Nikki
Coconut Creek,#2Consumer Comment
Tue, November 18, 2008
Where did you get $480,000 loan at 5%? I didn't see that in any of the OP's posts. If the OP had an original mortgage paying $17xx per month, and it was scheduled to go up to $24xx, the OP probably had a mortgage somewhere around $275,000 (5% interest rate is too low for one of these mortgages, probably more around 7%). If the OP is paying a second for $600, that is around a $60,000 loan. If you live in California like the OP does, a house that cost $335,000 is not that much. Why are you so incredulous?
Tom
Experiment,#3Consumer Suggestion
Mon, November 17, 2008
When I read this ripoff report I was quite amazed. If I understand the facts correctly, the loan amount was $480,000. If the loan were amortized for 30 years at a rate of 5%, the monthly principal and interest payment would be $2,576.74. An increase from $1,7xx.xx to $2,4xx.xx is a GREAT deal. How you ever received a $1,7xx.xx payment is a question to me. If all of your debt were the mortgage payment, to strike the magic 38% of gross income would mean you had to have income of $6,780.90 a month at the payment I calculated. We know the income I stated above would have to be much higher to qualify becuase you have taxes and insurance in addition to P&I. Add a $600 car payment and the income requirement goes up. So exactly how much income do you have and wouldn't you expect to loose the home under these circumstances? There is no one out there, myslef, Wells Fargo, or the taxpayer who wants to pay for your mistake and that of Wells Fargo.
Cindy
Sharpsburg,#4Consumer Comment
Sat, November 08, 2008
Hey, anyone involved with these people must know that they are fraudulent as the day is long. We unfortunately became involved and have finally found a great attorney to represent us against them. They have no right to steal peoples homes from them. Somebody needs to put a stop to them right now. Please contact me at: (((ROR REDACTED))) ASAP!! CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
Cindy
Sharpsburg,#5Consumer Comment
Sat, November 08, 2008
Hey, anyone involved with these people must know that they are fraudulent as the day is long. We unfortunately became involved and have finally found a great attorney to represent us against them. They have no right to steal peoples homes from them. Somebody needs to put a stop to them right now. Please contact me at: (((ROR REDACTED))) ASAP!! CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
Cindy
Sharpsburg,#6Consumer Comment
Sat, November 08, 2008
Hey, anyone involved with these people must know that they are fraudulent as the day is long. We unfortunately became involved and have finally found a great attorney to represent us against them. They have no right to steal peoples homes from them. Somebody needs to put a stop to them right now. Please contact me at: (((ROR REDACTED))) ASAP!! CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
Cindy
Sharpsburg,#7Consumer Comment
Sat, November 08, 2008
Hey, anyone involved with these people must know that they are fraudulent as the day is long. We unfortunately became involved and have finally found a great attorney to represent us against them. They have no right to steal peoples homes from them. Somebody needs to put a stop to them right now. Please contact me at: (((ROR REDACTED))) ASAP!! CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
David
Salt Lake City,#8Consumer Suggestion
Wed, March 05, 2008
Yeah, my experience in ASC isn't the greatest. My mortgage is about to reset from $2100 to $2600 come April. At the time I got the mortgage I would have been to afford that adjustment but having been laid off and taking a less-paying job - and moving out of state to get it forced me to rent the place because the market wouldn't bear a sale - has left me scrambling for money since I relocated. Their solution was to refi the mortgage but the option they offered me was almost exactly the same per month than the ARM I have. I looked elsewhere for but there were few affordable options for my (now) investment property even with the rent I collect. I won't be able to qualify for a new mortgage until I get my debt paid down by another $10,000 (debt/income ratio is just over the threshold). So this year will be lean - no vacation, no $50 restaurant meals, no flat panel, and its now regular unleaded instead of premium. Here's the thing - When I figured out the closing costs and fees for a new loan and annualized that out for the next year (when I project I will be in a better financial position to qualify) it came out to almost exactly what I am about to pay at the higher rate. Furthermore, with rates continuing to come down, my payment will readjust downward in a few months (in fact it already has from the payment that was quoted to me back in February). Mine's indexed on LIBOR. Personally I've worked too hard to get my credit score out the sewer so I'm willing to suffer the next year or so instead of trying for a quick fix. I'd rather rack up a few thousand dollars on a credit card than watch my credit score plummet 100+ points in an attempt to get a modification (which guaranteed anyway). But that's me and that may not be option for you. The consolation to you is that it's possible your payment will go down depending on how your original loan is structured and that in the long run it might have cost you more to refi than it will be to stick it out until you can get back on your feet. I realize your situation seems much problematic than mine but the roommate idea, while not ideal, is a solution that is working out for the short term. My advice is this - become friends with a mortgage broker. And by friends I mean someone you can trust to look out for your best interest (ideally someone local). Your situation will probably not change much over the next several months but mortgage offerings are changing all the time. A broker friend can keep an eye out for offerings that come along for which you can qualify and give you a head's up. I've had sleepless nights too wondering how the heck I was going to make this work but I decided I'd rather be inconvenienced and made uncomfortable now rather than suffer later. In the end property is always a great investment. Good luck.
Dag
Simi Valley,#9Author of original report
Sat, February 23, 2008
Thank you for your reply and what you had to say. I find your response to helpful and understanding. In response to you, I do not feel the mortgage company was obligated to change my rate. I was aware my rate was going to go up, having read the original the loan paperwork. I initially called my servicing company in request to refinance. The Loan Modification process was actually recommended to me by the same rep who advised me the process takes 30-60 days. I knew there was such a thing (as LM), but I wasnt aware of the changing guidelines or criteria to qualify since the mortgage crisis. I would have never requested one on my own as I did not think I would qualify, having not been late on my payments in the past. I do not pat myself on the back for having ended up in this situation, only as to have taken my time to search, investigate and educate myself on what is available and how to work things out before they get bad. I am one who can honestly come to the board and say that I have done my research so that everyone can be aware that I am not claiming a falsehood based on a lack of knowledge for my situation. (I hope that makes sense) In working for a mortgage company in the past I know what claims can come about and how a mojority of them can tend to stem from a lack of knowledge or education on the H/O part at times... Anyway thank you for the answer about the time frame and your opinion... And thank you for providing your advice in a respectful manner. That is greatly appreciated.
Bob Pace
Silver Spring,#10Consumer Comment
Sat, February 23, 2008
You may have worked for a mortgage company, but clearly not for a servicing company that services subprime loans. For every guy like you theres hundreds of thousands more. While you may be somewhat financially responsible and doing the right thing, thats what you are supposed to be doing. It feels as if you are patting yourself on the back for doing what it takes to meet your mortgage commitment. I would imagine that your note clearly states that at no time does your servicing company have to refinance your loan, defer payment or renegotiate the terms of the note at any time. Granted, you personally have not made any claims that you were misinformed about the arm, but so many claim to have been "told it was a fixed rate" but in bold letters on the most important part of the entire closing process it states THIS IS AN ADJUSTABLE RATE MORTGAGE. Most notes tend to be 3-4 pages, 7 max. While filled with some jargon, the interest portion is the easiest part to understand regardless of whether your a loan officer or janitor. For those reasons alone I don't know why you feel as if the company/investors owe it to you to modify your loan at a lower rate of interest than you could have qualified for at the time you took the loan out. Now with all that said, heres the answer to your question: Why does it take so long to complete the modification process? Like I said in the first paragraph, its not just you, there are thousands and thousands of people in a similar situation. There is only so much manpower. Not only that, but its not the servicing companys decision to approve your modification, its based on the investors guidelines and that decision could take a long time to get. Because like I said, its not only you, its ALOT of folks. Sure they should be more upfront about the timelines but I would imagine they are overloaded with work considering the amount of homes in these circumstances.
Dag
Simi Valley,#11Author of original report
Fri, February 15, 2008
I have since received a call from a counselor at ASC who said she is willing to help and do all she can. I will update you further as the process goes on. And just to adress BJ, you may want to read the whole post next time before you decide to comment. As I clearly stated in my post, I FILLED the home with roommates AFTER MY INTEREST RATE WENT UP IN DECEMBER. Before that I only had one. and why not when in a 4 bedroom house all by myself?? (Which is really none of your busniess anyway) I have OWNED the house since 04 and been MAKING MY PAYMENTS ON TIME EVERY MONTH since I have owned the house. I have no intention of selling or taking advice from anyone who clearly has 'no real' advice to offer. I have not asked for anything other than for my interest rate to be put back to its original rate. which is a payment I CAN afford. and lst I checked, so is half the country right now. Clearly BJ, you have no idea what you are talking about and should not even bother to post on a site like this if you cannot actually give any useful advice to the people who really do have any troubles. You are helping no one and your advice is rude, undecuated and uncalled for. They come here for help and get people like you. That is just sad. I'm willing to bet you work at one of these places. its okay though. for the money they pay and the way they cattle you, I'd be a bitter person too! Makes me think you are just a troll who scrolls websites to harass posters with questions because you have nothing better to do. Is it your thing to troll websites and harass people who are trying to hold onto their american dream? Really if you dont have anything nice to say, or maybe even some real advice then please dont bother. I'm okay with your ignorance, but coming here to poor salt on 'unsuspecting' peoples wounds in just flat out evil. these people come here because they are at a loss of what to do. They have real problems and are trying to fix them. They are looking for real advice and a little education, so unless you have any 'real education' to offer them then go find a hobby. They arent just trying to complain your ear off. Do you think all the others want to be in a place of losing their house, really? Not that I'm wishing for it, but maybe, just maybe one day you will fall privy to something that causes you a hardship. Then you may understand what some of these people are going through and can show some compassion. Apparently not all can live in the perfect bubble you do...So give them a break. the last thing they need is you with your useless advice. And yes, I did work for a mortgage company, so I know what I need to do and exactly what I am looking for. If you'll notice my complaint was only that the time frame they informed me of had passes and nothing else. So obviously I have more of a clue about what to do in this situation then you do since your only real advice is to sell. and I'm now working with someone to keep my house. To everyone else out there, please dont listen to people like that. They are just trolls. they have no real advice, they either work for a mortgage company and feel that it is okay to pick on people who 'are' unknowing about their loan. (as if they knew anything about loans before they worked for a mortgage company). or they are just going to try and get you to sell so they can purchase your house before you foreclose. just do yourself a favor. do all the investigating you can and find out what is available out there. Many places are trying to help out homeowners these days. And If you having a real problem with certain reps, write to or call the 'obudsman' or the 'office of the president' for your mortgage company. Most times its just a breakdown in communication, rude overworked/underpaid reps with attitude (Sometimes after these reps take 100 calls a day with the same questions asked over and over agian they tend to lose all compassion after a few months on the job.), and/or miscommunications. I must say only 1 out of every 5 reps I have gotten is horrible. the other 4 are great. so just hang up and call back and get the better educated rep. It usually pays off. they're more willing and apt to help. Good Luck to all. I will keep you posted...
Dag
Simi Valley,#12Author of original report
Fri, February 15, 2008
I have since received a call from a counselor at ASC who said she is willing to help and do all she can. I will update you further as the process goes on. And just to adress BJ, you may want to read the whole post next time before you decide to comment. As I clearly stated in my post, I FILLED the home with roommates AFTER MY INTEREST RATE WENT UP IN DECEMBER. Before that I only had one. and why not when in a 4 bedroom house all by myself?? (Which is really none of your busniess anyway) I have OWNED the house since 04 and been MAKING MY PAYMENTS ON TIME EVERY MONTH since I have owned the house. I have no intention of selling or taking advice from anyone who clearly has 'no real' advice to offer. I have not asked for anything other than for my interest rate to be put back to its original rate. which is a payment I CAN afford. and lst I checked, so is half the country right now. Clearly BJ, you have no idea what you are talking about and should not even bother to post on a site like this if you cannot actually give any useful advice to the people who really do have any troubles. You are helping no one and your advice is rude, undecuated and uncalled for. They come here for help and get people like you. That is just sad. I'm willing to bet you work at one of these places. its okay though. for the money they pay and the way they cattle you, I'd be a bitter person too! Makes me think you are just a troll who scrolls websites to harass posters with questions because you have nothing better to do. Is it your thing to troll websites and harass people who are trying to hold onto their american dream? Really if you dont have anything nice to say, or maybe even some real advice then please dont bother. I'm okay with your ignorance, but coming here to poor salt on 'unsuspecting' peoples wounds in just flat out evil. these people come here because they are at a loss of what to do. They have real problems and are trying to fix them. They are looking for real advice and a little education, so unless you have any 'real education' to offer them then go find a hobby. They arent just trying to complain your ear off. Do you think all the others want to be in a place of losing their house, really? Not that I'm wishing for it, but maybe, just maybe one day you will fall privy to something that causes you a hardship. Then you may understand what some of these people are going through and can show some compassion. Apparently not all can live in the perfect bubble you do...So give them a break. the last thing they need is you with your useless advice. And yes, I did work for a mortgage company, so I know what I need to do and exactly what I am looking for. If you'll notice my complaint was only that the time frame they informed me of had passes and nothing else. So obviously I have more of a clue about what to do in this situation then you do since your only real advice is to sell. and I'm now working with someone to keep my house. To everyone else out there, please dont listen to people like that. They are just trolls. they have no real advice, they either work for a mortgage company and feel that it is okay to pick on people who 'are' unknowing about their loan. (as if they knew anything about loans before they worked for a mortgage company). or they are just going to try and get you to sell so they can purchase your house before you foreclose. just do yourself a favor. do all the investigating you can and find out what is available out there. Many places are trying to help out homeowners these days. And If you having a real problem with certain reps, write to or call the 'obudsman' or the 'office of the president' for your mortgage company. Most times its just a breakdown in communication, rude overworked/underpaid reps with attitude (Sometimes after these reps take 100 calls a day with the same questions asked over and over agian they tend to lose all compassion after a few months on the job.), and/or miscommunications. I must say only 1 out of every 5 reps I have gotten is horrible. the other 4 are great. so just hang up and call back and get the better educated rep. It usually pays off. they're more willing and apt to help. Good Luck to all. I will keep you posted...
Dag
Simi Valley,#13Author of original report
Fri, February 15, 2008
I have since received a call from a counselor at ASC who said she is willing to help and do all she can. I will update you further as the process goes on. And just to adress BJ, you may want to read the whole post next time before you decide to comment. As I clearly stated in my post, I FILLED the home with roommates AFTER MY INTEREST RATE WENT UP IN DECEMBER. Before that I only had one. and why not when in a 4 bedroom house all by myself?? (Which is really none of your busniess anyway) I have OWNED the house since 04 and been MAKING MY PAYMENTS ON TIME EVERY MONTH since I have owned the house. I have no intention of selling or taking advice from anyone who clearly has 'no real' advice to offer. I have not asked for anything other than for my interest rate to be put back to its original rate. which is a payment I CAN afford. and lst I checked, so is half the country right now. Clearly BJ, you have no idea what you are talking about and should not even bother to post on a site like this if you cannot actually give any useful advice to the people who really do have any troubles. You are helping no one and your advice is rude, undecuated and uncalled for. They come here for help and get people like you. That is just sad. I'm willing to bet you work at one of these places. its okay though. for the money they pay and the way they cattle you, I'd be a bitter person too! Makes me think you are just a troll who scrolls websites to harass posters with questions because you have nothing better to do. Is it your thing to troll websites and harass people who are trying to hold onto their american dream? Really if you dont have anything nice to say, or maybe even some real advice then please dont bother. I'm okay with your ignorance, but coming here to poor salt on 'unsuspecting' peoples wounds in just flat out evil. these people come here because they are at a loss of what to do. They have real problems and are trying to fix them. They are looking for real advice and a little education, so unless you have any 'real education' to offer them then go find a hobby. They arent just trying to complain your ear off. Do you think all the others want to be in a place of losing their house, really? Not that I'm wishing for it, but maybe, just maybe one day you will fall privy to something that causes you a hardship. Then you may understand what some of these people are going through and can show some compassion. Apparently not all can live in the perfect bubble you do...So give them a break. the last thing they need is you with your useless advice. And yes, I did work for a mortgage company, so I know what I need to do and exactly what I am looking for. If you'll notice my complaint was only that the time frame they informed me of had passes and nothing else. So obviously I have more of a clue about what to do in this situation then you do since your only real advice is to sell. and I'm now working with someone to keep my house. To everyone else out there, please dont listen to people like that. They are just trolls. they have no real advice, they either work for a mortgage company and feel that it is okay to pick on people who 'are' unknowing about their loan. (as if they knew anything about loans before they worked for a mortgage company). or they are just going to try and get you to sell so they can purchase your house before you foreclose. just do yourself a favor. do all the investigating you can and find out what is available out there. Many places are trying to help out homeowners these days. And If you having a real problem with certain reps, write to or call the 'obudsman' or the 'office of the president' for your mortgage company. Most times its just a breakdown in communication, rude overworked/underpaid reps with attitude (Sometimes after these reps take 100 calls a day with the same questions asked over and over agian they tend to lose all compassion after a few months on the job.), and/or miscommunications. I must say only 1 out of every 5 reps I have gotten is horrible. the other 4 are great. so just hang up and call back and get the better educated rep. It usually pays off. they're more willing and apt to help. Good Luck to all. I will keep you posted...
Marie
Auburn,#14Consumer Suggestion
Thu, February 14, 2008
Fight them now!!! I am taking them to court. I know I am in New York, But contact Giacona Law Offices in Auburn N.Y. He is am amazing attorney who will help you. Tell him your having trouble with ASC and you'll see he's been down this road before. Good Luck!!!!
Bj
Winston-Salem,#15Consumer Comment
Thu, February 14, 2008
Get rid of the house. You obviously cannot afford it. The previous poster was right. The fact that you must have multiple roommates even before ASC will consider you for a loan modification should be your first clue. Also, IMO if you do indeed have experience in the mortgage industry, then I think I'm finally beginning to understand what went wrong there.
Dag
Simi Valley,#16Author of original report
Wed, February 13, 2008
Maybe you missed the part where I said I used to work for a mortgage company. I am aware of the processes available and I did say that I am 'in the process' of doing a loan modification, and I am current on my payments. They do have programs for people in my situation these days. You just have to do your research to find out what is out there as far as help. I AM NOT GOING TO SELL MY HOUSE. What kind of advice is that??? I already made it clear that I am quite educated in what I am looking for. From the advice you are giving me it sounds as though you are not. For anyone who is in my situation, do not take advice like this. Next thing you know I'll be getting an offer from this person to buy my house. I do not want to sell my house anymore than they want to have my house. I did not purchase more house than I can handle. The fact is that my life changed. And as I said above, even then I was able to afford my house until my interest rate and mortgage payment went up. And if you know anything about the market right now you would know that selling is the worst thing I could possibly do. I contacted my mortgage company in their due time frame to get this worked out as I was informed. My only complaint is that it is not being handled in the timely manner I was informed. I have also worked for many a credit companies so I am aware of what can happen to my credit. Again another reason I contacted the mortgage company proactively. I'm sorry but I dont find your advice to be to helpful to my situation at hand.... Signed, Dag (original poster)
Julie
Guthrie,#17Consumer Suggestion
Wed, February 13, 2008
I'm sorry about your dilemma. Honestly, the best bet is selling, but I realize the market STINKS right now. Lesson number one here, never buy more house than can be afforded on ONE income. Then you wouldn't be in this situation right now. However, you are in this situation and that is tough. You need to cut out any non-essentials now, if you haven't already. Cable, internet, etc. are things you do not need. Turn your thermostat down even one degree and that helps. Also understand that a loan modification is one of many loss mitigation solutions. I had heard that America's servicing didn't service FHA loans, but if they do now, then loss mit is an option. You have to be behind to qualify for loss mit. So if you think you are about to get behind, they can't do a thing to help you until you ARE behind. This sucks in a huge way because you don't want your credit to take a hit, and to get on the loss mit programs, your credit WILL take a hit. Not only that, if they do a forebearance, your credit will really get slammed. Please keep in mind that you do not get to request your plan. The loss mit department determines your plan based on multiple factors. They have a work sheet they do. If you have an FHA loan, you can call HUD too, to see what options there are.
Julie
Guthrie,#18Consumer Suggestion
Wed, February 13, 2008
I'm sorry about your dilemma. Honestly, the best bet is selling, but I realize the market STINKS right now. Lesson number one here, never buy more house than can be afforded on ONE income. Then you wouldn't be in this situation right now. However, you are in this situation and that is tough. You need to cut out any non-essentials now, if you haven't already. Cable, internet, etc. are things you do not need. Turn your thermostat down even one degree and that helps. Also understand that a loan modification is one of many loss mitigation solutions. I had heard that America's servicing didn't service FHA loans, but if they do now, then loss mit is an option. You have to be behind to qualify for loss mit. So if you think you are about to get behind, they can't do a thing to help you until you ARE behind. This sucks in a huge way because you don't want your credit to take a hit, and to get on the loss mit programs, your credit WILL take a hit. Not only that, if they do a forebearance, your credit will really get slammed. Please keep in mind that you do not get to request your plan. The loss mit department determines your plan based on multiple factors. They have a work sheet they do. If you have an FHA loan, you can call HUD too, to see what options there are.
Happy Camper
Ormond Beach,#19Consumer Comment
Wed, February 13, 2008
Sorry to hear about your frustration w/ ASC regarding the modification. First of all, I learned something from your report. I wasn't aware that a modification was possible unless you were in default.But having said that, I started my modification process back in September of '07. It was not finalised until just a coule weeks ago for the February payment. It DOES take some time. Mind you, the modification department probably is not euipped to handle the amount of inquiries. I don't think anybody forecasted the mortgage crisis. I'll tell you this, they do not want your house. From my experience, they worked with me far and beyond what was expected of them. You wanna know why?? They do NOT want our houses. Hang in there and be patient. Here is a direct ph. number for a negotiator that worked directly with me. She didn't always return my calls in the same day, but usually she did. When she failed to return the same day, she would call 1st thing the next day. And get this, sometimes she answers the phone herself!!! lol. She was wonderful and helped me big time. Maybe she's not assigned to your case but she may be able to direct you to the proper channel. You want to find out the negotiator assigned to your case. The girl who helped me is Lequisha (sp??) Smallwood (((ROR redacted))) Good Luck Dag.
Happy Camper
Ormond Beach,#20Consumer Comment
Wed, February 13, 2008
Sorry to hear about your frustration w/ ASC regarding the modification. First of all, I learned something from your report. I wasn't aware that a modification was possible unless you were in default.But having said that, I started my modification process back in September of '07. It was not finalised until just a coule weeks ago for the February payment. It DOES take some time. Mind you, the modification department probably is not euipped to handle the amount of inquiries. I don't think anybody forecasted the mortgage crisis. I'll tell you this, they do not want your house. From my experience, they worked with me far and beyond what was expected of them. You wanna know why?? They do NOT want our houses. Hang in there and be patient. Here is a direct ph. number for a negotiator that worked directly with me. She didn't always return my calls in the same day, but usually she did. When she failed to return the same day, she would call 1st thing the next day. And get this, sometimes she answers the phone herself!!! lol. She was wonderful and helped me big time. Maybe she's not assigned to your case but she may be able to direct you to the proper channel. You want to find out the negotiator assigned to your case. The girl who helped me is Lequisha (sp??) Smallwood (((ROR redacted))) Good Luck Dag.
Happy Camper
Ormond Beach,#21Consumer Comment
Wed, February 13, 2008
Sorry to hear about your frustration w/ ASC regarding the modification. First of all, I learned something from your report. I wasn't aware that a modification was possible unless you were in default.But having said that, I started my modification process back in September of '07. It was not finalised until just a coule weeks ago for the February payment. It DOES take some time. Mind you, the modification department probably is not euipped to handle the amount of inquiries. I don't think anybody forecasted the mortgage crisis. I'll tell you this, they do not want your house. From my experience, they worked with me far and beyond what was expected of them. You wanna know why?? They do NOT want our houses. Hang in there and be patient. Here is a direct ph. number for a negotiator that worked directly with me. She didn't always return my calls in the same day, but usually she did. When she failed to return the same day, she would call 1st thing the next day. And get this, sometimes she answers the phone herself!!! lol. She was wonderful and helped me big time. Maybe she's not assigned to your case but she may be able to direct you to the proper channel. You want to find out the negotiator assigned to your case. The girl who helped me is Lequisha (sp??) Smallwood (((ROR redacted))) Good Luck Dag.