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Screwedbylenders
December 7, 2009
Loan modification Stall tactics
I have been in a 10 percent interest only Mortgage with americas servicing company for 4 years. I have been through 3 foreclosures and will going into my 4th. I have worked very closely with americas servicing company ASC on the loan modification process to prevent foreclosure and they have used consistant STALL TACTICS. These tactis include LOSS or claiming never to receive paperwork. Incomplete paper with notification as long as 3 months later to tell you your paperwork is incomplete. NO goverment affiliation or programs offered (ASC is a servicing company for note not a bank) they are not working with the federal goverment on any foreclosure prevention or lower interest. They only work with the guidelines of the note holders approval. There latest tactic was to inform me my title was in lien status. After 6 weeks of research and contacting mutlitple ttle companies and escrow companies I have learned that mortgage lenders when selling loans use a system called MERS Mortgage Electronic Registration Systems, this was to save them money on not filing recording documents, title paperwork or paying fees, keeps the mortage lien with the original lender that the loan was paid out by. So when itcomes time for you to refinance or modify this loan it will show the original note holder and previous lien holder on title. They ASC wells fargo told me thatthis was my issue to solve and after many weeks it has become clear that notonly is this not my issue but my titl was clear and correct and was never in a lien status for them to deny me. AGAIN by using stall tactics these companies continue to make high interest, foreclosure fees, late fees, escrow fees (which is crazy because as we just learned they don't use escrow companies.) I feel like sue them, I filed for my loan modification in April 2009 and now DEcember 2009 i have not made any progress with this company have been denied a loan modification because to the liens from previous lenders that were paid in full. I faxxed them the conveyance paperwork, the title reports, the county on line links to the documents showing NO current liens and me as the primary person on title. And still the ASC wells fargo representive MArgaret Stalls says I need to fix the title. My reply " there is nothing to fix!" Wow so if i count the months and the 10 percent interest only payments 3200.00 month, times 10 is 32, 000 plus late fees, plus foreclosure fees and I am at 42, 000.00 to release my home from foreclosure. They are of course offering to put it on the back end and my new payment will be 2200.00 which is still almost 6%. What a deal, make the loan bigger, still pay a ridiculous payment and cause my life and unrest! Thanks Wells fargo and ASC Call State of Iowa Attorney Generals OFfice and you will talk to a representive that has filed 3800 complaints of similiar nature. I am sure the Senator for this distric is well padded.
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SherylA
July 22, 2009
Loan Modification SOLUTION
After months of ridiculous customer service, we contacted the office of the PRESIDENT of ASC/WF. I was AMAZED that the very first call was a success. As frustrating as my calls to the regular 800 number had been, the one call to this office was incredible. Yes, we have had to follow their guidelines (like making 3 payments in a row which were about $200.00 less than our regular payments) and we just received our final modification papers. Our loan is now at 5% and our payment is almost $300.00 less for the next five years. No paying extra, no hassle. Please don't give up! Their contact info is 1-866-416-5896.
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