Mike
New York,#2Consumer Suggestion
Mon, March 09, 2009
"A day before reveiving the ACT 91 notice, I was on the phone with Barbara, ID #JRU from ASC. She said to me that I had to send in documents to redo the modification agreement, never telling me that I was taken out of the plan and sent to the foreclosure department. She has basically been lying to and deceiveing me as a person." I dont think you understand that most servicing companies' Foreclosure and Loss Mitigation departments are mutually exclusive (meaning, they operate almost independently of one another). So, the foreclosure group probably has to process the foreclosure according to the timeline an investor sets forth. End of story there. The Loan modification group, in the mean time, is trying to get you approved and complete your loan modification. What happens if you complete the loan modification? F/C action will be stopped, right up until the day of the foreclosure sale (and yes, servicing companies will keep bumping out the foreclosure sale date as long as you stay in touch with the and are working to get a modification completed.) So.. example of a normal scenario.... Bill is going to get his house foreclosed on 5/10/09. He calls his servicing company on 5/8/09, he gets approved for a loan modification over the phone; the servicer should POSTPONE the sale date 5/10/09 to allow time to complete the loan modification. It gets postponed until 5/17/09. Bill sends in the docs, but the doc is missing a signature. He stays in communication with his servicer. The servicer extends the F/C sale to 5/24/09 to allow Bill to send back new docs. Etc, etc, etc. Keep working with them. "Therefore proving that they are a deceptive ripoff company that preys on mortgagees that are trying to make things right and save their properties from foreclosure." Servicing companies gain nothing (in fact, they LOSE money) from foreclosing. "They don't want to work anything out." This is your frustration setting in. Not the truth. "I saw it on their website as paid on Feb 27, the problem is they applied it to the March payment. So now it looks like I didn't make a February payment at all! Another deceptive tactic by ASC!" I don't think it works the way you think it works... You shouldn't be able to make a payment for a future month without first paying the previous months. E.g., you cannot have a March payment unless you make February first. So, February was likely paid (...even if you don't see it?). If it wasn't, that's their fault, and they'll correct it. If they try to F/C saying you didn't pay Feb 09 but you already paid Mar 09, it's not going to work. I know this wasn't the ranting a raving response you may have wanted, but in real life, it's a lot easier (and costs a lot less) to work with the company and fix your own mortgage.