Asc Success!!

[colahhh08]

Congrats and good luck with mod to follow. This website is the best, and the knowledge and help are priceless.

[Moe Bedard]

Jennifer,

It may not have been the news you were hoping for but if you can live with it for now at least it is not so bad so far.........
And then in 90 days Modification...........YAY.........

Keep us posted on how that all goes......k.......
and we will be here for you........
and of course you know the deal.........don't let up on the modification process.....as Poppy says........call,call,call, and fax, fax, fax, because they will miss you......

I have been told by ASC that if you make those good faith forbearance payments, they have not refused a single modification on any one of these deals....SO

CONGRATULATIONS


Now make sure that right after that final good faith monthly payment that you resend all of your most recent financial documentation to them via the famous fax 612.312.4951...that is the accelerated fax number with you name, loan #, property address, last four of SS# and make the request for the modification. That way you do not fall between the cracks and make sure that then you call, call, call and fax, fax, fax.....keep them at their jobs....

[throwaway]

Jen,

does your Forebearance letter tell you to pay the 4 payments..but on the phone ASC tells you to make 3 payments then call in? We received our Forebearance paper but can't understand why nothing says pay just 3 payments. It all says pay 4. have you made your 1st payment? have you heard anything else from ASC?

[jennifer123]

hi,
our special forebearance plan shows 3 payments of 2,532.78-due april 15th, may 15, and june 15th. for the month of july it shows a very large balloon amount of 21,000! i just about fell over when i saw the balloon amount. i called asc and they told me not to make a payment in july because that is when they will take the balloon amount of 21,000 and modify our loan as long as we are on time with our 3 payments. we did make our 1st payment and what a huge weight off our shoulders. they told me by the time they are done completing our loan mod our first payment wont be due until oct.1st. that means no payments from july until oct. they advised to start putting money away during that time. i have to say my whole experience with asc has been pleasant, no problems at all, they always told me they want to help their customers. i am so happy that you were offered the special forebearance plan as well. this puts us on the road to recovery. if you have any other questions or need some help please let me know. talk to you soon

[throwaway]

That exactly how are forebearance is. It says though upon completion we will be consideref for a modification. I just wish there were a guarantee to this since I know I will not have the 8400 due in July. Then they can say hey you signed the agreement. I am going to make our first payment. our due dates are 1432 for april 30,may 30, june 30 and then 8400 july 30 I was told to start calling ASC as soon as the 3rd payment is made. I hope all goes well for us...

[jennifer123]

our agreement says the same that we will be reviewed for a loan mod.asc told me they have not seen a special forebearance get denied a loan mod as long as the special forebearance is paid as agreed. i am going to call them myself as soon as i make our 3rd payment. they told me there is no need to call because they will automatically start the loan mod process after our third payment is made. everything will work out. talk to you soon

[jennifer123]

hi everyone,
i was wondering if anyone has come across having to resubmit another hardship letter. i called asc this morning about a computer generated letter i received on saturday stating they need some info from me. i have been approved for a special forebearance with a loan mod to follow after i make my 3rd payment. i already made my first payment. i called asc this morning and i was told that a hardship letter is good for only 60 days and i should resubmit another hardship letter for them to put on file. is this right? i was thinking of calling back and talking to someone else. thanks for your help.

[fluffy]

Hi Jennifer,

As can probably tell I am a new member but I have been tracking your progress for a few weeks here.... As far as I can tell I am in the exact same boat as you are in right now. I just fax/mailed back my forebearance letter back to ASC and my first forebearance payment is due on 5/1. Looks like I am one month behind you since my balloon payment will be in August and ASC told me they hope to have a loan mod decision/paperwork done by August.

I have no received another letter from them asking for another hardship letter, but I called them after seeing your message and ASC told me that it is a NICE to have, but not necessarily... I talked to two people and both said that I can use the same letter if I want to... especially if your situation did not change. They did mention something about 60 days... but they were quite vague on it and it lead me to believe that they don't really know about the 60 day thing

Anyways... keep in touch.... since we are in such a similiar situation, if I notice anything out of the ordinary on my forebearance, I'll let you know right away.

thanks
Eric

[jennifer123]

hi eric,
i called asc back and spoke to someone else and they also told me it is not necessary to submit another hardship letter. they said they will use the one they have on file to process our loan mod. i was wondering if you wouldnt mind sharing about your balloon amount. our balloon amount is 21,000 due to us being negative in our escrow. i almost fell over when i saw that large of an amount but asc told me they have seen balloon amounts larger then that and i shouldn't be to concerned, as long as we make our 3 special forebearance payments on time. i have to say when i made our first payment on the 14th a huge weight was lifted off my shoulders. our forebearance payment is 2,532.78 which is a high amount but my payment would of been 350.00 more each month if i wasn't on a forebearance plan, so they did reduce my monthly payment. have they said anything about lowering your interest rate? the reason i ask is when i spoke to a few different people at asc they told me they don't normally lower the rate they just lock you in at your current rate. i was told in the past they work on lowering your rate. i have also seen other people on this site get their rates lowered so i am hoping they lower ours because we are at 10.5% right now and this is one reason why we are in this situation. how has your experience with asc been? i have to say they have been great with us. i submitted my paperwork to them on 2/29 and they called me on 3/24 to tell me we got approved for their special forebearance plan with the loan mod to follow. i was sooo happy. if you have any questions or need any help please let me know. this is a tough thing for people to have to go thru and having the support and advice from others is very helpful. have a great night.

[fluffy]

Hi Jennifer,

My balloon around is $9000 something... I actually talked to the LM Department and they gave me a breakdown but I didn't write them down... LMD told me not to worry about balloon payment since they will work on the actual loan mod by then and regardless of the outcome i wouldn't be paying the balloon amount. I called three times and they all say the exact same thing so I am assuming this is the correct information.

They never said anything about lowering my interest rate... From what I can tell they are going to keep my interest rate at around the the same as I am now (7.5%).... I did a quick calculation, if after loan mod they kept the same monthly as my forbearance payment amount, then maybe they will shave off .5%... but I doubt they will go lower then that.

Hope this helps you a little. I plan to give them a call again to make sure that they got my signed letter.. I will ask them again about the interest rate.

thanks
Eric

[throwaway]

ASC is telling us after we make the 3rd payment for June 30th to call them for them to get started on loan modification. I wonder why the paperwork can not just say after 3 payments we will be doing a loan modification. It feels like a trap stating that you agree to 4 payments with last one being balloon payment..but verbally they are saying not to worry. I have been looking for someone who has completed the same process we are going thru but haven't found anyone yet.

[fluffy]

I agree it is a little odd, but I think someone from here did succeed in getting a loan mod done with ASC. I remembered reading it somewhere LONG before I decided to join the forum today

Anyways.. Keep in touch. I plan to call them tomorrow with a list of questions, and I will be sure to ask them about this as well. If you know anything before I do, please let us know as well

thanks
Eric

[throwaway]

Eric do you remember if the persn had to do the forebearance first? anyway we will all stay in touch. They have been great so far.. but we are in foreclosure. We got served papers on April 9th we have 30 days to file an answer at the court. I have no clue what this means. our papers say they will suspend foreclosure as long as we stick with forebearance and upon reinstatement the foreclosure will be dismissed. there is no sale date right now I am in Iillinois. anyway I will keep everyone updated on my findings. Good luck to all

[fluffy]

Here you go:

cuamsim seemed to have won the fight with ASC. If you take a look on page 3 cuamsim told us that ASC offered him three months good faith payment and then call on the 4th month to do the loan mod. (similiar to our case)

ASC Forebearance Success!

There maybe another person as well. if I can find him/her I will let you know

Thanks
Eric

[jennifer123]

hi everyone,

i am currently on a 3 month forebearance plan with a loan mod to follow after my 3rd payment with asc. i thought w/ a loan mod. they work on lowering your rate along w/putting any negative escrow and past payments into the loan. i have been told by a few reps in the loss mit dept. that they r not seeing the rates get lowered they r seeing people get locked in at their current rate. i am currently at 10.5 and my ballon amount is about 21,000 which includes my past due payments and a large negative 9,000 in escrow due to us having to get caught up on our property taxes and insurance. with asc putting th 21,000 back into my loan my loan amount will propably be around 230,000 and if the don't lower my rate from 10.5 i will still be at over 2,000 a month. i was hoping to get a better rate. should i send a letter in requesting a lower rate or do they automatically try to lower the rate. not sure if the reps in loss mit. were giving the correct info on the rates not getting lowered. i appreciate any input. have a great day.

[Moe Bedard]

Jennifer,

What was your start rate?

[jennifer123]

hi ***,
thanks for getting back to me. my start rate was 8.5% which was in july 2004thanks again for your help.

[Moe Bedard]

So far what we have seen ASC doing is...............they are going back to the start rates.........the lowest rate we have seen from them is 7%.....but that was close to this person's start rate.......

The members that are receiving the workouts to the start rates are dealing with the ART Team........here is that number for you......hopefully it is a different area then the one you are currently dealing with.......

ASC ART Team
1-866-398-7569

Accellerated Fax to ART Team
1-866-453-6315

Good Luck on the modification......

[jennifer123]

well i called the art team at asc. the rep. in that dept. completely threw me off. all along the loss mit. dept. told me as long as i make my 3 forebearance payments on time our loan mod. will go thru with no problem. this gal told me there is no guarantee we will get approved for a loan mod! here i thought we were on the road to recovery. so now i am going to probably start stressing over this. any advice on this? thanks

[Moe Bedard]

The ART Team is the dept that the ASC success stories have used..........they might not have had a forebearance plan first............just stick with the dept that you have been dealing with then..........didn't mean to confuse you...........just thought they might be able to help............

Lina posted all of the contacts that she was using.........this is what she posted.............

CUSTOMER SERVICE 1 866 224 3771
BORROWER COUNSELING SERVICES 1 800 662 3806 Monday - Friday 8 AM - 8 PM central time their fax 1 866 590- 8910
ARM TEAM - 1 866 398 7569 Option #1
LOSS MITIGATION - 1- 877 222 7875 Option #4
Collections 1800 662 3806
Fax to ART TEAM 1 866 359-1975 Put Att; to ART TEAM


Their website is listed on your statement, note that when going through a modication, they will lock access to your account online. you need to call their customer service to unlock it. The phone # is available on the website.

[jennifer123]

hi everyone,
i was wondering if anyone had the answer to this. i made my last forebearance payment on june 14th. i called asc yesterday and they told me the next step is us being assigned to a negotiator in 2 weeks. i do have a fed. tax lien on file w/the county courthouse. will this cause a problem with my loan mod? i did call the irs this am and they told me that with my tax refund and stimulus payment it paid off more then half of what was owed. the lien is for 10,053.00 and the balance now owed after my refunds were applied is 4,500.00. the irs did mention i could send in a certificate of subordiantion of fed. tax lien. from what i understood that is where the irs will take 2nd place in line as far as the lien goes. i am not sure if i should start the process on this or should i let it be. i am not sure if asc checks for liens or not. i appreciate your help.
jennifer

[Moe Bedard]

Jennifer,

There is two things that ASC could do as part of the modification that might show this lien............and it definately could hinder a modification........one would be to pull credit and the other is to do a title search of the property.....

A tax lien can be placed against the property if not satisfied...........is that the step they are going to take?

[jennifer123]

thanks for getting back to me ***. i am assuming it is on the property. i thought all liens are on property if owned.. if it is on the property does the mortgage company make you pay it first or do they at times pay it, the irs told me the mortgage company should accept the subordination certificate which will state that asc will be first in line and uncle sam will take 2nd place. from what the irs told me i was under the assumption the lien i against the property or could it be different? thanks again for your advice
jennifer

[Moe Bedard]

I don't know much about IRS liens..............but I do know that it will show up on either the credit report or the title search to the property.............and I don't know how the modification will go at that point..........

All you can do is to get the certificate of subordination and submit it to the lender if they mention the lien..................if they don't mention the lien........then maybe it wasn't recorded yet..........but I would get the document just in case it comes up........