Ameriquest and ASC

[chrissieh]

When doing a loan mod how do they figure out what you can afford? Do they take what you make a month but what bills you have?

[HopingtoFind]

Hi chrissieh,

I don't know about ASC in particual but in general lenders will take your income and expenses... they basically want to see that you're comfortable to pay for everything after you're modified... Hope that helps.

[chrissieh]

Do they take a certain % for your expenses and they you have to have a certain % for you housenote?

[HopingtoFind]

Generally when they look at your income vs expenses they want you to have either a small surplus or a small deficit... you would have to speak to your lender to see what they are looking for.

[pjd123]

Ooops - I get the feeling we've broken some kind of rule here? sorry

[Dan Bailey]

crissieh,
There does not seem to be a set rule of income/expenses. Best thing is to be as thorough as possible...when people get caught on the phone giving their financials to a workout person trying to think off the top of your head-things can be forgotten.
As far as starting out, on the Home page of the forum, there are some articles such as starting the process, and some tools in the Homeowners Toolbox to help you get started so that you are not caught unawares.

[chrissieh]

Does Ameriquest still around. I thought all this time that asc was my mortage company but after reading on her I found out they were not a mortage company. So I asked asc who my mortage company was and they said Ameriquest. How would I get a number for Ameriquest to talk to them about a loan modification? thanks

[Dan Bailey]

Ameriquest Mortgage Company here is their website with contact information

[chrissieh]

thanks for all the help so far. Wish I would have know about this site before.

[chrissieh]

Okay I called ameriquest and they told me they don't do house loans anymore and they don't know who the loans were sold too. Try calling ASC and they said they didn't know who the loan was through either. How would I find out? Thanks

[Moe Bedard]

chrissieh,


It is against the terms of the pooling and servicing agreements that are in place between the investors and the servicers to forward this information to customers.....for any type of modification you would need to go through ASC as your servicer.............

Have you contacted ASC for a loan modification and if so what did they tell you?

What is the reason that you would need to know the investor on your loan?

[chrissieh]

ASC told me I had to do the foreberance first where my first payment is 1645 then the next three are 1745 then I can try to do a loan modification. I think I can do the payments for a couple of months but I know I can not do that forever. When I ask them if I do the foreberance will I be able to get my % rate down. Right now its 10% but when I first did the loan it was 8.5. They tell they don't know and from what I am reading some people who do get the loan modification there note is about the same or a little higher. So I dont' know what to do. I am trying to work with NACA but sitll haven't heard anything back from them yet. I was just wondering who the investor was to see if they had been working with NACA or with ASC allso. I am just really scared. Of couse when I talk to ASC they told me they had hope program but they can't help me if I am doing a foreberance plan. I feel like I am in trouble no matter what I do. Thanks

[Moe Bedard]

ASC is the servicing arm of Wells Fargo............so NACA should be able to help you go through them............just make sure that you call them for updates and also members that have had success with NACA have used their online chat system to check their updates...........rather than go through the frustration with ASC and a forbearance plan that is going to be more than you can afford............you may just want to continue with NACA and see if they can help put you in a more affordable fixed rate modification.........the interest rates have been in the 4-6% range on their proposals because they base it on your current financials.....
NACA
1-888-302-6222

[chrissieh]

When I call ASC should I tell them that I am working with NACA? The plan NACA did for me was 1200.00 per month which I could afford. I am just so worry that if I dont' do the foreberance plan the will go in to foreclouser on me. If I pay my regular note by jan 31 I would only be two months behind. I don't know how far behind you have to be before you go into forecloseur. So one else at ASC did tell me that my loans was with Ameriquest. *** if you were in my shoes ( and if something goes wrong I am not going to blame you). What would you do? Try to do the foreberance or just wait on NACA and hope your house doesn't go into forecloseur?

[chrissieh]

I have been trying to find a sucess storyr with NACA and ASC but I havn't found one yet.

[Moe Bedard]

I would be thinking the opposite...........I would be fearful that if I accepted the forbearance then ASC would say that I already had a workout and therefore would not approve the NACA workout with Ameriquest.................and since NACA has a form to prioritize a case if a foreclosure sale date is set.............that would be the route I would take if I were in this situation..........but you would need to make a decision for you.......

There are a few others working with NACA and Wells Fargo.......and there may be a couple going through the process with ASC........but the main ones on the forum are CW because there is a much larger volume of members with loans through them.

[chrissieh]

Thanks, I made a appt with NACA to callme tomorrow night to see what they suggest. I started this with NACA back in OCT so I am hoping I would get a answer soon. Should I ask ASC if they have anypaper wk from NACA?

[Moe Bedard]

I think with the processing between NACA and ASC you were supposed to get some sort of NACA ID # to give to ASC and that should be the way they are able to follow your processing.........so if you do not have this ID# yet you may want to ask NACA for yours so you can give that to ASC.


Good Luck tomorrow!!


Keep us posted...........

[chrissieh]

I do have a naca #. I will call ASC today and give them my ID #.THanks

[chrissieh]

I talk to NACA tonight they sent my information back in Nov then again in Dec. So I am going to call ASC tomorrow and see what they say. I am only two months behind right now and three if I don't pay by feb 1. I think I am going to send them a housepayment but not do the foreberance and tell them I am working with NACA. The lady at NACA said if my house to go in to foreclouser they would send me a letter and it would take about three months before it would be foreclose on and she NACA could proably help with not letting my house go into foreclouser. This just makes me sick of my stomach. I have three boys and a sick husband and try to make sure we have a place to live is really hard. But I will do what I have to do. I wish I would have know about this board about six months ago so I could have started with NACA and ASC back then before I got into this trouble. Thanks

[chrissieh]

Just got off the phone with nasty Kristen at ASC and she told me she hadn't received anything from NACA and plus they wouldn't even talk to NACA becasue I have foreberance plan. I told her I haven't agree to the foreberance plan because I don't know if I can afford it. And she told me that from there worksheet there is no reason that I shouldn't be able to afford it. So now I am on hold number 13 in line waiting to speak to a naca person to see what we can do. T I don't think ASC cares one cent about you at all.

[dasmom]

I was number 34 when I called NACA this afternoon. It really didn't take very long for them to get to my call. They will probably send and email to ASC to ask for an official update on your file.

Hang in there!

[chrissieh]

NACA said they can't send anything to ASC until Feb 9 and if I don't do the foreberance by jan 29 I don't know what ASC will do to me. This just really makes me sick. I just want to pay a housenote so I only behind two payments, I really don't want to get three behind. But if I send in one payment they will think I am doing the foreberance and then not talk to NACA. ACS they smell!!!

[chrissieh]

Well NACA call me tonight and I had to refax my authorization form so that the could resend it back to ASC. Because ASC said they didn't have it and that they would not talk to NACA until they had the autorizaiton form. But she did say that they had all the other paperwk so hopefully we could hear something by the end of this month.

[throwaway]

Not too scare you, but you need to be very careful with ASC. We did not sign up for the 1st forebearance. In fact w received a paper saying to pat 1999 by a certain date. We made the payment. The next month when we tried to make the mortgage payment they told us the computer system was down to call back on Monday. When we called back on Monday they refused our payment and told us to talk to the lawyer. When we called the lawyer he did not even have a file or know what we were talking about. We had to get a company to get ASC to even work with us. We have stopped the foreclosure. The killer was they kept that money we paid in a suspense account and then used it for fees and whatever else. Just be careful and bug them everyday .