Americas Servicing Company - Wrongful Foreclosure by ASC/Wells Fargo
Update by user Nov 11, 2011
Thanks to all those who have sent an email describing how ASC/Wells Fargo Home Mortgage abused them. I have forwarded all the complaints to my attorney. He is reviewing my information and looking for a large firm with several attorney\'s that want to tackle these dishonest mortgage and service companies. I am NOT giving up. It just takes time.
There are SO MANY of these crooked companies that the government agencies investigating them are overwhelmed.
Hang in there with me and we\'ll eventually get them.
Original review posted by user Oct 07, 2011
I think ASC is a collection company for Wells Fargo that uses any method available i.e. promises, stalls, lies that they didn't get your paperwork, etc...etc, in order to suck out as many dollars as possible from your pocketbook while they are positioning themselves for the foreclosure.
I don't think ASC has the authority or intention to do a "work-out" plan with anyone and not sure that is even what they want. They just want you to stay in the house so it doesn't get vandalized until they can foreclose. Bet the reps we talk to get a commission on the money they suck out of us.
I have submitted a complaint to the Oklahoma Attorney General's office #CC-11-1196 and in the process of initializing a class action law suit. My email is STEWARTvsASC@yahoo.com. If you want to join the legal action against ASC/Wells Fargo(even if it has been a few years since they shafted you), send me an email and I'll get it to my attorney. If you want to read my story, here goes, this is the letter I sent to the Attorney General:
My life has been a roller coaster the past couple year and I am just now in a normal state of mind to pursue this issue. American Servicing Company (ASC) and my mortgage company (whoever that was-?) literally stole my house from me.
I owned a rental house in Oklahoma that I was planning to move into and use as my homestead. This home was foreclosed 12/15/08. The house had been damaged in a storm and had a bad roof leak that damaged the ceilings in three rooms and the carpeting. My renter didn't tell me of the damage, quit paying rent and stalled me with promises and bad checks for three months while I tried to get her out. My mortgage payment had gone from $515 to $704 and I got behind – not having any rental income.
When the renter moved out and I discovered the storm damage, I filed a claim and the insurance company wrote me a check for $9,200 for damages. This was enough money to catch up my payments AND make repairs, IF my son (who is a contractor) would be allowed to repair the home.
I was continually in touch with American Servicing Company-ASC, who said they contacted the mortgage company and got approval to use the insurance money to catch up payments and repair the house. I sent them a copy of the repair bid and insurance check, at their request. They had agreed to retain the amount to bring the loan current from the $9,200 check and send a check for the balance on the bid sheet for repairs to my son's company.
After I sent the insurance check, I could never reach anyone at ASC who would honor their commitment and no one would respond to my emails or phone calls. I was told I would get a call…but nothing.
Without the repairs, I could not move into, rent or sell the property and ASC delayed me for months until I could not possibly make up the past due payments, without them honoring the agreement they made with me regarding the insurance money.
At no time did anyone offer any type of program or arrangements for me to keep my home.
After saying they would work with me, they cashed the check (without my signature), for $9,221 and proceeded to sell the house at sheriff's sale. They did not use the insurance money to do any repairs to the house and then tried to collect again from my insurance company for the same damages.
Since the insurance check was much more than what I owed in back payments, would someone tell me what right they had to take my house?
I had spent over $25,000 remodeling the house a couple years before and was going to move into this home but of course never got the opportunity. Again, because of the damage, I couldn't rent it or sell it or live in it until the repairs were made. I was destroyed financially because of this.
After the foreclosure my finances just spiraled downward until I was forced into bankruptcy. I am 65 years old now, living with my daughter in Texas.
The foreclosure papers said U.S. Bank, National Association, but my credit report says Wells Fargo. ASC is part of Wells Fargo. I'm not sure who the mortgage company was. I do know ASC was horrible. They gave my insurance company fits by constantly placing insurance on the house claiming that my insurance had lapsed and requiring my insurance company to send proof repeatedly.
I called my insurance company (Oklahoma Farm Bureau) and complained about ASC cashing my check without my signature and was told they had the right to do that. Also, the insurance company representative said Oklahoma Farm Bureau didn't care whether they did the repairs or not; but, they did appreciate me letting them know about ASC trying to collect on the same damages again.
Here is a link to the Congressional Oversight Committee Hearing on foreclosures, in case you're interested. Seems there are many like me.
http://www.c-span.org/Events/House-Oversight-Cmte-Hearing-on-Preventing-Foreclosures/18355-1/ (copy and paste in address bar)