan modification. We had all our expenses written out and were able to provide them to the person on the phone. After a lengthy phone conversation, she said we had been pre-approved for the HAMP program based on the information we provided. We are set up for 3 trial payments that are $475 lower than our current mortgage payment. The paperwork is expected to be here by Monday. We were told that during this trial period, as long as we make these payments on time, foreclosure proceedings will be suspended. Our payments are due 10/22, 11/22 and 12/22. We were told 2-3 weeks after the last payment is made we will be informed what kind of loan mod they will be able to do for us. We are not guaranteed anything, but she kept talking about how it was very good we were pre-approved, she talks to people every day who don't qualify for any of their programs so this is a very good thing. I also discussed this with our mortgage broker (we've worked with him for over 10 years) and he thought this was great as another couple he knows took 3 months to get the offer of trial payments. I was feeling very good about this until I started reading this site and read what people are going through. I understand (by the person I spoke with at ASC) that we need to keep on top of the process, to call at least once a week and keep asking if there is anything missing, anything else they need, etc. She told us we will have to provide updates to our income every 30 days, and update our profit & loss statement at that interval as well. She also suggested in addition to sending a copy of our 2008 tax return to send a copy of 2007 instead of signing a form that says they can pull that information if they need it. Can I feel cautiously optimistic? I was ready for a long, uphill battle and was shocked when we got this offer right away. Has anyone else received that, and if so, how is it /did it work out? Also, who else is dealing with or has dealt with ASC? I know they are owned by Wells Fargo, the foreclosure papers we were just delivered (today) state "Wells Fargo D/B/A America's Servicing Company". Is there anything else I should be doing? We are 5 months behind in payments and the last thing we want to do is lose our home.

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