Loan Modification w/ ASC

[bheritage]

Hello All,

I really need some information and advise. I successfully received a loan modification from ASC. After giving them $4000 I made my regular payment for 3 months. They said after the 3 on time payments we would be reviewed for a loan modification. My last payment was June 1. Well, I received my papers for the modification and was horrified. They want me to give them an additional $7330. for my contribution. That would be $11,330 in 3 months in addition to my monthly payment. If we had that kind of money we wouldn't need a modification. We called the loan company and they stated they would have a negotiator call us. The money was due in 5 days which would have been July 21. I still haven't received a call from the negotiator. What can I do? Please help!

[Moe Bedard]

Hi bheritage,

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

Here is the contact numbers for ASC that we have so you can call in and check the status of your modification................

ASC ART Team
1-866-398-7569

ASC Loss Mitigation
1-866-398-7568

Please keep us posted on how it goes.............

[crowsfaith]

hello bheritage
the same thing happened to us in june of 07 they put us on a payment plan the first payment was $9,650.00 2nd payment was $2,550.00 and 3rd was another $2,550.00 then they were to modifiy our loan they never mention that they wanted another $7,700.00 dollars for contribution we were behind $27,135.00 at that point minus the 3 payments of $14,750.00 would have left $12,385.00 plus the lawyer fees which were $1,900.00 they were suppose to put that balance over the life of the loan which was 30 years i called and they said thats what the investors wanted and there was nothing they could do i told them that the paper never mention another contribution they said well they need more money they knew we gave them all we had but they did not care they if you cant pay then they will forclose so i kept calling and finally spoke to the neg for wells frago who had my file so she put us on another payment plan in dec 07 we made dec jan missed feb because my husbandwas out of work so we ended up moving from the upstairs where we lived for 7 years and fixed thedownstairs so we could move downstairs and rent the upstairs so we could keep our home the tenants ended up oweing us close to $3,000.00 so we got them out in may asc has been reveiwing it again since may the neg was assigned on june 27 2008 so they must do this to everyone im sending a QWR them also i what to speak to they neg and see if they can extend our loan to 40 years or lower the contribution
we owe now $45,000.00 in back payments so im not sure of anything but im gonna keep fighting i hope this helped you a bit

[bheritage]

crowsfaith thank you for your response. I tried calling them again now they're saying a negotiator wont call they've put notes in the system giving us til Aug 15th. I will call them everyday until I speak with a negotiator

[bheritage]

Does anyone have the name of a good mortgage attorney in the South Suburbs of Illinois. Or is it even worth it ASC will not let me speak to a negotiator and they wont give me additional time to come with the 7100 they are asking as a "CONTRIBUTION" amount. I have to the 15th.

[Moe Bedard]

bheritage,

You will need to get a referal from your local bar association...........

Illinois State Bar Association

[crowsfaith]

Hi bheritage,
i am in the same boat they did the same thing to us last year wanted another contribution after we made the 3 payments we even had the loan mod documents but if we didnt pay it it wasgoing to be right back in forclosure and thats what happened i guess we are not the first i called asc yesterday they told me the same thing that the neg was to busy andwas not taking calls ies already 30 days now with the reveiw loss mitigation told me that when they make a descion then i can ask all the questions i want a lot good its gonna do then i called fha yesterday
about the homeowner bail out but they couldnt help either i called hope they connected me to a loss mitigation firm but they also didnt call me back yet the had to talk to there partner who is a lawyer to see if maybe they can help the fee is $1,200.00 but at this point i think it would be better cause itsgetting me nowhere hang in there your not alone try calling hope


cathy

[bheritage]

thanks Cathy do you have the number for fha?

[Moe Bedard]

www.fha.gov