Asc Success!! - Page 5 - Home Loan, Loan Modification & Foreclosure Help Forum

jennifer123 · 07-20-2008, 12:12 PM

hi cat and rj,
thanks for the reply. i got nervous with the reply professor shay sent, so i thought i would ask my friend next door. when i spoke to asc the gal couldn't give my my new loan terms because the negotiator didn't post them yet, i am guessing once they complete the title search is when the terms will be posted. the only thing that will probably appear on the title is the lien my hoa filed which asc said is not a problem. i have a settlement aggreement with the hoa and asc said if i am in a position to pay the lien off great if not they might pay it or maybe the hoa will allow a subordination and take 2nd place. i think we owe 2,200.00 so if it comes down to it we will pay it off so we can move forward w/the loan mod.asc told me friday the the title search is the last process to the loan mod, loss mit. told me if the negotiator didn't get an approval and new terms yet they would not have spent the money to order a title search because they are expensive, i am hoping this is correct. thanks again for everything. i know i would not have gotten this far if it wasn't for the support and advice from this site.

RudyJay · 07-20-2008, 01:08 PM

Sounds like everything is moving forward... it seems logical re: title search last step before confirmation of approval.. especially if lender must pay something out for it... so... hopefully next week... take care jen..rj

jennifer123 · 07-21-2008, 01:03 PM

hi everyone,
just got off the phone w/our negotiator. our title came back free and clear, one of my other worries and he went over our financials, when i did the financials i was showing a surplus of 300.00, he was showing a surplus of 1,100.00. my mod. terms are not what was i was hoping for but the main thing is i am going to be current and our investor agreed to take our negative 8,000 in escrow and put it into the loan. i was told not to many investors do that. my terms are: 10.5% for the life of the loan. contribution amount of 353.73 which will be deducted from our 1,800.00 in our suspense account. first payment due oct.1st. the payment went up 100.00 from what we were paying with our special forebearance plan. i asked the negotiator if we would of qualified for a lesser interest rate if our surplus was different, he said no. our investor is only willing to lock in at the current rate which i was informed of that from the beginning, i was hoping for a lesser rate. so my payments went from 2,500.00 to 2,600.00. he told me we could always refinance but our credit has taken such a hit and there are not to many lenders out there giving loans like they used to. our paperwork is going out today via dhl. i have to say a huge weight has benn lifted. i have had sooo many sleepless nights worrying about whether we will get approved or not. i was such a basket case on the phone with the negotiator that i was in tears at the end of the conversation when he told me we were approved. i have to say my overall experience w/asc was not bad. i have read many threads where people were having problems dealing w/asc. can i be added to the WHO"S NEXT on the HOMES SAVED BANNER? i also would like to thank everyone here for all the support and advice getting me through this loan mod. could not of done it w/out LOANSAFE.ORG.

schwefls · 07-21-2008, 01:05 PM

Jennifer123 congratulations great work

cbriones · 07-21-2008, 01:18 PM

wow 10.5 % what was the rate going up to if you didnt have a mod

jennifer123 · 07-21-2008, 01:28 PM

it was going to 11.5% and then adjusting again in 6 months with the limit of no more then 15%. seeing as we fell 6 months behind there was no other option. i di just find out that the amount they have my homeowners insurance at is quite costly to what the rates are now. the have it at 2,600 w/citizens. i have been getting quotes as low as 1,200 as long as we complete the wind storm inspection, so that will help lowering the house payment a bit. i am just so relieved that we get to keep our house.

Cat Damiano · 07-21-2008, 01:38 PM

Jennifer,

Congratulations!!
Just let me know when you receive your docs and if you have any questions on them at all.............

jennifer123 · 07-21-2008, 03:04 PM

hi cat,
thanks for replying. what is your input on the terms? have you seen loan mods get approved with an interest of 10.5% or have the majority of them been lower. do i qualify to be added to the homes saved banner

thanks sooo much for all your help and guidance along the way. i thought i could relax now but my body must be used to being in a stressed out mode for the last 6 months it is hard to shift into another mode. maybe i need a few days for the good news to settle in. talk to you soon.

Cat Damiano · 07-21-2008, 03:34 PM

what ASC does most of the time is go to the start rate.........but the members that had the start rates in the 7's and 8's were not in default........but versus the alternative of the adjustment every 6 months.......it is o.k.........
What I would do if I were you is once the dust settles and your account is all updated make 6 payments and call and see if it could be lowered........by that time you are making the ontime payments without a default for a period of time...........it won't hurt to ask...........but first get the account in the good standing for a while...........

Let me know as soon as you receive and sign your docs....then it is official....... and you will be on the new Banner..........

jennifer123 · 07-21-2008, 04:22 PM

thanks cat,
my docs are due to arrive on wednesday, i'll let you know when they arrive. talk to you soon.

cbriones · 07-21-2008, 06:17 PM

so all of this took about 6 months ? wow i have turned in all my stuff as of June 26th so i have a ways to go is it true that they start you on a payment plan first ?

jennifer123 · 07-22-2008, 06:59 AM

i turned our paperwork in feb and by march they offered us a 3 month special forebearance w/a loan mod. to follow. our forebearance months were apr,may,& june and july we were not required to pay anything because they told me they take the balloon payment and work on putting it back into the loan. from what i hear that is basically what asc is offering because they want to see good faith on the borrowers part and as long you make those three payments on time they told me they have not seen 1 loan mod. denied. if you turned in your paperwork in june, i would think you would hear back this month. i think the forebearance plan is for those who are behind, not sure what your situation is. hope this helps. if you have any other questions please let me know because i know this is a very stressful time and i was so greatful to all the people who answered my replys. the support of others on this site and my faith in god is what got me thru all of this. talk to you soon.

cbriones · 07-22-2008, 01:48 PM

hi thanks for responding so when they put you on that forbearance plan was it about the same as your monthly payment ? also what about your past due monthly mtg payments ? i am behind 4 months .... My rate is adjusting aug 1st ...

jennifer123 · 07-22-2008, 02:59 PM

my forebearance amount 600.00 more a month. my original payment was 1,923.46. the forebearance amount was 2,538.17. they took the 1,923.46 out of my forebearance payment and put the extra in a suspense in case there was a contribution amount. they took my past due payments along w/my negative escrow and put it back into the loan.

cbriones · 07-22-2008, 03:17 PM

It doesnt make sense why they would add 600.00 when it is hard enough paying that pament that you had see me mine went up 500.00 so i just stopped paying beause i knew they wouldnt apply it anyways...

jennifer123 · 07-22-2008, 03:59 PM

i agree w/you on that. i was shocked when they gave the forebearance amount of 2,500.00. i have 1,800.00 in suspense so they are taking my contribution amount of 353.00 out of that and the remainder will go towards the amount of my new payment for oct.

cbriones · 07-22-2008, 04:22 PM

After the 3 month payment plan did you then have to call for the mod or did they automatically start it for you? I hope that asc doesnt give me a outrageous payment it was 2850.00 and we just couldnt do it .