ASC- and my Battle

[SimoneeW]

When I got the forebearance agreement there was nothing about rolling the balloon payment or modifying the loan. I have been trying since December to get them to modify the loan. I have been told so many different stories from the reps (I actually had a supervisor tell me that the reps didn't know what they were saying because they are new employees!! That everything I have been told up to that date was wrong!) That is whan I gave up...not the house but in working with them. I have hired an attorney.
We believe that Deutche Bank National Trust has the "trustee" rights. (They manage the loan which has been securitized and sold as bonds). Here is what my understanding is - and I would strongly encourage you to hire an attorney. Don't walk; run. And make sure they are both a strong Real Estate specialist and consumer advocate.
The loan was sold and bundled with a bunch of other loans. Then they were "secruitized' and sold to a bunch of investors. When the loan was bought (how many times it has been bought and sold is unknown) they do not have appeared to ever have done what I think is called an "assignment" of rights to the loan. The ONLY WAY anyone can foreclose (or modify the loan) is by showing they have legal rights to the mortgage note. When an assignemnt is done it is recorded with your county recorder. My records only show the initial Grant Deed from the people I bought the house from and a Trust Deed ( or lien) for the orginial company I got the loan from. THERE ARE NO ASSIGNMENTS for the company that is claiming to own the loan???
My attorney is filing a lawsuit and demanding that they bring proof of ownership. No Lost Note affividat (however that is spelled) - but the actual loan. My goal is to play hardball and MAKE THEM MODIFY THE LOAN.
Of course if we prove that they can't prove they own the loan...then I have to find out who actually owns it. And ASC can't do jack diddly until the real owner stands up. They don't own it; they are servicing it. They don't even do the foreclosures - they hire a foreclosure firm who does it for whoever is claiming ownership.
I am stopping payments and will put those into savings. Better that I earn the interest than them. Bottomline, if they don't modify it I won't keep the house. I owe over 600k on a house that is now worth less than 400k.


This has given me hope. For the time being, I would rather give the money to someone who is on my side. All ASC is is a COLLECTION AGENCY. They are not the lender. They are not the homeowner. They only get paid for getting as much monty as possible.

[itsme13]

I have ASC as a servicer too. I don't think THEY even know who holds the note. How do we find this out?

[SimoneeW]

I think there is a form letter on here for a QWR specifically requesting the name of the owner of the loan. Deutsche Bank National Trust as the trustee for Morgan Stanley Trust is the owner of mine. Except the trust number they gave us doesn't exist!!?? We researched the SEC site for the trust number and it doesn't exist. It is a huge mess. I read today that Ohio has filed a classaction suit against Deutsche for a bunch of foreclosures that they don't have any "standing interest"....in our terms, they don't own the notes.
Well maybe they do but if they do, they don't know where they put them. Which is why ASC can't modify the loan for me. If my loan is in a servicing pool then ASC can be sued by the owners for modifying the loan; but ASC can't figure out who owns the loan so they can't get an approval....I'm stuck in the middle with out of control escalating mortgage payments.
I have hired an attorney to help me with this. We are filing the paperwork next week so I will have a better understanding of where I stand after the suit is filed.

[SimoneeW]

Here is what I put in the letter:


Date
ASC's address

To Whom It May Concern,

Please provide me with the name of my mortgage holder. Please note 15 U.S.C. § 1641(f)(2) states (in part):
“Upon written request by the obligor, the servicer shall provide the obligor, to the best knowledge of the servicer, with the name, address, and telephone number of the owner of the obligation or the master servicer of the obligation.”

Please provide this information in writing to my on record address:

your address

Sign and date it.

I sent my priority mail with a proof of delivery.

[SimoneeW]

Here is my latest update:
My attorney filed the lawsuit. We sued ASC dba Wells Fargo, Ndex, Duetsche and does 1 through 30. Talk about a totally bizzare response. One of my attorneys called ASC. They said their legal department doesn't have a phone number! My attorneys notified everyone - all four of the firms that are listed on the papers. Two different law firms called; one filed a response late and the other no showed the hearing. So I got the tentative ruling. Once the order is signed a court date will be set.

In the response the assignment they submitted is not valid plus they skipped a few sales of the notes (The assignment shows from the org. lender and doesn't show the other two firms it was sold to before landing in the trust. We researched the note and it was sold 3 times before landing in the trust) And the response was bizzare. I don't think they read the causes of action.

I'm excited because they called and asked about settling; but I am also stunned at how discombulated they are. I have decided to go for it at this point. I won't settle unless I get all the terms I want - these guys are a bunch of crooks feeding off of homeowners. I read these stories of everyone in here and get sick to my stomach.

So round one to the crooks; round two - Simonee! My attorney is very confident with all of the violations and fraud that I will get a clean loan with fair terms.

[Medora]

SimoneeW,
We're also considering questioning the ownership of our loans; WF holds the 2nd & 3rd, and we want to settle w/ them cheap... Please tell mw your results! Are you in Calif.? Do you like your lawyer? Is it an expensive process??
Please for an update!
Thanks,
medora

[SimoneeW]

Hi Medora,
I am fighting for my home. I never could get them to tell me who the owner was until they filed the foreclosure. Once I found out who the owner was I read the Pooling & Servicing Agreement and learned that ASC could never modify my loan (it specify states that no ARM's may be modified to a fixed rate loan). Given that they had been telling me they were considering it (in writing and on numerous phone calls) my attorney believes that it is a basis for fraud and that is one of the causes of action.
In the meantime we have learned that they don't have a legal assignment on my home; and based on what I have been reading most likely can not produce the note itself. Which means they can't legally foreclose. My mortgage is was securitized into a trust fund from Morgan Stanley.
I am in California. It is a non judicial state. So I had to sue them; and that stopped the foreclosure. Is it expensive? Depends on your definition. But we are suing for attorneys fees as well. A lot of the mortgages are dirty; it is worth talking with attorney. I think they will give you a free consultation. Find a mortgage specialist who understands what is happening in the market.
Good luck.

[Medora]

Hi Simonee,
Thanks for the reply. It gives me courage to pursue my own battle. I am having a hard time finding a specialist attorney in my area... would you recommend yours? If so, please send me a direct email (you can see in my profile). Or anyone else that has a "fighter" attorney willing to take a SoCal case. I would rather pay an attorney than Wells Fargo... my 2nd HELOC w. them was a No Doc and I KNOW they inflated our income. I never saw/signed the application either.
Many many thanks,
Medora

[Moe Bedard]

Medora,

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