ASC Forbearance plan, pay stub etc....

[Disturbia]

I have been quite pleased with your forums as a guest. It has kept me sane through this period, Thank You everyone! We have not missed a house payment with ASC but I was at the point where I was making my payment on the 30th every month and incurring huge late penalties. I received a letter that our loan was to reset to a higher payment ($850) more. I went through the steps and provided a hardship letter and an income and expense sheet. In the 11th hour we received a forbearance offer that essentially allowed us to not pay the June payment which was due 6/1 and I was scrambling to pay on 6/30. The agreement states that we need to make timely payments starting 7/15, 8/15, and 9/15. There is no grace period. If a payment is late all bets are off and we're in trouble. They seem to have added the skipped payment and past late fees to a balloon payment which is due 10/15. This 10/15 payment would be over $10k. The wording of the forbearance is vague and makes no guarantees. I called ASC and was told by a rep that as long as we make those three payments then the loan would be renegotiated at the current rate and the $10k would be added to the loan balance. My question is: Has it been anyones experience that they ask for updated pay stubs or financial info again at this point. Prior to the "renegotiation" of the loan? My financial worksheet (after much recalculation) shows a $125 surplus each month. I can probably adjust here and there so that I'm taking home an extra $800 per month but I fear if ASC discovered this they would not cooperate with me? The extra $800 per month would allow us to start paying down credit cards thus improving our FICO so that we stood a reasonable chance of refinancing. Also, should I push for a long term fixed rate? Would they consider it? Thank you in advance for all of your help, you guys are a Godsend!

[Moe Bedard]

Hi Disturbia,


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

There is another member that just went through the forbearance roll to modification agreement and successfully completed it and you can read her story here................

Asc Success!!


Also here is some contact info we have for ASC that you might not have....

ASC ART Team
1-866-398-7569

Accelerated Fax #
1-866-453-6315

ASC Loss Mitigation
1-866-398-7568
ASC Loss Mitigation

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

[Disturbia]

Hi ***,

I read all 5 pages and THANK YOU! Should I post my experiences up until now as informative info for others and then pick up from now? Should I do this on the Jennifer123 link or start my own?

[Moe Bedard]

Just keep your story going in this thread and post updates here........k....

[svnjock]

The same thing happened to ours, we paid 5/30, 6/30 and 7/30. Then ASC told us to wait until 8/30, were in they said that they will modify our loan. Few days later, got my new statement for 9/1 which shows that our payment went up another $700. If we kept our loan that adjusted to 11%, then our payments will be lower than when they did the loan mod. Now I am really confused?

[Dan Bailey]

svnjock, sometimes their computer generates the bills before the new info gets to it. Just to be sure, you may want to give them a call to doublecheck.

[Disturbia]

I've only just made my second payment of the required 7/15, 8/15 and 9/15. My plan calls for a ballon payment in excess of $10,000 on 10/15. I was told over the phone however that as long as those payments are met the loan would be re-structured. As danbaily points out, although I have not gone as far through the process as you, I have experienced situation where they have mailed us documents that don't add up to what they have promised. And sure enough those were sent in error and they have so far anyway held true to their word. I have a question for you. Did they ask you for all of your financial information at the conclusion of your 3rd payment? For instance: pay stubs, financial worksheet, bank statements etc? Thanks for adding to this thread and I will in turn keep you posted on my prgress.

[throwaway]

we just got our mod approved but we did go thru the forebearance agreement. It does look very strange and all but it did pan out and our first payment is due on Oct. 1

[svnjock]

Hey, I'm happy for you. Was it what you expected? Hope you got a better interest rate and ultimately a better monthly payment. In my case, I got another statement that shows how much my monthly payment is and as what I have said before it is now a lot more than what I would have to pay with the adjustment in interest rate.