ASC Success, Fighting Since September!

[mar639]

Hello,

I have been a member of this forum since last Sept. and since then I have been dealing with Asc on my loan modification.

I have 80/20 loan that is going to adjust on March 1st 2008. My payment will jump to $1300 more a month.

I have submitted 4 financial worksheets and 4 hardship letters. I was always told that it was too early for a loan modification plus they also told me since I am always current with my payments I don't qualify for a loan modifcation and to try again by January 15th.
Prior to that I called Hope and they send my info to Asc and I re- faxed my financial worksheet to Asc after January 15th. By January 30th my file has been assigned to negotiator. they also picked up my credit report.

I spoke with my negotiatior last week and she told me that she has alll my info and that before Febraury 15th she couldn't let me know if" I qualify for Loan modifcation". And if I do qualify I will be contacted by her with all the info and the paperwork will be sent out to me.
We asked for a fixed rate, meaning keeping the payment amount where it is today. I also told my negotiator it wouldn't be fair to loose my home just becuase the investors want an additional $1300 a month. I
also told to look at my payment history with asc ......It shows an excellent payment history , never late.
I also mentioned it will be obvious I will go into default with the new payment they are requesting.
Im just hoping they are going to approve the loan moddification. If not I don't know what to do next.
To me to file bankruptcy doesn't make sense, I don't want to sell my home , nor do a deed in lieu I just want to continue to make my regular monthly payments which I can afford since I have a two family home , meaning I have rental income. My tenants pay on time , my husband has a great income and steady job.I just started my own home business and income is coming in so I dont see why I should lose my home, just because of greed.
Thats what I call it .. Greed.
Our credit score is in the 685 range . I pay all my bills.
One time ( Dec.) I spoke with a lady at the loss mitigation she told I disn't qualify for loan modfication because based on the financial worksheet I couldn't afford my mortgage at the current rate. And I told her , explain to me why I always make my payments? she couldn't say , but insisted that I couldn't afford my home. Then we went over the financialworsksheet and she had all numbers wrong so then I send them a new financialworsheet. then I called again to see if they recieved , and this nice gentilemen confirmed and said that I do qualify for a loan modification. Then after a few days I did get confirmation that my file is with a negotiator.

I have my negotitators phone number and she did tell me to call her after Feb 15th or they will call me if something happens before.

I see many people are dealing with Asc and there have been success stories with them and some stories are less. I do want to add that I have been calling Asc every single day, some days even twice. I made it a daily routine just to let them know that I am still here waiting and wanting to save my home. They must know me very well by now.

My question and concern is , what ifhey dont modify my loan ....what can I do next?

I haven't paid my mortgage this month, Im holding it off till the last minute hoping I will know something before the 15th. I have till the 15th to avoid the late fee, I will wait till then to pay. I always pay over the phone.

Thank you
Lina

[mar639]

I also forgot to mention I do a very little equity on my home $25.000. We are unable to refinance do equity.

Lina

First off, I will not be shy about this ASC is difficult to work with, they are not real accommodating in this process. There are successes, but over all they are not real responsive.

Do not stop calling......you can not stop that process, the squeaky wheel gets the grease in these cases, very important.

Set the money aside for the Feb payment if you are not going to make it right away. That also is important.

Now I need to ask where you are located, what state and county. The equity as I read it is 25,000.00? Is that a fairly accurate estimation, worst case. What is your loan amount? What do you assume a worst case value is of the property? How long have you been self employed? Could worst case your husbands income be used to support a refinance request if there was a program that could help for a refinance i.e. 41 to 45% DTI (Debt to Income ratio)

Please do not stop calling them, and meanwhile could you let me know the answer to the questions above. I really need to know the answers, not for not there maybe some assistance outside of modification, however I am not sure until I know those answers.

[mar639]

Hi ,
Thank you for your reply and for your questions.

Im in Nyc , queens county.
My first loan balance is $627,700 after my Feb payment and my second loan is 159,000. My first loan is at 7.475% and will adjust to 10.475% as of March the second is 11.99% which is very high even at the time of our loan application with a credit score of 680 at the time I feel the 11.99% is way too high.
I have been self employed for the past two months and I make roughly about $500.00 a month. I had my home apraised 5 times in the past year and three aprraisers came in 805 , one at 815 and another at 790. My home is totally renovated inside and out and I beleive a fair market value would be of 830,000. When I submitted the financial worksheet I put it an average monthly income of 5500 ( hubbys take home pay)

Thank you,
Lina

Drat for the time being you are outside the Loan Limits for FHASecure 2 family, they fall at 464,449.00....so that idea was disposed of for the time being. There is talk about raising these limits, but what century is anyone's guess.

You need to be extremely proactive and extremely focused with these folks, no doubt about it you need to call, call, call, fax, fax, fax and do it more than once on any one situation as things have a habit of disappearing with them. There are so many divisions of their work out and modification teams, not even they know what they are doing.

I would not discuss the issues of equity or that stuff with the lender/servicer as in this case your servicer is not the owner of the note and mortgage. ASC is only a servicing arm for the actual owner of the mortgage. Additionally yes I suspect that your loan was predatory with those FICO's, was it a stated income loan?

The rents were they included in the financial data, you must have more income than outgo when you put the budgets together by 75 to 200.00 we are finding, but at the same time you must be totally honest about the income and household bills with them.

Please send the hardship letters over and over again to them until you really get a response from someone who can and will make a reasonable decision.

Also send the hardship letters and history of your attempts to resolve to the State Attorney General of NY, he is suing and bringing criminal charges against many of these predatory loan people up and down the food chain. Also your elected officials - State, Local and Federal.

QWR - there are examples of the letter in the Tool Box. In that letter demand your Life of Loan History, copy of Note, Deed of Trust, Riders, all Assignments of the Deed of Trust, TIL, Right of Rescission (if refi), Lender Final HUD-1, all disclosures and all loan documents in your file, copy of appraisal. Send this three times certified return receipt required and also send it to the Broker, Title Company and all others in the Chain of the Transaction.

This thread has a really good example:

My Countrywide escapade and Hi!

There are also examples of this letter in the HomeOwner's tool Box. Finally I can not stress enough that you have to be focused and proactive in this situation. You are the responsible adult, call, call, call, fax, fax, fax, mail, mail, mail and any mailings must be return receipt certified.

[mar639]

Thank you Popy for your reply.

Yes, when I send in my financial worksheet I included my rent and my personal income as well. I also added all of our monthly bills credit cards and utitlity and car loan.
When we first applied for the loan we did stated income, I remmeber bringing in personallyformation on my husband's income , annuity and 401k. The other day when looking at my closing documents and in the Loan application the stated income $8000.00 , that wasn't the right income it should of been 5,000.00. Thats when I said to myself this sin't right.

I will be calling them everyday , I will call my negotiator on the 15th like she mentioned ( plus I really don't know why I need to wait till the 15th till soemthing is being done - when loan adjusts March 1st) - I will fax them over another hardship letter. Yesterday i faxed them my husband's updated paystubs ( he was out of work for two weeks).


Now the QWR need to send directly to Asc? only have one address to I need to send written correspondence on my statement. Is that the one I should use? And should I send it three times to asc and once to the broker and title company.

Thank you for all the information. I really appreciate it.

[mar639]

Yes my budget on the financial worksheet has a $200.00 surplus that is when I added my addtional income.

Yes send it to the Servicing/Payment Address....now here is another one..... This is a corporate address

America’s Servicing Company
2701 Wells Fargo Way MAC x9999-019
Minneapolis, MN 55476-8000

That is from some data that I gleaned from tools that I use in my work daily. You will note that it is on Wells Fargo Way.....draw any inference you want from this, it is accurate.

Meanwhile do send letters to the State Attorney General of NY....their office should be getting these letters from every homeowner that is distressed in NY so that he can see just how bad the problem is. Let them know the entire chronology to date and some of the stupid things that you have been told, I suspect there were a few from the collections, Loss Mit and Work out departments of ASC.

[mar639]

Thank You Poppy.
I will work on it right away.

[mar639]

Question?
Do I need to include in the respa letter that I have applied for loan modification and waiting on a response ? or simply ask for life of loan , deed of trusts. ridrs etc...only?

No to the modification part, yes to all of your paperwork and while you are at it at the bottom notify them that you are logging and posting your progress with Loan Safe.org many members are. Whether it will have an effect/affect, probably not, however it serves to notice them that they are being held accountable.

[mar639]

Is this ok?




This is a "qualified written request" under Section 6 of the Real Estate Settlement Procedures Act (RESPA).
I am writing because:

I demand a Life of Loan History, copy of Note, Deed of Trust, Riders, all Assignments of the Deed of Trust, TIL, Lender Final HUD-1, all disclosures and all loan documents in your file, copy of appraisal.

All information on the progress of my loan is being posted on loansafe.org .

My Phone #

Sincerley,

Please go back to the thread that I recommended a review her letter and request specifically the things that I had in my list of documents. You want to get all of your file and you want to list the reasons specifically why you feel the need for the QWR or they will not preform for you. That letter in that one thread is really, really good and has had good results so far.

Attention Customer Service:

Subject: [Your loan number]
[Names on loan documents]
[Property and/or mailing address]

This is a "qualified written request" under Section 6 of the Real Estate Settlement Procedures Act (RESPA).

I am writing because:

* Describe the issue or the question you have and/or what action you believe the lender should take. List what you want specific to the documents that I outlined in the post above.


* Attach copies of any related written materials. Any letters that you have written to them and they have not been responsive to.


* Describe any conversations with customer service regarding the issue and to whom you spoke. All conversations that you have had that they did not behave properly, blew you off, gave poor advice, told you no not until you are delinquent, all conversations and any other worthless conversations or correspondence


* Describe any previous steps you have taken or attempts to resolve the issue. Outline your efforts to date...everything


* List a day time telephone number in case a customer service representative wishes to contact you.

I understand that under Section 6 of RESPA you are required to acknowledge my request within 20 business days and must try to resolve the issue within 60 business days.

Then the Loan Safe tag line...

Sincerely,

[Your name]

[evel1999]

Marg

Good to see you back on the forum. I sure hope you can get your Loan Modification approved. Yes America's Servicing Co is so hard to work with and get the help you need to modify. I know you have been working on this since Sept 07. We started about the same time trying to save our homes when the adjustments take place.

What is your Negotiator's name? Mine was Stephany Jenkings.

They should call you like they said by Feb 15. Hopeful you will have an offer for a fixed rate and you can pay the Feb payment and everything will be worked out.

They will send you the package by Fedx or Ups to sign and send back. They do not give you much time to get it back to them. Just a few days.

Hopeful you will get your Loan Modification and this will be another success story on this forum.

I have the address for the Loss Mitigation Dept in Ft Mills SC if you want to send anything there. That is where I sent everything including the RESPA QWR since I was working on a Loan Modification.

Is your 2nd mortgage with them also? Is it fixed? Or do you have to do a Loan Modification on that loan also?

Looking forward to hearing they call you by 2-15-08 and you get your Loan Modified.

There has been several of us on this forum who were able to get this approved. So, I think America's Servicing Co is more willing now to help than they were.

[mar639]

Today I decided to call my negotiator even though she told me to wait till the 15th. She was kind enough to tell me that she did work on my file and requested a rate reduction from 7.475% to a fixed 7% .Nothing was definite becuase she submitted everyhting to her supervisor for final approval.
What could this mean?
Also she mentioned it was required of me a down payment of $1400 and I told her what about my mortage payment this month? and she replied saying that everything has already been calculated. Fromw hat I understood that I need to only make the down payment this month and my mortagge payment rolls over to march.
She once again stated nothing is confirmed and that I should call her back either by tomorrow or the latest Thursday and she will be able to give me a final approval and all the numbers.
Then I asked her when is it required of me to send the downpayment? and she said that it should be recieved by the 11th.
I dont understand she is giving me a definite down payment date but not a definite approval.
What could this mean?
Im just hoping for the best. I will keep you all posted.

Evelyn, thank you for all the encouraging words and its good to see you on the board after a long time. I hope all is well with you. Thanks for Asc address as well.
All the best

The negotiator makes the assessment and recommendation to an underwriter, like me. They then review the assessment and recommendation with all of the other documentation that you provided to ascertain that this proposal has limited risk layering for the benefit to the borrower and the lender. In other words that it will work, that the borrower can afford it and that it meets the parameters allowed by the investor.

No nail bitting allowed, they rarely pass them on and let you know the terms if there is not a snow ball's chance in the netherworld. So keep calling and I think you just may be OK. Just do not keep calling, that keeps you on top of the situation and gives you back some of the control.

I am not sure but it appears that the down payment is an interest fee to bring the loan's interest through the modification date and then the payments would roll from there.

[evel1999]

My downpayment at first when they said I was approved and to pay a downpayment by a certain date (Nov 16), was my mortgage payment amount.
When I called in over the phone the downpayment amount to pay, they credited it to my mortgage payment, therefore I was not late on mortgage anymore.

So, when I wrote that RESPA letter asking why they applied my downpayment on Loan Modification as payment, I finally got a call from a Negotator (buy then my next payment was due) and he wanted another downpayment(same as monthly payment) and he wanted to set me up at current interest rate monthly payments. I paid that downpayment by phone again and it went to a payment again. So I wrote another RESPA letter asking why they keep applying my downpayment on Loan Modification again as a monthly payment. Another Negotator called and this time she said I did not have to pay a downpayment as my payments were current and they would roll the Dec and Jan payment into the principal.

I asked for a lower payment as I could not really afford my current payment.
She had to consult the investor for an approval to lower the payment.
She called back the next day and offered 7.250% and a payment of $100 less per month. When I got my package they did ask for a downpayment of $174. It was a late charge I owed. I had to send that right away by certified funds and this time they placed it in suspense till the loan modification was final. Then they rolled my Dec and Jan payment which was over $3400 onto the principal balance.

So basically you probably are approved. But since it is a lower interest rate they have to get the approval by the investor. The interest for this month Feb which is only a portion of your payment will be your downpayment probably. And if your payments start March 1 your principal balance should stay the same. If not they will roll the payments onto the principal.
So basically when they have final approval, you will receive a phone call saying so and what the rate is and payment is and will receive the package by Fedx next day and have about two days to get funds to them certified (MO or Cashiers Check) and the package back to them. You will need to make the payment on the downpayment by the due date they call for, even if you have not received the package yet because if you don't then they say you did not abide by the agreement. I felt like and I believe that this was a ploy to get a payment out of me, like Moe says, they are collectors and their job is to collect.

I sure hope you do not have to go thru what I did over these payments.
They only applied my payments correctly when I was instructed to send a MO or Cashiers Check with the Loan Modification when I returned it. Maybe you will have your Loan Modification package before your funds (downpayment) is due. Because they list the downpayment on the Loan Modification.

So I basically paid $174 downpayment and did not pay a new payment for two months. After making the downpayment by certified funds, then I signed the Loan Modification and mailed it back it.

So it looks like you are on your way to a Loan Modification. So glad more are being successful with being able to modify their loans.

[mar639]

Hi Evelyn,

Thank you for the info. Im just hoping either today or tomorrow when I call my negotiator she will give me a final approval and the paperwork is on its way. Yesterday she was checking if a letter was sent out to me, and I was put on hold for a few extra minutes then she couldn't confirm that a letter was actual sent out yet. maybe it was sent out last night or its going to go out today.
Now do you think I can pay for the downpayment over the phone or is it important that I send in the certified check along with the paperwork?
Im asking this becuase she diid mention that the downpayment is due by Feb 11th ( Monday) and today is the 6th ( Wednesdy). If I have an approval by later today or tomorrow, Which is the fastest way to get the funds to Asc by Monday?

[evel1999]

It would be best to ask the Negotiator since you have a number and can actually call her. She would be able to tell if how and when to make the downpayment.

I am sure things have gotten better at America's Servicing Co by now and by giving you the Negotiator's phone number you actually can get help on these matters.

At the time I was doing my downpayments that they requested they would not give you a phone no to call. You had to call the Loss Mitigation or Arm Retention Section no and just speak to an agent and they would review the input in the computer and just say whatever.

So keep in touch with the Negotiator about the funds and they will make it clear what to do when the time comes. It is great you have a direct phone no for the Negotiator.

If you need the address to Loss Mitigation in case you need to send any letters or faxes the address is:
American Servicing Co
3476 Stateview Blvd
MAC X7801-03K
Fort Mill SC 29715

The Fax Number to Loss Mitigation is1-866-590-8910
The phone no to Loss Mitigation is 1-877-222-7875

Since you are not behind in payments they may refer you to Arm Retention.
That was a big problem for me. The right hand did not know what the left hand was up to. One minute I was in Loss Mitigation, next I was told No I need to be in Arm Retention(for ones not behind in payments). It was so stressful going around and around in that wheel.

Anyway, best to work directly with that Negotiator and direct all questions and how to make payments to her directly.

[mar639]

Today is Feb. 11th and still no news on the final approval of my loan modification wuth Asc. When I last spoke with my negotatitor last Friday,( I called) she said that my file is still with her supervisor for final approval. And I insisted with her by saying, why did you request the downpayment for Feb 11th when its only three days away and still no final approval? Then I also told her that I needed to know what to do with my feb. payment and that I would like to know before the 15th to avoid a late fee? She told me to hold on to the payment and that definetly before the 15th I should know something? This to me is kind of odd? It is so frustrating. I am waiting till the 14th to make my payment, first I will call her that day to see where I stand and tell her that I am going to pay my mortgage this month and see what she has to say. She kept insisting that I can make the downpayment over the phone and that I needed to wait.
Any suggestions????

I suspect that they have benchmarks as to how long the file can remain at a certain station/desk prior to getting it out of the queue. That means that the underwriter in this case has a 48 or 72 hour turn around time to respond with the final decision so that you can get the ball rolling on the down payment and other details of the modification. We are that way on the front end and at the end of this process I think some of them must be as well. They can not have a file on their desk any longer than a certain time frame. This may explain the situation.....

[mar639]

Thank you Poppy for your quick reply.

So basiclly I should recieve some kind of answer / phone call/ paperwork by this week on the status of my loan modification?

Unless the poor underwriter expired at her/his desk, yes I would think so.

[mar639]

This time my Husband called our negotiator today to see at what point our loan modification is. She told him that it is still beeing reviewed by the supervisor.
And again my husband asked about our Feb. morftgage payment if we should pay or wait. the negotiator replied sayin that they are requesting a down payment by the 13th ( Wed). And my husband said first you tell us the 11th and now it is the 13th.? Why? She replied that they needed to change it.
Any how she also checked to see what we needed to do about our mortage payment this month and she said that we can pay it, and" if" the approval goes through they will deduct the down payment from our mortgage payment and the difference will be applied to the new payment, awaiting the new rate and payment if approved .
All of this sounds really odd .
Should I have doubts?
I am going to go make my payment on Thursday but I would like to send a QWR . I need help in writing it. First of all I would like to know why my husband's income was inflated to $8,000.00 at the time of the loan application when we submitted all documents and at the time his gross income pay was only $5800 a month. Maybe they considered his annuity and/ or 401K? I dont know but his take home pay was not $8,000 a month.
And I also want to know what it is taking ( Since Sept )so long for a final approval on my loan modifcation knwoing that March 1st there is no way I can afford an additonal 1300 on my monthly payment.
I don't know how to include this on the QWR.

Thank you.

[cbriones]

Is This What I Have To Look Forward To When I Start The Modification ? My Rate Adjust In Aug They Will Not Give Me No Info Whats So Ever...