Asc Morgage took money for payment into escrow saying i am late on payments mention forecloser. tried to remorgage would,t give them the papers needed Des Moines Iowa
concern morgage holder: I HAVE REALLY BEEN RIPP OFF BY ASC. MORGAGE CO. PUTTING MY PAYMENTS INTO ESCROW ACCOUNT WITHOUT MY PERMISSON. THEN SAY I,M BEHIND ON PAYMENTS.NOT LETTING ANOTHER MORGAGE CO.HAVE THE PAPERS THAT THEY NEED FOR THE MORGAGE.CONCERN
concern morgage holder
tampa, Florida
U.S.A.
1 Updates & Rebuttals
Bob Pace
Silver Spring,Maryland,
U.S.A.
How this happens...
#2Consumer Suggestion
Sun, August 19, 2007
If a payment is not made in full, PRINCIPAL INTEREST TAXES INSURANCE it will be put into whats called a suspense account. A suspense account are funds that are not enough to make a full monthly payment, once there are enough funds to make a full payment, it will be applied accordingly.
Should there be any late charges or escrow shortages, those suspense funds will be applied to them.
Do not send ASC partial payments or this will continue to happen.
If your taxes are delinquent or your home has no insurance policy, they will force place this thru escrow, and mail you statements including your escrow into the payments. If you send funds for P&I only, those funds will end up in suspense, and eventually to your escrow account.
Same thing happens if your arm adjusts, if you send them your monthly payment at what it was before the interest went up, it will be put into suspense.