Asc loan mod help?????

[briguy]

My wife and I have been in our home for 7.5 years. ASC has been servicing the loan for 3 years now. We have never missed a mortgage payment and are not late now. The problem is that we have a high rate fixed loan that is amortized over 40 years, due in 30. The home values here in Inland Empire are of CA are plummeting. we owe 289k on our home which is MAYBE worth 220k today. We are choked down with bills and behind on some credit cards, etc. I am not sure what the right step is to try and MOD my loan. I have heard ASC is a nightmare to deal with due to the fact that they don't even know who the "real" owner of the mortgage is. Please advise, and by the way, I haven't called them yet.

Thanks,
Brian from Yucaipa, Ca

[Moe Bedard]

Hi Brian,

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

I am not sure where you had heard that ASC doesn't know who owns their portfolio of loans.............because a good majority of their loans have either Wells Fargo, FannieMae, or FreddieMac as the investor........
and the modifications given are up to the investor on your loan.........

to get started you would need to put together a hardship letter......click on the link for examples........
Examples of a Hardship Letter


and then contact ASC to see what options the investor on your loan has.........
ASC ART Team
1-866-398-7569



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