In November 2009 with the help of the Urban League we set up a loan modification agreement with America's Servicing Company (ASC). The trial period of the loan modification was December 1, 2009, January 1, 2010, and February 1, 2010. Those three months me and my wife illustrated that we could pay the monthly payment in a timely fashion with a great modification rate of 4.00% with a good faith payment of $1288.50, furthermore we also was told that this was a trial basis and the rate could go up along with the monthly payment. February 16, 2010 I received a phone call from ASC representative stating that me and wife must come up with $4285.62 within a little over a months time (March 22, 2010) and all paper work thay will sent must be accompanied with the payment. Hence, as I waited for the paper work to be sent to me so I could review what was stated to me over the phone, the documents were never sent to me. Three weeks after the phone call I received I was sent an e-mailed stating that they wanted to know where is my paper work. I immediately called ASC to informed them I never received the paper work. Moreover, as I talk to their representative he was able to see that they did fail to send out the paper work to me. To note, I attempted several times to reach ASC before I was able to reach their representative on March 22, 2010. He stated the paper work was finally sent out on the 16th of February 2010. Furthermore, the notice stated that I had 5 business days to send the documents and payments back to them. The first modification agreement had 20 pages that encompassed the terms of modificatioin restructing, instructions on the correction agreement, loan modification agreement that provided for the fixed interest rate, the mutual promises of agreement that would start from November 1, 2009 to November 1, 2039 with a payment of $1, 065.38 at a yearly rate of 4.0%, the signatures of me and my wife and Notary Public signature and seal. Hence, when I received the loan documents on March 22, 2010 I had four sheets with a cover letter explaining the instructions. These documents contained confirmation of a formal approval of the loan modification and that I mutually agreed to make a payment of $4, 285.62. I never mutually agreed to this amount because that couldn't provide me with any information regarding why this amount was needed and where this amount was conceived. No one could provide us with any details of the creation of this amount. I was pressure in having this document signed and sent back by the 31th of March or the loan modification would be voided. I made the mistake of signing this document because I wanted the looan fixed rate but wanted more time to get the sum they were asking for. Thus, now I won't have the money and the loan modification will be recinded and a new loan modification agreement will be created with more money coming out of my pocket that I can't afford to do. I have no earthly idea on how to proceed with this issue and who I could rely on in getting a fair and honest deal. The only reason me and my wife is in the situation began when I had to leave my job because of a disability I was stricken with (MS). I need some assistance in which I need more guidance than finances right now.
Thanks
Charles Adams