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ASC will not work with you
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Apr 24, 2008 Americas Servicing Company complaint |
I had refi'd back in 2004 and my loan was sold to ASC. Even though the prime rate hasn't changed much since 2004, once my ARM was up, my interest rate increased every 6 mths going frm 6.25% to 10.4%. Yes,a $700/mth increase in my house pmt.
Now I know I signed on a flexible loan and it's my fault, but I have NO idea how it increased that much with the prime rate being so low, and dropping!
I called ASC to try to get a loan modification BEFORE I got into trouble with payments. 4 times I filled out the paperwork, and was denied all 4 times. They said that since I had $31/mth left after looking at all of my bills, I had enough money to afford the increased payments! Can anyone live on $31/mth? And this was after cancelling our medical ins., home phone and cutting back on cable/internet (I sometimes work from home).
After attempting to get some help for about 7 mths, they finally foreclosed on my home. I was behind about $8,000, but ended up having to pay almost $11,000 (with all the fees that were attached) in order to keep my home from going to the Sheriff's Sale.
And, as others have said, everytime I called, I got a different person, I was always transferred at minimum 5 times per call, and got a different story from everyone I talked to over 7 mths. time. They didn't want to help me. I even said "you can fix it at 9%, you're still making a lot of money on that." But "no".
Anyway, my credit is ruined, I have to try to keep up the outrageous payments until I can hopefully sometime in my life be able to refinance with a reputable company.
Just know that they do NOT want to help you out. You can try all you want, but you will be declined every time. Good Luck!
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1. Written by rdsatre-at-netzero.net, on 29-04-2008 16:28
I'm fighting the increases on my ARM based upon California codes that limit the rise in interest to no more than one quarter of one percent, no more often than every six months. Of course that is not what the note says, but it also says they have to follow interest rate laws.
so far, they refuse to answer my qualified written request disputing the changed payment
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