Complaint Review: America's Servicing Company

Dear Mr. Anybody: the notice from ASC could have been sent with regular mail, the envelope did not contain anything that would make clear what was going on. Are they going to send christmas cards or monthly statements using UPS overnight next time ? This behavior shows how they respect other people's money: "we don't have to pay for it, so it does not matter...."

By the way: a certified letter sent to a PO Box has to be signed as well and it is a lot cheaper than UPS.

Also interesting that other customers had to submit a request for a payoff (read the other stories...) I never requested a payoff. What happened was that I entered one zero to much when I submitted the money electronically. I was going to make use of my right to make prepayments and submitted 50000,00 instead of 5000,00. Instead of asking what my intentions were, these guys thought: "Oh, nice: someone is sending us some interest-free money..."

And since it was convenient for them they "waived their request for a payoff" and made their own interpretation without asking any questions.

Also no explanations until today how they get their 200% interest rate. I am surprised that they don't charge 2000% interest, how humble...

Dear Mr. Anybody: the notice from ASC could have been sent with regular mail, the envelope did not contain anything that would make clear what was going on. Are they going to send christmas cards or monthly statements using UPS overnight next time ? This behavior shows how they respect other people's money: "we don't have to pay for it, so it does not matter...."

By the way: a certified letter sent to a PO Box has to be signed as well and it is a lot cheaper than UPS.

Also interesting that other customers had to submit a request for a payoff (read the other stories...) I never requested a payoff. What happened was that I entered one zero to much when I submitted the money electronically. I was going to make use of my right to make prepayments and submitted 50000,00 instead of 5000,00. Instead of asking what my intentions were, these guys thought: "Oh, nice: someone is sending us some interest-free money..."

And since it was convenient for them they "waived their request for a payoff" and made their own interpretation without asking any questions.

Also no explanations until today how they get their 200% interest rate. I am surprised that they don't charge 2000% interest, how humble...

Dear Mr. Anybody: the notice from ASC could have been sent with regular mail, the envelope did not contain anything that would make clear what was going on. Are they going to send christmas cards or monthly statements using UPS overnight next time ? This behavior shows how they respect other people's money: "we don't have to pay for it, so it does not matter...."

By the way: a certified letter sent to a PO Box has to be signed as well and it is a lot cheaper than UPS.

Also interesting that other customers had to submit a request for a payoff (read the other stories...) I never requested a payoff. What happened was that I entered one zero to much when I submitted the money electronically. I was going to make use of my right to make prepayments and submitted 50000,00 instead of 5000,00. Instead of asking what my intentions were, these guys thought: "Oh, nice: someone is sending us some interest-free money..."

And since it was convenient for them they "waived their request for a payoff" and made their own interpretation without asking any questions.

Also no explanations until today how they get their 200% interest rate. I am surprised that they don't charge 2000% interest, how humble...

Dear Mr. Anybody: the notice from ASC could have been sent with regular mail, the envelope did not contain anything that would make clear what was going on. Are they going to send christmas cards or monthly statements using UPS overnight next time ? This behavior shows how they respect other people's money: "we don't have to pay for it, so it does not matter...."

By the way: a certified letter sent to a PO Box has to be signed as well and it is a lot cheaper than UPS.

Also interesting that other customers had to submit a request for a payoff (read the other stories...) I never requested a payoff. What happened was that I entered one zero to much when I submitted the money electronically. I was going to make use of my right to make prepayments and submitted 50000,00 instead of 5000,00. Instead of asking what my intentions were, these guys thought: "Oh, nice: someone is sending us some interest-free money..."

And since it was convenient for them they "waived their request for a payoff" and made their own interpretation without asking any questions.

Also no explanations until today how they get their 200% interest rate. I am surprised that they don't charge 2000% interest, how humble...

I am in the mortgage industry and read what happened and i might have a suggestion. You might want to look at your closing documents from when you either last refinanced or when you purchased the home. The reason i am saying this is the investor that backed your loan may have stuck you with a Prepayment Penalty,and had you sign a document at closing agreeing to this, Now of course no one reads every document that is thrown at you or you would be there for a week. What a Prepayment penalty is if you refinanced or paid off your loan in a certain time frame usually within the first 1-5 years of the mortgage you would be assessed this penalty, now few have what is called a sales clause which means if during this timeframe if your home is sold to a unreleated 3rd party that the Prepayment penalty would be waived. Even if the loan is transferred to another company, The original investor is still the same so any amount of the penalty would be assessed by the servicer that holds your loan at that time. From what i read in the original story that sounds like the case here. So check your original documents to see if there is either a Prepayment section of your note, if not there then there should be a Prepayment addendum to note, the terms of it (if there is one) will be there. I also know that if you were going just off your billing statement that you receive with your monthly payment it would not show that or any interest that maybe due. I also know that if you have a PO box for a address a UPS or DHL can not be delivered there so that is why they sent it to your physical address only because no one is there to sign for it at a PO box.

This is a truly horrid company - as a lender, I have tried to obtain payoffs, the customer has tried to obtain payoffs, and a lawyer has tried to obtain payoffs on a loan that was otherwise being paid on time.

They just simply refused to give a payoff...flat out refused. They said a customer must write in for a payoff themselves, but then when that happens (I witnessed this and it was sent registered mail return receipt) they just blow you off.

Why? Because they hold usually very high 16-20% mortgages and want to keep that profit rolling as long as humanly possible. Sure...it may be a small amount to you, but add that up over all the borrowers they are screwing. That's a ton of money!!!

I pray for anyone involved with this leach on society of a company. I was thinking of working for Wells Fargo since I moved to a place close to them...but they can go to **** for all I care. I don't want to be associated with these people at all.

ASC (America's Servicing Company) is a subsidiary of Wells Fargo.

Neither entity is interested in working out a situation once a target has been placed on your back.

Get educated! Read the other RipOff Reports on America's Servicing Company and Wells Fargo.

Search the internet for Mortgage Servicing Fraud and put your paperwork in order as if your very breath depended on it.

Lawyers and Attorneys hate getting boxes of papers that have nothing in order. They will charge you an arm and a leg to put your case together.

Only you know what you have done, if you have everything documented and in order, you stand a better chance of obtaining the proper legal representation for your case.

Make your complaints to the various governmental agencies, and most importantly, don't forget to document everything.

ASC is acting as a debt collector, so DV (dispute-validate letter) the alleged amount still owed, how interest is calculated, etc. - the whole package. (Standard template letters are available here and in other sites on the Internet.)

Include copies of your docs showing that you paid off the debt to Wells Fargo. Make ASC prove their claims to every single penny. If they don't, they're out of luck. Also, every FDCPA violation they commit is $1K in your pocket AND invalidates their claims to any alleged monies owed based on fraud case law.

Figure out where ASC has already violated the law (i.e. their interest rates are extortionistic), tell them in your letter and copy Wells Fargo, the BBB, FTC and Attorney General's Offices in your state, in Wells Fargo's state and in ASC's state.

(In fact, you can flat out tell ASC that you have no contractual relationship or obligation to work with them or to pay them one penny and that you will only work directly with Wells Fargo to resolve any alleged outstanding balances.)

ASC is acting as a debt collector, so DV (dispute-validate letter) the alleged amount still owed, how interest is calculated, etc. - the whole package. (Standard template letters are available here and in other sites on the Internet.)

Include copies of your docs showing that you paid off the debt to Wells Fargo. Make ASC prove their claims to every single penny. If they don't, they're out of luck. Also, every FDCPA violation they commit is $1K in your pocket AND invalidates their claims to any alleged monies owed based on fraud case law.

Figure out where ASC has already violated the law (i.e. their interest rates are extortionistic), tell them in your letter and copy Wells Fargo, the BBB, FTC and Attorney General's Offices in your state, in Wells Fargo's state and in ASC's state.

(In fact, you can flat out tell ASC that you have no contractual relationship or obligation to work with them or to pay them one penny and that you will only work directly with Wells Fargo to resolve any alleged outstanding balances.)