ASC Class action Update

[miss information]

I keep waiting for this nightmare to end. We have been in this home for 4 years.

In June 06 my husbands otherwise healthy father, became diagnosed with terminal liver cancer and passed away within six weeks. He flew often to be with his Mom and missed days of work, overtime, and added financial stress due to travel expences, caused us to begin to get into a tight spot by October. I called ASC to ask if I could make a payment arangement for November 06 BEFORE it was due. I was MIS-informed that due to a death in the family, we "qualified" for a re-payment plan that would spare our credit.

Our current payment of 1700.00 would be due on December 15th, and on the 15th of each month for eight months ending in July of 07. In addition to our payment of 1700.00 there would be an extra 600.00 each month due also on the 15th, to repay the 1700, and the fees. The new payment was 2400...the extra 100.00 was in late fees since the payment was not recieved on the first. Steep I know, but this is the first time I made an arangement and was ignorant. Basicly, they gave us an in-house loan, for 1700.00 at 36% with no docs.

In July we recieved a letter telling us that the interest rate was resetting and the new payment would be 2800.00 a month. We called right away and asked to speak to someone about helping us to get a lower rate/payment as suggested in their letter.

Transfered to Wells Fargo loan department. We were informed that our credit was too bad to modify, and that we had too many late payments. This was the first time I learned that each of the eight payments were listed at 30 (and two at 60) days late on our report. I began reading right away and used the RESPA letter to ask for an accounting of the money, and to have the negitive credit taken off the credit report, and escrow accounting...etc. We started right away trying to refinance.

Their responce to the RESPA request..."we did you a favor in allowing you to bring your account current. Any futher information must be obtained by suponea." So we hired a lawyer, and the suponea was sent, asking for all notes and all accounting. They sent back a copy of the closing documents, and an account sheet that showed what dates and amounts were recieved.

I asked the lawyer at that time..." what if I cannot afford this higher payment at the adjustment rate". She told us not to worry, after three payments are missed, go in and "get a chapter 13 cram down". So here we are January of 07 we meet with the bankrupcy attorney, who informs us that the new language prohibits cram down of the primary residence. Mis informaed again.

What I did learn and want to pass on to anyone who can use it is, that a chapter 13 locks in your current payment for three years and allows you three years to pay back the amount in arrears. In our case that would have been 1700 divided by 36 or about 42.00 a month more ( as opposed to 700.00) and would have prevented the interest jump. Knowing what I know now, it sure wouldn't have hurt our credit any more than it was harmed by them reporting all those lates.

The bankrupcy lawyer looked over all our papers, and stated that we have a darn good case for unfair credit, respa violations, and servicer violations. To wait unitl they forclose and counter sue for damages. So now we recieve a letter from a credit collection attorney who states that we owe the balance on the loan and an additional 15000.00 in fees. This is an attempt to get a judgement. I brought it to the other attorney and she said " don't worry" we will respond asking for an explaination of fees.

I am tired of responding and waiting for them to crush us! Tired of the misinformation. I am ready to go on the offensive but have no idea where to turn to find a lawyer who can go after these leaches. If any one knows of a firm in Indiana that has sucesfully prosecuted a case such as this, Please let me know. Thanks and good luck!

You are correct and I stand corrected - the new Chapter 13 laws do not allow for "Cram Down" to the mortgage any longer in the body of the BK. Checked with an authority on this issue. This is up as a proposal to the House to remove this issue from the BK laws, however the person that I checked with is saying that they doubt that this will be changed any time in the near future if ever....and even then not until after the election.

NACAA maybe a starting point for you search...they are reputable and experienced in Consumer Affairs Toll Free: 1-866-SAY-NACAA.

The issues that you have with ASC are RESPA Servicing issues that are not going unnoticed by this site. You need to get with HUD on these issues as does everyone else - they are the regulatory authority for the Servicing Side of RESPA and could and will take a long hard look at legitimate claims and complaints. So....HUD at www.hud.gov for RESPA specifically ....http://www.hud.gov/offices/hsg/sfh/res/respamor.cfm

These are specifically RESPA HUD sites. Additionally you need to immediately contact elected officials: State, Local and Federal with these violations. Do not back down, take a strong proactive stance and make your voice heard.

[miss information]

Thanks for the link. I contacted andpaid the 30.00 fee for NACCA last july and have yet to har back. But I will start drafting a letter andget it to HUD and other agencies as you sugested. I really need an aggresive attorney!!!!

As I understand it NACAA has the ability to refer to strong attorneys in the consumer advocacy area. There is an attorney reflected on this site, you may want to touch base with him as well. All in all your local Bar Association also refers, however you must find someone with the experience in this field and practice of Law, there are a whole bunch out there now that purport that, but do not in reality have that back ground. Please contact NACAA and keep fighting....take 'em to the mat.

[evel1999]

I am with America's Servicing Co on my loan also. I was able to get a Loan Modification, but could not get their attention and help at that time, till I was 31 days late. This was reported on my credit report, and true, I was late, so I could not gripe about that.

I paid that payment and was able to work out a Loan Modification with them.
They let me skip two months payments (but of course it was added to my principle balance). It would of been better if I had been able to pay those two payments at that time, rather than have it added to principal, but I was having some financial trouble and was not able to afford to do that. So I used the two months to catch up on other bills.

So I asked them to remove the late payment they reported while in modification, as they keep telling me that I had to be late in order to be considered and not to make any more payments till the Loan Modification was approved. I did not. They did not report Dec and Jan late even tho the modification did not fund those payments till the modificaiton was official and first payment due Feb 1. I paid the Feb 1 payment and they officially paid Dec and Jan payment at that time. I kept trying to get them to remove the one late payment reported as part of the modificaiton, but they have refused so far. So I have one late mortgage payment on my credit report.

My husband is furious. His credit report went from 690 to 550. Mine went from 630 to 550. I checked my credit report last week and they have not reported to the credit bureau since that late payment in Nov 2007. Hopeful they will start reporting again and show current payment in Jan, Feb so I can build up 12 months with no lates. To try to improve my credit score.

I guess I cannot really complain as I came out of all this with just one late.
If the rate had adjusted up I would of had 90 days late as I could not pay any payments then and would of been forclosed on probably.

America's Servicing Co has a record of abuse on Servicing Loans.

If your credit does get tarnished during this process, it can come back to be good again by paying on time and as time passes your credit will rebuild. With forclosure or bankruptcy it is the same. With a matter of time, you can get credit again.

But it is not right for them to report things not true, and charge for insurance and etc as I have read about how customers claim to of been abused by America's Servicing Co. Moe calles it Preditory Servicing and we know there is a lot of that going on also, that is how they make an abundance of money.

[miss information]

Thanks for sharing your story me. I have been reading this site and these posts since last summer when I learned the negitive credit was mis-reported.

I have taken Poppy's advice and am composing a letter that can be sent to multiple state and federal agencies, if for nothing else, just to bring attention to this issue. The bankrupcy lawyer we consulted with is also a trustee for the bankrupcy court inour county, and said that this type of case is new to the system, and that another family just filed counter suit as we plan to do and the judge gave them a first court date of 11 months away. He told us not to just give them our house but to fight it. He said that presidence is changing by opinions being entered, and doen not know if we will win.

I called him and got a referal to a local attorney that he knows has sucesfully fought the mortgage giants, and I am seing him tomorrow. Will post again if Ilearn anything new.

Keep fighting as your attorney said it is only by fighting that the precedents are changed for other people in the future that in your situation so they can benefit by your actions and refusal to take abuse sitting down. So....take 'em to the mat.

[Moe Bedard]

Miss, thanks so much for joining the forum and sharing your story. I am glad you are making progress and I "am" following your story closely and I wish you the best!

Please let us know what happens with your attorney!

[miss information]

We met with the third attorney yesterday. (Attorney Name) in lake county Indiana. He generally represents the banks side of these such issues. He is refined and seemed quite intelegent in general as well as knowledgeable about the law in our county/state.

The gist: He read all the paperwork, developed a time line. The good news, even if we did nothing else, no contest, it would still take over a year to get us out of the house. "The last thing a bank wants is the house". He has to study this and will let me know next week what he believes is best for us.

The foreclosure is a state issue and a lawsuit for RESPA and FCRA are federal issues, and wonders how to get them into the same court room? Also, unless he can find that attorneys fee's are part of the award, contingency is out, and may not be cost effective. He will arive at a conclusion about all maters... those being, no notification of transfer of the loan, escrow discrepancies and lack of escrow statements, excessive repeated fees for lates and servicing fees, lack of notification of payment agreement in writing etc...

Will keep you posted!!!

[miss information]

Also..the letter for judgement comes for HSBC? Are they Wells?

To the best of my knowledge HSBC and Wells are totally different entities...so I am confused. RESPA and other violations just give you teeth, and frankly the ability to report them to HUD and FTC for abusive servicing tactics. The teeth are effective as negotiating tools to obtain relief. If he is a bank attorney, is he also a litigator? Litigation attorneys tend to be quite pugnacious, sort of like bull dogs, Katie bar the door and let her rip kind of fellows, with a lot of feisty attitude backed by legal indignation.

Wonder if Wells sold this now to HSBC? Did you receive a transfer of servicing on the loan? Very odd.

[miss information]

Anyone reading this board must be looking for answers on how to deal with a crappy situation. Don't just let them take your home. Boards like this one have been a wealth of information and I am so glad they are here! A port in the storm.

Well the deed is done! I have interviewed several lawyers and have chosen the firm that was mentioned before. Last week I dropped off my file, a $3,500.00 retainer, and for the first time in over a year I have delegated out this task, to one who I feel is capable of resolving that which I could not. I am still trying to "let go" of all that is attached to it, because I need to. I am starting to sleep again knowing I have done all that can be done.

In addition to defending the foreclosure, he is submitting a federal RESPA 2605 case, two Indiana state breach of contract statutes, and something against HSBC's/Wells lawyers for failure to respond to the request for debt verification ( I am sure there is a term for that) before filing the foreclosure. I guess they had 30 days to respond and chose not to? He may do a class action on that one, although he does not want to do anything that would preclude me from negotiating a settlement to stay in the home.

Although they are all fee shifting statutes, and he believes my case is very strong, he wants retainer and fees as billed. I will get it all back if they foreclose, and if they want to settle, it has been a fair price to get things resolved.

In a perfect world we will get a fair fixed rate and stay here, but if we are foreclosed, we stand to get everything back in damages.

You have taken a proactive and strong stance....Well's Hell and ASC are both in a position that they have taken advantage of numerous people so I say go for it and take 'em to the mat.

[miss information]

This lawyer was a god send!!! Bull dog is right! He is filing three causes in three courts (and he finds new stuff everyday). The first is an affirmitive defence to the forclosure, which basically admits I have not made my payment since last October, but tells what circumstances ASC created to have contributed to that. Second (and filed last thursday) is a class action for FCRA violations against the lawfirm that is representing HSBC. Third, is a class action against ASC for RESPA 2605 (?).

I am so happy!!!

Even if I loose the house, we stand to recover our losses and hopefully the result will be that ASC and the other greedy users will police up their pratices. Fighting back benefits everyone.

Glad the attorney is making the difference, keep us posted please.

[miss information]

My Lawyer Rocks!! It has been a year since this mess started, and we are still in our home. He sued the collection/foreclosure lawyers that tried to foreclose, and won! The amount they said we owed in the dunning letter had an additional 13,000 dollars above and beyond what we owed. Also when you get that letter, it;s like any collection letter, and you have thirty days to dispute the debt ( which our lawyer did in three) and they flied the foreclosure without proving the debt, and in less than twenty days after they sent the notice. SO they were kicked off the case and ASC/Wells hired new ones. Plus they owe us 1, 000.00, and he is still trying to get a class action status on them. But what it did do, most importantly, was put the foreclosure issue on the back burner untill the federal case is determined.

The case against ASC is still taking time, mostly because their paperwork is so screwed up that they have not even submitted anything for discovery. They missed the court date, and my lawyer was finally granted a default judgement, which they asked to have vacated, and were granted. Butit is still going forward.

So we were sitting here for the longest time not sure if we should paint or pack, and my lawyer told me that even if they did everything on time, filed
all the right papers, that it would be spring of 2010 before we would be out.
Andthen if we do get foreclosed, we will sue for damages because of the incorrect reporting. We sleepwell now.

We interviewd so many lawyers, and it seemed that no one knew what to do. I mean it wasn't that long ago, that it was unheard of to sue the lender.
Finding the bankrupcy attorney, who was also a trustee, was the best thing. We were able to ask him " who sues the banks...and wins"?

Fight Fight Fight!!!!

[svnjock]

Hey, what happened to miss information? Still waiting to finish her story.

[purenergy]

Yea! What happened?????

[crowsfaith]

hello miss imformation i am also with asc -wells fargo my default summons also has hsbc on the foreclosure papers




cathy

[ctsmyhon]

From Kelly L. Hansen

Americas Servicing Company is the worst servicing subsidiary and Wells Fargo is the Worst Parent Company on the face of the earth. I've read over some of the entries below and even the attorney's advice is horrifying. People before you even pay an attorney, pay for an ABSTRACT/OPINION OF TITLE on your property. Write a letter of DEMAND to your servicer insisting they PROVE THEY HOLD THE ORIGINAL NOTE to your mortgage.
Do you realize 70% of today's homeowners WALK AWAY from their home without even asking the lender to PROVE they have the right to foreclose? AND MOST FORECLOSURES ARE ILLEGAL? Homeowners, please stand up for your rights! Yes it is stressful! It will make you sick, and tired, and frustrated. But lenders are stealing homes right and left. It's criminal. And the initial footwork you can do on your own, for free. Save your money for when you might really need it. And in my experience, more often than not, you won't need it. Prayerfully. YOU MUST PRAY.

If your loan has been securitized (90% have) your lender has sold their security interest in your home. They have exchanged their right to collect a payment from you for a right to combine their interest in your mortgage instrument (mortgage backed asset) with their interest in others people's mortgage instruments. They pool them all together into a Master pooling and servicing agreement. All the pooled mortgage instruments are destroyed when they are securitized. This is a Security and Exchange Commission process.

Once securitized, white paper is issued in $25,000 bonds called "mortgage backed assets" and sold to investors. Lenders require investors hold the bonds a minimum of 2-5 years, and often have a number of other restrictions, prior to cashing them in. The principal and interest on these bonds, with the return on their investments, MORE THAN PAY FOR YOUR MORTGAGE.

So, if you feel a pang of guilt "but shouldn't I pay for my mortgage?" Just ask yourself, if you would have breached the security agreement attached to your Note, sold off or burned up parts of your property, would your Lender have cared one TINY BIT, or hesitated one TINY MINUTE before DEMANDING PAYMENT IN FULL?

.. PEOPLE IT'S THE SAME THING!!! THEY DESTROYED THEIR SECURITY INSTRUMENT TO YOUR PROPERTY SPECIFICALLY SO THEY COULD LEGALLY TRANSFORM IT INTO A WHITE PAPER SECURITY MORTGAGE BACKED ASSET AND MAKE A GREAT DEAL MORE MONEY BECAUSE THEY ARE COMBINING THOUSANDS OF MORTGAGES, THUS MILLIONS OR BILLIONS OF DOLLARS - INVESTED WHEW!

SO, THIS PATTY CAKE CRAP THEY ARE DRAGGING THE HOMEOWNERS THROUGH IS JUST UNFORGIVABLE WHEN ONE REALIZES THE MONEY THESE LENDERS ARE ACTUALLY MAKING -- IT'S TRULY TRILLIONS OF DOLLARS COMING IN, HAND OVER FIST.

AND ON TOP OF EVERYTHING ELSE, WHEN THEY HAVE ABSOLUTELY NO RIGHT TO FORECLOSE, THEY CHOSE TO TORMENT HOMEOWNERS ANYWAY. SECURITIZATION REMOVES ANY AND ALL RIGHTS TO FORECLOSE UPON YOUR PROPERTY.


This is super personal, and very close to my heart. Can you tell? Visit my blog when you have a minute. I won't pretend it is nearly as interesting as Moe's but I've had some wonderful homeowners share their stories there.

GOD BLESS YOU, YOU ARE ALL IN MY PRAYERS, ASC IS THE PITS.

HOWEVER, ON A BRIGHTER NOTE:
The following people have offered LIFE-SAVING, LAST-MINUTE assistance to many hurting homeowners!!! Good Luck and You are In My Prayers!!

Cara K. Heiden, CEO Co-President,
National Consumer Lending and Institutional Lending,
email:cara.k.heiden@wellsfargo.com cara.k.heiden@wellsfargo.com

Michael J. Heid, Co-President, Capital Markets, Finance, and Administration,
email:michael.j.heid@wellsfargo.com michael.j.heid@wellsfargo.com

Jerald Banwart SVP, Servicing Operations,
email:jerald.banwart@wellsfargo.com jerald.banwart@wellsfargo.com

Mary Coffin, Vice President
email:mary.coffin@wellsfargo.com mary.coffin@wellsfargo.com

Sharon Cecil, Asst to Both
email:sharon.cecil@wellsfargo.com sharon.cecil@wellsfargo.com

Matt Heil, Supervisor, Team Lead
Matt.heil@wellsfargo.com

Todd M. Boothroyd, in-house Counsel, Real Estate Division
email:Todd.M.Boothroyd@wellsfargo.com Todd.M.Boothroyd@wellsfargo.com

WELLS FARGO HOME MORTGAGE Executive Communications
MAC X2302-02J 800 S Jordan Creek Pkwy
West Des Moines, IA 50266
515-324-3130
515-324-2872
515-324-2389
515-324-2360

Go to my website when you have time:
Is Wells Fargo Ignoring Your Pleas for Help? Try this.

I am a voice I make sure these criminals hear every day, in every possible way on behalf of everyone who asks for it. PUSHING HARD, DAILY, ALL DAY, BECOMING THE SQUEAKY WHEEL IS THE SOUND TO WHICH THESE PEOPLE RESPOND.

Remember LOTS of people need help. PUSH, PUSH, PUSH.
Share your stories -- everyone needs to hear what has happened to you!

God Bless You!!

Kelly L. Hansen,esq (expect success quickly!)
ON FIRE Vigilante!
Changing WFHM Victims to VICTORIES!
33605 W. 88th Street
De Soto, KS 66018
913-220-1284 Phone

913-273-1448 Fax
ctsmyhon@yahoo.com

http://wfhmcaught.blogspot.com/