Here's my story

[subprime2/28]

I bought my house at the end of 2005, at its peak.. for 340k, put 10% down, ended up with a 2/28 subprime arm, with a 2yr pre-pay, well, the disappointment of this all, is I should have known better than to agreed to an arm loan, but like many others I was optimistic of the rate of equity appreciation, I believe my house is now valued at 240K at least thats what one appraiser told one of my associates. I used to work for countrywide home loans, in their retail subprime division, and I always looked out for the best interest of customers, many times telling them not to refinance or do a fixed rate instead based on their goals. I was an honest worker. To make a long story short I was forced out of this company, after it started downsizing. My current loan balance is 306k, my rate has adjusted to 10.5%, the new effective payment begins in april, 2008, I am in the process in attempting a rate modification with ASC. The only drawback is I may have started a bit too late, I am barely going to fax them my paystubs and hardship letter, but partly their fault, I got different answers from them when I called in the start of Feb. 08, one rep told me one thing another staff told me I couldn't really do anything until they could calculate my new adjusted payment, one of them ended up being wrong, because a few days later I got the letter in the mail, showing me my new increased payment. So here it goes, another person battling against this tradegy. I appreciate any feedback from anyone here in particular reference to ASC. I have been especially following members who are in the same boat as me against ASC. God Bless, no matter what don't give up!

Welcome and thank you for joining the forum...

ASC is very difficult to deal with, nothing they tell you is the same, disinformation is their middle name....so knowing that is a first step and it appears that you have been caught in that morass already. So...having said that my advice is to immediately after you get off the phone with them, fax the conversation as you understand it to them....they have to scan it to your file...make sure that you fax it 3 times with your name, property address, loan number and last four of the primary borrower's SS#. This is important since I think they are alphabetically and numerically challenged as well. No lie. I will toss some fax numbers in at the end of the post for you including the escalated fax number. Call in the morning or you will be offshore and they are really morons, and quite rude as well. By the way this is a Wells Fargo derivative...tons of fun, yes. Document everything that is said to you, the name and employee number if you can get it. I will also include some handy dandy phone numbers including direct into loss mit....sharing is caring where these morons are concerned. As you can see I am very fond of them professionally. More on that next week....

So stay focused and proactive, document everything and fax your conversations and agreements every time you deal with them. This is a second job...then you want to QWR them as well....that I will put at the very bottom of the post, this hopefully will give them a clear impression that you really mean business.

Fax # Acelerated 612.312.4951
Fax # Loss Mit (or so they say) 866.453.6315 Probably general Fax #
Phone # Loss Mit (real) 866.248.5719
Phone # Morons 877.222.7875

QWR -- there are examples of the letter in the Tool Box. In that letter demand your Life of Loan History, copy of Note, Deed of Trust, Riders, all Assignments of the Deed of Trust, TIL, Right of Rescission (if refi), Lender Final HUD-1, copy of initial loan application and final lender loan application, all disclosures and all loan documents in your file, copy of appraisal. Send this three times certified return receipt required and also send it to the Broker, Title Company and all others in the Chain of the Transaction.

This thread has a really good example:

My Countrywide escapade and Hi!

[mar639]

Hi Subprime,

Welcome to the board. I read your post and from what i can tell after dealing with Asc is to constantly call them and make sure you stay on top of your loan modification process. I have been dealing with them since last Sept. It has been tough but I never gave up.
Only last week i finally got approval fro my loan modifcation, just waiting for documents to arrive which I need to sign and return to them.
It hasn't been easy, I was calling everyday and never gave up.
You should fax them all the pay stubs, hardship letter and then submit QWR.
After you fax everything over give it a couple of days and call them back to make sure they have recieved your paperwork from there you must keep calling at least twice a week.
You can go over my threads to see what I have posted and all the process I have gone through.
Asc isn't easy, they have alot but I mean alot of loans to modify and they are understaffed but they will get to your loan and all will be fine. You must exercise patience and determination.
Poppy has posted their phone numbers and here is THE ARM RETENTION DEPT. # 1866 398 7569 and another fax # is 1866 494 2682.
Hope this helps and please keep us posted.