ASC, JPMorgan Chase

[itsme13]

I am really confused. Here's my story:

My husband is an alcoholic who doesn't work. I have been struggling for years to keep it together. We separated 4 years ago, I left, he never paid th mortgage. We got back together, and tried to keep up. We couldn't. We filed chapter 13. I gross 2400/month but after deductions and the bankruptcy payment I take home 1300/month. $585 off the top of that for a family of 5, and a 40 minute commute one way to work has left me with little. Especially with $4.20 a gallon here. I kicked him out again. Ugh.

ASC filed for releif from automatic stay. They got it, their lawyer then sent me a nice letter indicating we could reinstate for $8K+ by June 6th. Otherwise, they will move forward with the foreclosure. I have heard so many hear saying ASC is owned by Wells fargo. Then why is ASC and JPMorgan Chase on the letter from the lawyer? I called JPMorgan Chase, and they don't have any idea why I called them. They have no record of anything and they say they don't hold the note. I am confused.

So I called ASC and talked to loss mitigation, they say if I can do 4 good faith payments, on the fifth, they will do a loan modification. Sounds great, but they want $4500 as the first payment by June 14th. She asked if I wanted to agree to this or deny. Ok, this is a no brainer right? I either deal with their lawyer and come up with 8K by June 6th or give them 4K by June 14th. What would you pick? So she said she sent out the paperwork and I had to sign and blah blah blah. Coming up with the payment is something I have NO clue how I'll do but, at least it is a bit of hope.

So then, I called my lawyer and told him what was going on and he actually seemed mad that I "went behind their attourney's back" and made a deal. He said, their attourney's would foreclose and they are the ones I need to deal with. I said "their attourney's work for them! If they are willing to work with me, why should I deal with their attourney!" His tone was very annoying. He suggested that I was 8K behind in mortgage payments. NOT SO...I was a month and a half behind when they filed to lift the stay and how dare he suggest that 8K was my mortgage payments I hadn't paid. 8K is LAWYER fees.

Here's another thing, the payments I HAVE paid ASC, show as "suspense" on their website. What does that Mean? It looks like they were never even applied to the note. Looks like they took my money and kept it.

I am sure there is a lot more to tell, but I don't want to write a book.

I can't call out on my phone, so I used the online site for CCCS,and I got a bounced email from their website after I filled in all my info, which looks like it was meant for a counselor whose email is now invalid. The email contained my info and consent. Weird.

Anyway, I'll stop now. Thanks to you all for this place and your help.

Please give me some of your thoughts.

Michelle

[schwefls]

H Michelle welcome to our forum:

I am so sorry to hear of your hardship. Please know that we are here for you. We have all lived this nightmare or been there dun that. As for $$$ in suspense? This is a place where they hold partial funds until all monies are ready to be applied to the past due balance. Others will say it is a place they put monies when they do not know what else to do with it. I guess both analogies could be correct depending on the lender. Shortly someone will be reaching out to you for additional information. In the interim please hang in there, we have your back.

[Moe Bedard]

Hi Michelle,

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

For any type of modification or workout you would deal directly with ASC in this case.........they are a servicer, but companies like Wells Fargo and JP Morgan Chase have given them permission from the investors on the loans to handle the workouts themselves.......

First, although your attorney went about it all wrong by the way he spoke to you..........he is correct about the situation.....when you are in a Chapter 13 BK ASC and you need to have permission from the court granted to do any type of workout plan........so ASC and you or in this case your attorney would need to get that approval before moving forward on that...........be prepared because sometimes the courts will not grant that permission.........

I don't know how much your payment amount is, but when a BK is filed to stay a foreclosure the payments and fees that are late still acrue...........the 8k most likely includes their attorney fees and foreclosure filing fees and late fees and the past due mortgage payments and or taxes and insurance that was behind too.........your attorney fees would not be in that cure amount.......


Here is the direct contact information to ASC Loss Mitigation:

ASC ART Team
1-866-398-7569

ASC Loss Mitigation
1-866-398-7568

ASC Accellerated Fax #
1-866-453-6315


Hope this helps you to understand the process better.........
Please keep us uspdated on your progress......

[itsme13]

ASC and their attourney's filed to lift the stay and it was granted. So technically I have no relief under the Chap13 for my mortgage. So I guess I don't understand why I have to deal with THEIR attourney and get court approval when it's not under the plan anymore. Still confused!!!

But thank you for your post.

[Moe Bedard]

The reason for this is because technically your file in the system will still come up coded BK or Foreclosure............until that is corrected....you would have to deal with the attorneys who have your file.........

When a file is coded in this manner.........it goes to the attorneys office that is handling foreclosure for ASC...........and it wouldn't necessarily move from there unless you were to pay the cure figures.......

You can have your attorney work to get the file out of that dept. now that the stay is lifted.........

[itsme13]

I called ASC yesterday, to confirm the paperwork was mailed to me, and also asked if they would contact their attourney's and let them know we had struck a deal, so to speak. They told me that that would be done as soon as they received the first good faith payment (due June 14th). I told them I was afraid their lawyers would take action, because their lawyers want 8K by June 6th...and I still have that extra week. The guy on the phone told me not to worry until and unless they don't get the first good faith payment by June 14th. Easy for him to say.

I know this loan is fishy, and all the fees are fishy, should I be afraid to do a QWR in the meantime?

I literally have a -$48 balance in my checking account and I have had to borrow money from family just to buy groceries and gas. I am rallying everyone together to help me somehow come up with $4500 to keep my house...I am just afraid, really afraid. Scared, worried, depressed, and kicking myself a little because I haven't gotten a second job.

I have talked with someone from Paiva and Associates via the ad on this page, but they said the cost is $1995 for me. I am sure it would be worth it, but how in the heck to pay them?

--oh and is I needed more put on my back, I am a full-time student pursuing my bachelor's degree. I can't afford to drop out of school because then I'd have to start making student loan payments! UGH...

I'm sorry folks...I just feel like the world is crashing in on me.

[Moe Bedard]

If the payment plan is something that you will be able to do for now.......then it won't hurt to cover all bases and have your attorney double check the information...........just to be on the safe side.........

A QWR is your right to get that information from the lender and it is sent to the customer service address.........you should never be afraid to do a QWR.........it doesn't hurt the process of a payments plan or modification.......