help on ASC Loan mod - Loan Modification Forum

ROCINC · 08-02-2008, 10:21 PM

Hello Everyone,

I am in the process of a loan modification with ASC as well, they hold my first which is 1.1M my second for 225K is with Wilshire. The reason I need a modification is that I lost my high paying job as an executive and just was hired at another company for less pay. I am not late with any payment yet and they dont want to connect me with a negociator. Also I am showing about a $300.00 surplus.. is that too much..
any advice from anyone would really help?

Moe Bedard · 08-03-2008, 12:19 AM

Hi ROCINC,

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

What is the interest rate on each loan?
Are they fixed or adjustable?
If adjustable when are they going to adjust?
What state are you in?
Are they giving you a reason for not transferring you to a negotiator?

ROCINC · 08-03-2008, 02:05 AM

Hello ***, I am in California. My interest rate on the first with ASC is 7.37% and it will adjust in 09. They have told me that the negotiators do not speak to customers directly, another rep said since I wasnt behind in payment they wont speak to me, yet another said she would tranfer me but they had all fone home for the day. -

Moe Bedard · 08-03-2008, 08:55 AM

They had all gone home for the day.............that is a new one for
me...

they really try hard NOT to help anyone.

Here are the contact numbers that we have for ASC, this should get you to the right department to help you..........

ASC ART Team
1-866-398-7569

ASC Loss Mitigation
1-866-398-7568

Accellerated Fax #
1-866-453-6315

Please keep us posted on your progress..........

ROCINC · 08-04-2008, 01:10 PM

I know can you believe it. Do you think $300.00 is too much for a surplus... anyone with any advice to me is greatly appreciated..

Moe Bedard · 08-04-2008, 01:47 PM

The surplus figures on the forum are a guide only to use based on the success stories.........as each investor is looking for something different from the income and expenses we really have no way of knowing exactly what they are looking for...........you might want to go over the income/expenses with ASC before faxing it in to make sure that it meets their requirements.

You can also look through the Success Stories to find the ASC ones and check in those threads also...........

ROCINC · 08-06-2008, 01:11 PM

Great thank you I will do that

ROCINC · 08-06-2008, 01:15 PM

*** Can I ask you what the art team does? are they the same as the negotiators?

Moe Bedard · 08-06-2008, 01:48 PM

I think they work with adjustable rates, but they were able to help members with the modifications..........

ROCINC · 08-12-2008, 05:50 PM

Just a quick update: I just got a letter from ASC asking me to contact thier loan Mod dept and speak to someone in order to help with my current situation- Im not sure if that is good news or no news but I will keep everyone update.

ROCINC · 02-21-2009, 06:37 PM

hello all I know its been a while but i have finally asc agreed to a loan mod .. they said docs are coming.. dont loose hope out there !! keep the faith and keep fighting!
Now I have to mod my second.. my house has depreciated so much however, has anyone know is seconds are being written off or negociated? if you have done this let me know

Janice Isom · 02-22-2009, 10:19 PM

Hi My name is Janice and I have ASC as a servicer and they did not give me a loan mod.How much is your rate now?

ROCINC · 02-22-2009, 11:44 PM

Janice, Im still waiting for loan docs, when I get them I will let you know.. But since I am a super jumbo it will be a 5%..
anyway I can help you let me know.

ROCINC · 02-22-2009, 11:51 PM

Does anyone out there have a second mortgage with Wilshire?

Moe Bedard · 02-23-2009, 11:53 AM

Try doing the search at the top of the forum to see who is working with Wilshire.

ROCINC · 02-24-2009, 09:57 AM

I did and nothing came up.. I will try again.

ROCINC · 07-20-2009, 01:55 PM

Hello- I am back again

Here is my update - hope it helps someone..
I did get my loan docs for the loan Mod. 4.7% fixed but a 30 year term I really need a 40 year term. So I am back in review and also hopefullly being reviewed for the HAMP program- Ill will stay in touch.

alisoncg · 07-20-2009, 07:28 PM

A word of advice, I was approved for a mod with ASC last year. They fixed our adjustable but would not lower our interest rate. When we signed the docs. for the mod and sent them back in, they never sent us a copy back. It was a good thing I had made copies or I would have had no proof. Their right hand never seemed to know what the left hand was doing! Good luck.

Janice Isom · 07-21-2009, 06:28 PM

Hi I did receive a forebearance plan for 3 months then after the 3 months then i have to send in a package again and then they will determine if I am approve for the loan mod.

ROCINC · 07-30-2009, 09:05 PM

Thx for the info - I will for sure make sure to get copies. I did get approved for the loan mod and they did lower my interest only rate however my payment stays the same because now Im paying principle and interest.. I begged for another interest only or even an ARM and they said no. It will be hard to pay the payment for me ! They really had no interest in really working with me - So many banks and servicers are lowering payments for people in hardship and with Obamas new plan HAMP there should be more hope with ASC but nope- would love to sue them and I dont say that EVER ! ALL I CAN SAY IS GOOD LUCK IF YOU NEED HELP AND YOU HAVE ASC. it is a hard process.. and the result has not been great for me.

ROCINC · 08-31-2009, 01:35 PM

Just wanted to update all of you on what has happened- I did get the docs for my loan mod from ASC last thursday and sent them in- There was a contribution amount I had to pay.. in talking with others that have loan modified thier home, most told me that they paid no contribution? anyway I got a 4.5% 30 year fixed and they would not negociate any further. Hopefully this helps some of you.. if so let me know .. its took me a total of 13 months !

Now I have a second to tackle- I heard B of A was settleing with seconds? Im not sure.

take care all !

alisoncg · 08-31-2009, 01:44 PM

ROCINC, Best of luck and congratulations. Do you mind if I ask if foreclosure was filed? Were you making your payments all along?

drraz · 09-04-2009, 06:34 PM

Quote:

Originally Posted by ROCINC

There was a contribution amount I had to pay.. in talking with others that have loan modified thier home, most told me that they paid no contribution? anyway I got a 4.5% 30 year fixed and they would not negociate any further.

I would LOVE that mod! What was your prior interest rate?

And what do you mean by contribution? An up-front payment? I have been working on a mod with them since Feb! Grrr

ROCINC · 09-27-2009, 01:05 PM

Quote:

Originally Posted by alisoncg

ROCINC, Best of luck and congratulations. Do you mind if I ask if foreclosure was filed? Were you making your payments all along?

An NOD was filed and then suspended due to them working the mod..

ROCINC · 09-27-2009, 01:08 PM

DRRAZ- they had me give them a contribution.. sort of like a good faith that I was serious about the mod .. Its like fees to an escrow.. title etc.. Honestly most people I know with other servicers or banks have not pay anything or its been put on the back ebd of the loan.. my old rate was 7%-

But I have a new update .. will be posting today

08-02-2008, 10:21 PM	#1 (permalink)
ROCINC Member Join Date: Jul 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	help on ASC Loan mod Hello Everyone, I am in the process of a loan modification with ASC as well, they hold my first which is 1.1M my second for 225K is with Wilshire. The reason I need a modification is that I lost my high paying job as an executive and just was hired at another company for less pay. I am not late with any payment yet and they dont want to connect me with a negociator. Also I am showing about a $300.00 surplus.. is that too much.. any advice from anyone would really help?

08-03-2008, 12:19 AM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod Hi ROCINC, Welcome to the forum and thank you for joining............... What is the interest rate on each loan? Are they fixed or adjustable? If adjustable when are they going to adjust? What state are you in? Are they giving you a reason for not transferring you to a negotiator? __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

08-03-2008, 02:05 AM	#3 (permalink)
ROCINC Member Join Date: Jul 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod Hello ***, I am in California. My interest rate on the first with ASC is 7.37% and it will adjust in 09. They have told me that the negotiators do not speak to customers directly, another rep said since I wasnt behind in payment they wont speak to me, yet another said she would tranfer me but they had all fone home for the day. -

08-03-2008, 08:55 AM	#4 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod They had all gone home for the day.............that is a new one for me... they really try hard NOT to help anyone. Here are the contact numbers that we have for ASC, this should get you to the right department to help you.......... ASC ART Team 1-866-398-7569 ASC Loss Mitigation 1-866-398-7568 Accellerated Fax # 1-866-453-6315 Please keep us posted on your progress.......... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

08-04-2008, 01:10 PM	#5 (permalink)
ROCINC Member Join Date: Jul 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod I know can you believe it. Do you think $300.00 is too much for a surplus... anyone with any advice to me is greatly appreciated..

08-04-2008, 01:47 PM	#6 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod The surplus figures on the forum are a guide only to use based on the success stories.........as each investor is looking for something different from the income and expenses we really have no way of knowing exactly what they are looking for...........you might want to go over the income/expenses with ASC before faxing it in to make sure that it meets their requirements. You can also look through the Success Stories to find the ASC ones and check in those threads also........... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

08-06-2008, 01:11 PM	#7 (permalink)
ROCINC Member Join Date: Jul 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod Great thank you I will do that

08-06-2008, 01:15 PM	#8 (permalink)
ROCINC Member Join Date: Jul 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod *** Can I ask you what the art team does? are they the same as the negotiators?

08-06-2008, 01:48 PM	#9 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod I think they work with adjustable rates, but they were able to help members with the modifications.......... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

08-12-2008, 05:50 PM	#10 (permalink)
ROCINC Member Join Date: Jul 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Possible good news from ASC and my Loan Mod Just a quick update: I just got a letter from ASC asking me to contact thier loan Mod dept and speak to someone in order to help with my current situation- Im not sure if that is good news or no news but I will keep everyone update.

02-21-2009, 06:37 PM	#11 (permalink)
ROCINC Member Join Date: Jul 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod hello all I know its been a while but i have finally asc agreed to a loan mod .. they said docs are coming.. dont loose hope out there !! keep the faith and keep fighting! Now I have to mod my second.. my house has depreciated so much however, has anyone know is seconds are being written off or negociated? if you have done this let me know

02-22-2009, 10:19 PM	#12 (permalink)
Janice Isom Senior Member Join Date: Sep 2008 Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod Hi My name is Janice and I have ASC as a servicer and they did not give me a loan mod.How much is your rate now?

02-22-2009, 11:44 PM	#13 (permalink)
ROCINC Member Join Date: Jul 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod Janice, Im still waiting for loan docs, when I get them I will let you know.. But since I am a super jumbo it will be a 5%.. anyway I can help you let me know.

02-22-2009, 11:51 PM	#14 (permalink)
ROCINC Member Join Date: Jul 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod Does anyone out there have a second mortgage with Wilshire?

02-23-2009, 11:53 AM	#15 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod Try doing the search at the top of the forum to see who is working with Wilshire. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

02-24-2009, 09:57 AM	#16 (permalink)
ROCINC Member Join Date: Jul 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod I did and nothing came up.. I will try again.

07-20-2009, 01:55 PM	#17 (permalink)
ROCINC Member Join Date: Jul 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod Hello- I am back again Here is my update - hope it helps someone.. I did get my loan docs for the loan Mod. 4.7% fixed but a 30 year term I really need a 40 year term. So I am back in review and also hopefullly being reviewed for the HAMP program- Ill will stay in touch.

07-20-2009, 07:28 PM	#18 (permalink)
alisoncg Senior Member Join Date: Aug 2008 Posts: 145 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod A word of advice, I was approved for a mod with ASC last year. They fixed our adjustable but would not lower our interest rate. When we signed the docs. for the mod and sent them back in, they never sent us a copy back. It was a good thing I had made copies or I would have had no proof. Their right hand never seemed to know what the left hand was doing! Good luck.

07-21-2009, 06:28 PM	#19 (permalink)
Janice Isom Senior Member Join Date: Sep 2008 Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod Hi I did receive a forebearance plan for 3 months then after the 3 months then i have to send in a package again and then they will determine if I am approve for the loan mod.

07-30-2009, 09:05 PM	#20 (permalink)
ROCINC Member Join Date: Jul 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod- MOD NEWS Thx for the info - I will for sure make sure to get copies. I did get approved for the loan mod and they did lower my interest only rate however my payment stays the same because now Im paying principle and interest.. I begged for another interest only or even an ARM and they said no. It will be hard to pay the payment for me ! They really had no interest in really working with me - So many banks and servicers are lowering payments for people in hardship and with Obamas new plan HAMP there should be more hope with ASC but nope- would love to sue them and I dont say that EVER ! ALL I CAN SAY IS GOOD LUCK IF YOU NEED HELP AND YOU HAVE ASC. it is a hard process.. and the result has not been great for me.

08-31-2009, 01:35 PM	#21 (permalink)
ROCINC Member Join Date: Jul 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Got a 4.5% fixed from ASC loan Mod Just wanted to update all of you on what has happened- I did get the docs for my loan mod from ASC last thursday and sent them in- There was a contribution amount I had to pay.. in talking with others that have loan modified thier home, most told me that they paid no contribution? anyway I got a 4.5% 30 year fixed and they would not negociate any further. Hopefully this helps some of you.. if so let me know .. its took me a total of 13 months ! Now I have a second to tackle- I heard B of A was settleing with seconds? Im not sure. take care all !

08-31-2009, 01:44 PM	#22 (permalink)
alisoncg Senior Member Join Date: Aug 2008 Posts: 145 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod ROCINC, Best of luck and congratulations. Do you mind if I ask if foreclosure was filed? Were you making your payments all along?

09-27-2009, 01:08 PM	#25 (permalink)
ROCINC Member Join Date: Jul 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: help on ASC Loan mod DRRAZ- they had me give them a contribution.. sort of like a good faith that I was serious about the mod .. Its like fees to an escrow.. title etc.. Honestly most people I know with other servicers or banks have not pay anything or its been put on the back ebd of the loan.. my old rate was 7%- But I have a new update .. will be posting today

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode