Amerca's Servicing Company Mortagage Increase every 6 months Ripoff Newark New Jersey
My mortgage was sold to America's Servicing Company. I have been with this mortgage company for 2 years. I just found that my mortgage will be increasing in FEB 2007 (It was just increased in August 2006!!!). I called Wells Fargo when I found about the increase. Wells Fargo was offered no help...not to mention not sympathetic at all.
Also, has anyone went to ASC website??? Talk about not being user friendly! Does anyone know how to access their account on their website?? Very confusing! I want to refinance my home in 2007. I'm reaching out...Has anyone been successful in refinancing their home with another mortagage company Other Than America's Serving Company? I'm in fear of losing my home with the constant mortgage increases taking place Every 6 months. Oh by the way, ASC told me there is a Cap at 15%. My god, this is insane!!
If there is anyone who has refinanced recently, please let me know.
Frank
Clarksburg, West Virginia
U.S.A.
1 Updates & Rebuttals
Thomas
Anderson,South Carolina,
U.S.A.
You had accepted and adjustable rate mortgage
#2Consumer Comment
Sun, December 31, 2006
If so, now you will pay for it.
Whenever anyone obtains a mortgage, they should be able to recite all of the mortgage's terms and conditions in their sleep BEFORE they ever sign the contracts. It sounds like "Frank" did not ever understand the terms and conditions of his mortgage and now he is "surprised" that his interest rate increased???? [Note ?? marks.]
Tell us that you DID understand your mortgage, Frank, and that Amerca's Servicing Company is now doing something specifically contrary to your mortgage terms....??
FYI, One should only obtain an ARM when they will live in a house for a short while. Let's say that you KNOW you will live in that house for only 5 years. Then a 5-year ARM 'could' be a good deal. Even a 3-year ARM 'could' be a good deal.
But if you know you will live in your house for the long term, then a fixed rate mortgage is the only way to go. And fixed rate 30-yr mortgages have dropped closer to 6% now. 15-year mortgages are slightly lower.
So start scouting out your local mortgage providers, i.e. Savings & Loans, Credit Unions, Banks, Mortgage Brokers, etc. DO YOUR HOMEWORK! Due dilligence is REQUIRED! Understand exactly what each provider offers.
Use the online bankrate site for reference *only*.
And do ask what % of mortgages each local provider sells off. I always went with those who quote IN WRITING that they sell off less than 4% of their mortgages. This will save you from unplesant surprises......