SUCCESSFUL loan mod with ASC!!

[kimbear565]

I am in the last and the most difficult step for the loan mod. Our loan adjusted in Jan. from 6% to 9% which we simply can not afford. after attempting to refinance just to find out we owe way more then house is worth, we called ASC in Dec. just before it changed to see if we could do a loan mod. The loan neg worked with me and kept working with me till she was able to get me approved for a loan mod with a trial period of 4 payments. I just made my last payment on March 31, I made early since my due date was for the 15th of April. When I called to make my last payment I was under the impression I would talk to another loan neg. and I have not yet. The first person was of no help he bascially told me to wait for someone to call, he did not even tell me to send in my paper work. I had to fax all my worksheet, my letter, my husbands pay stubs and proof of my babysitting, it took 3 faxes and me overnighting it before they recieved this week April 14. I just called today and it is still under review, I am concern because right now it shows my may 15 payment with all the late charges and huge amount to pay in order to get up to date, I have asked several people and they all say do not worry about that amount to keep saving for the 6% payment. When I called today she said to keep calling every other day to check status and that I should recieve a letter before may 15. What should I do if I keep calling and still by may 15 they do not have an answer do I pay the 6% or what? I am not comfortable not paying anything. Should I have been given a loan neg yet assigned to my case? I just started today with my log and getting the name and id#, I wished I began it in the beginning. does it sound like I am on the right track. Before all of this, we were never late with a payment, always on time since we had the loan in 2004, right now we are showing we are behind a month becaus ef the whole process.

[mar639]

Hi and welcome to the forum.

Ok I basiclly dont understand one thing.
You said your payment adjusted from 6% to 9% in january and that you are in a trial period for 4 months, meaning you are paying your monthly mortgage payment at 9% for 4 months?right? And that you have already paid for April on march 15th? Right? Now it is showing that you are late? why is it showing you are late when you paid for April? Did they tell you why?

* As for faxing all the doucments to ASC , that is fine, but have you recieved a workout package? Did they send you some kind of letter anything in writng?

Call Asc everyday , keep calling till you get someone knowledgable to tell you what is the status of your situation and what you need to do.
I would call ASC everyday , at days I would call more than 3 times, since many many times I would speak with soemone whom wasn't able to help me out or didn't know what he or she was talking about. Please keep calling till you get someone who can help you.
I remember one day calling to see if I was assigned a negotiator, this after my case was being reviewed for months, and the person had told me that it was still under review. Then I said to myself to call again, which I did and spoke with another person I remember she was very sweet and took time to look into my case and she was able to tell me that I was assigned to a negotiator and gave me my negotiators name.
You must call the ART TEAM the phone # is 1866 398 7569 I think you should press option #1.
The Loss mitigation # is 877- 2227875 Press option #4

And ask them what you should do about your May Payment, insist on knowing what you should do. Don't stop making your mortgage payments till you have something in writing telling you differently. Keep notes of all your converstions with ASC and take names of all reps you speak with.
Believe me I've been dealing with them for 6 months . At first I would call once a week, then I would start calling every single day till my loan was modified.

Keep us posted.

[kimbear565]

Thanks for the advice, I need all the help I can get. My loan was supposed to go to 9%, but when I called she said she could modify it to the original 6% and if I made the four payments then they would review me to make the 6% fixed the rest of the loan. I called just before starting to make the 9% payments, I have only been doing the 6%, so when ever I make a payment it goes into a suspense account and then they would take out the 9% payment, so now it looks like I am one month behind. I called twice today and they both said I should get a letter before May 15. The second one told me that I should not make a payment until everything is finalized and she noted it my file. I logged it into my log, and got her name and Id#. She also says there is a letter on a way to me stating that I am in the review process, I have some proof that we are in a loan modification. I did try to get the nameof the loan neg, she said that there is someone working on my case but no note right now on who it is. Next time I call which will probably tom or Monday I am going to insist on a name. Even the first person I talked to said to keep calling at least every other day to check on the status. I am going to keep calling and hope that I get good news before May 15.

[throwaway]

Kimbear by any chance would the plan they first put you on be the Forebearance plan? Did you have to pay all 4 payments or did they instruct you to pay 3 payments and ignore the balloon payment at the end?

[kimbear565]

It is four payments with the 5th payment being the huge payment if everything is not approved. Starting jan til April I pay almost 1200 and then in May if it is not approved I pay close to 2700 to get everything to date, most everyone I talk to says don't worry that is the worst case for the most part I should not have to worry about paying that much. It the same time my paperwork said after 3 successful payments I would be under review but when it was explained it was explained that it will not go in review until I made all four successful payments. All of my due dates are for the 15th instead of the first, I decided to pay my 4th payment at the end of March, It would give me about 6 weeks before that big payment is due. By the time they received all my paperwork, this week, I am still cutting it close. They keep telling me that I should know before May 15th because that is when it is schedule to reset.

[cuamsim]

I'm battling ASC too. My advice: Keep calling.. you'll get someone who will tell you your negotiator. I call once a week to ASC and they keep telling me my loan is under review. (I'm in the exact same boat you are and waiting after making my "good faith" payments) When I call, I keep asking and finally someone said my negotiator was Keith Kelly and that since he noted my account on the 16th that the loan is still under review, I'm probably close. Keep in contact, stay strong, and keep up posted.

[mar639]

just keep calling and wait for the letter to arrive. If they told you a letter is on the way then it should be. be advised mail from Asc does take about 10 days for you to receive it. When you call them ask them when the letter was mailed out to you.They should be able to tell you. And also ask them what kind of letter it is and if possible ask them what is written in the letter. If you find someone kind enough and very patient they will be able to tell you.
If they told you that soemone is working on your case then you should be able to know who your negotiator very soon. Just keep calling , show them that you are on top of things and it seems to me that you are. So keep up the faith and be strong.
keep us posted

[kimbear565]

I called again today and I am pleased with the lady I got today. She actually explained in more detail about the whole process. She says that my loan review goes to an a neg usually 5 days before the next payment due, so around may 10, then it takes anywhere from 2 weeks to 1 month to get a plan worked out, and then I will recieve the package and have so many days to sign it and get it back to them. It is up to me whether to save my may payment or send it in have it go into the suspense, and that once everything is signed our next payment due date is July 1 or Aug 1st. She says everything looks good and that we should not have a contribution amount or a very large one. So this is good news. That hopefully it should be reset to the orginal percentage which is 6% for us and will be fixed instead of adjustable. She assures that we are not in forclosure. Everything looks good so far. Hopefully this is how it stays. I am just glad I got someone who took the time to really explain the process. I will just keep calling every few days just to make sure everything stays the same.

[Moe Bedard]

Kimbear,

That is good news.................I am glad things are progressing nicely.......and that you got a good person to speak with........for the life of me I can't understand why they all can't be as helpful and have to give people the runaround. It just makes you feel a whole lot better when you are kept in the loop.......

Keep us updated on your progress.......

[mar639]

Yes, this is good news. Im very happy that you actually did find someone kind enought to explain to you in deatails the whole process. Based on your post , you should be fine. All will work out for the best. Just stay on top of things, try calling everyother day and hoepfully eveytime you call you will find someone kind enough on the other end of the line to give you good news.

They do give you a 45-60 day break on making your mortgage payment once the whole modification is being done.
See My modification was approved on feb. 25th , 5 days before the adjustable rate kicked in. I received the paperwork on March 5 th, signed them that same day and mailed back to them that same day with a small contribution amount and I dont need to make my first mortage payment till May 1st. But for the entire month of March it was still showing in the automatic system that I needed to make my march payment with the adjusted new rate at 10.75% then i called April 2nd and it shows my payment isn't due till May 1st and it also shows the new fixed rate.
So keep in mind that even though you are approved it does take time for them to update the system.
Though keep in mind that every mortage they have is different and it may not be similar to others as to how they process the loan modification , the terms, etc.

[throwaway]

Cuamsim,

you had the 4 payment Forebearance and made 3 payments? When was your 3rd payment?

[kimbear565]

no, I made all four payments. It will not go under review untill you make the last payment. The whole process started January with the first payment and I made my fourth payment at the end of March. I paid it early thinking it would start things up quicker, it hasn't. I am told that they give it to neg 5 days before the last payment with the higher amount is due. Then within two weeks - a month I should be getting a letter from the neg about the package and need to return it to them within so many days. Once I pay any contribution amount and have the paperwork signed and return my account will be caught up to date. I will have a grace period before I need to start making payments again.

[throwaway]

Kimbear,

I have to check this out. I have the forebearance for 4 paymen. 3 are for 1432 and the 4th is for the past due amount of 8400. I was told several times by ASC that after I make the 3rd payment ASC would start to do the reviewfor the loan modification to add the 8400 to the back of the loan. They will not start the process until I have made the 3 payments ontime and then the 4th payment would be rolled into loan. Again this was only verbal. my paperwork says 4 payments. I am real worried now.

[kimbear565]

with mine there were 5 payments listed. January - April for the 1167 and in May for almost 2700. I was told that it was a trial period for 4 payments and that she had to list mays payment, but it is only the worse case if I did not get approved at all. However when I talked to her she told be to start calling in march after the march payment, but after i got the paperwork I called up and asked someone and they told me that until I made the april payment it will not be under review so no point in calling. i was a little confused myself. I have always made my payments over the phone and it was weird because on the last payment I automatically went to loss mit and he took the last payment, so it was automatic after the 4th payment. I would just call again and find out for sure.

[throwaway]

I just checked on ASC online and saw that my first payment went in to my account. They put 77 in suspense. approx. 1300 to interest and 91 to principle. It just felt good seeing it.. sorry for the pointless update,,, take care



Johnny

[schwefls]

throwaway no update is pointless this is how we support each other

[throwaway]

Thanks. I really want to pay the next to payments now to get the modificatio started

[cuamsim]

Throwaway...
Mine was exactly like yours. I had 3 payments of $2500 each one due by the 22nd day of the month. Then in April what I didn't pay was to go back on to the loan. So I made my 3rd payment, then someone from ASC called me and asked about my fouth payment, but then realized that I made the 3 payments already and that the fourth was to roll back to the loan. This was in March and I'm still waiting to hear about the modification. Everytime I call I get the same thing. I'll probably be calling today to see what is going on. I haven't made an April payment at all and wondering what is going on. A lady told me the terms of my modification and it was suppose to go up another $300. Kinda worries me so we'll see what happens.

[throwaway]

go up another 300 dollars? I thought the purpouse of the loan modification was to get you out of default and set the interest rate so it will be affordable? I sure hope I don't get 300 added on to my loan. They voluntarily didn't adjust my rate up without me even asking.

[kimbear565]

I called today and same thing it is under review. They all tell me just beofre or on May 15, which just happens to be my birthday so I am hoping It will be good news. I have asked about what is the norm for the mod and they say that usually the loan is set back to what you orginally had before the adjustment. For example, mine was 6.07% before January then it adjusted to 9% so the norm has been going back to the orginal which for me is the 6%. I was told that by the org loan neg that they could neg to 6.5%. We will just have to wait and see.

[cuamsim]

Throwaway
I don't know what they are doing. I'm tired of dealing with it already. Went on zillow and found they quoted my house at 236K almost 150K less than then what I got it for. I'm tired of them reviewing my file but I'll keep calling. I don't want to make a payment until I'm absolutely sure it's something I can afford. So if they go up by $300 in June, like the lady told me, then I'm keeping my April payment as well as my May and June so I can get myself a rental and pay half of what I'm paying now. So.... we'll see.

[throwaway]

Cuamsim,

hang in there. do not let them win. I am going to have the 8400 i owe just in case they try and screw me on the 4th payment. I really believe they will honor there end of the deal if we honor ours. I have been reading at illinoisattorneygeneral.gov and there is alot of information on this

[kimbear565]

I am officially frusterated with this whole process. I have been calling every 2 - 3 days a week for the past month. I was told by several that I would have an answer by today. I still do not have a loan neg name on my account. She sent an email to aleast get this started. She says to start saving my 9% payment just in case even though we are aiming for 6%. I am so upset. I asked if it has atleast been looked at in the past month and she says no. I have even asked to make sure that I am not missing anything they have all told me no that there would be notes from the loan neg side. How is this possible when I am told it has not even been reviewed yet. I called yesterday and they tell me that the loan adjusts again in July and it goes down a little bit, not even a percent, and they act like I am supposed to be happy with this. I made sure that they are still aiming for the 6%, which they say they are, we'll see. They have told me not to make any payments, i am hoping this is correct. Any one who has already gotten their loan approved by ASC, did you ever talk to the loan neg before you got approved and if yes, then how long after you talked to the loan neg did it take to get it approved? I just hope that I still have a good chance to get approved, I feel like it is taking forever. I was really hoping for good news today.

Kimbear, happy birthday. I hope that things go well for you today.

Daniel

[mar639]

Kimbear,

Happy Birthday.

I suggest you call ASC , even if you need to make 3-4 calls in one day, try to get a hold of someone nice enough to let you know what is going on.
Ask them:" Why have you been promised that today you should recieve information on your modification and still no news?" Let them know why haven't you been assigned to a negotiator?"
As for me speaking to a
negotiator, Yes once I was assigned to her and was able to get through to her line I would call her every single day, at day twice a day, to
check the
status of my modifcation.
She had always told me that she would contact me when my loan was finally approved by the investor. Guess what? ...Even though I had been speaking with her everyday, she never called me to tell me that I was finally approved.
I knew about it after I kept calling ASC Art Team , where I found out that my loan was finalized with a fixed rate and she had given me all the info. It took them a while to send me the paperwork . Form the time I was assigned toa negotiator till I finally got approved it took about 45 days.
You see they are so overwhelemd with work and very behind that you can't ever imagine. You need to call them daily and keep calling...everytime you call you will notice that little by little you will receive more information on your loan status.
They are probably pushing for your 6% fixed rate, so it will take time. Asc is not the one who makes tha final decision, its the negotiatior who does.
But please keep calling them.
I can fully understand your frustration, It does seem like it take forever..believe since I started last Sept and when finally I was assigned to a negotiatior it seemed like I was getting further and further away from a modifcation, but instead I was getting closer and closer. Please don't frustrate yourself more than you have to, things will work out for the best.
Have you checked out my posts on the success stories - "Fight Asc since Sept"


Please keep us posted on your situation.