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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 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. (copy and paste in address bar)

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Hillside, New Jersey, United States #891564

I am having a similar problem . I have been denied 3 times for loan modification , I even pushed them to say that the apprasiel is lower than what we owe ..

Still nothing !

We owned our home 31 years , now they want to tell us that we only have 2 options , foreclosure deed in lieu or short sale . I'm sick of this bank


Regarding the comment on January 21, 2012. ASC is a division of Wells Fargo that services their loans...and believe me I said it right...ASC services the loans for Wells Fargo NOT the customer. They service the loans right into foreclosure, where they want them. There is a huge advantage for WF in that the government bails them out for any losses they suffer with OUR TAX MONEY & YOURS - numbnuts. This has nothing to do with what I could afford. ASC used deception and flat out lied to me in order to take the property. If you had done any investigation at all regarding this company you would hear hundreds of horror stories about their deceptive practices. People have paid ASC thousands of dollars thinking they were on a modification program only to have them come back and serve foreclosure papers after they got their money.

A lot of good, hardworking, honest people have been hurt by the bad economy. And, yes ALL of us when we take out a mortgage think we will be able to handle the payments in the future or we would not have signed up for the task. Granted, some people have gotten duped into a mortgage they couldn't handle by predatory lending - mostly young people getting started with little finance knowledge and this is a pure shame this has happened to them. So shame on the mortgage companies AGAIN! and shame on nasty people like you who want to hurt those that have already been hurt by others and circumstances beyond their control.

Read the #3 comment. Those of us who have lived on this earth for a while know about mortgage assignments. What we also know that you are just learning, evidently, is that many of these mortgage companies are not acting in good faith with the public, their paperwork for the assignments are not done correctly, if at all, etc.

Doing your homework pays off - it keeps you from making ignorant assumptions.

Hopefully you won't lose your job tomorrow and not be able to afford your current level of living standard. I don't wish that on anyone. Hope you re-think your comment and are able to think logically and compassionately in the future.

Sorry,(to all you other folks out there suffering the same fate as mine) for being so abrupt with this person, but like many of you I've have enough abuse.

PLEASE "Being Shafted But Fighting Back" send me an email at My attorney is ready to start the law suit against ASC/WF.


ASC is wells fargo. banks commonly buy mortgages from one another.

this is called an assignment of mortgage. ASC essentially buys the mortgage of behalf of wells fargo. this is the problem: you got a mortgage with a low interest rate. you could afford the low interest rate.

after (x) amount of years the interest rate increased. now you can no longer afford the mortgage - you default on your loans, you get hit with penalties - skip to the end - you get foreclosed on.

this problem is a combination of ignorance on the buyer, convincing themselves they will have the money to pay in the future (and you obviously don't) and agents who are not overly concerned about your ability to pay your mortgage after (x) amount of years. this is big lesson: stop buying things you cannot afford, or would not be able to afford if something comes up and your incomes decreases.





Good reading Good luck


I am in the same boat as many of you that have posted here. My struggles began when my ex-husband had a stroke earlier this year and wasn't able to continue with child support payments.

Like many of you, I have tried to work it out with ASC only to be given the run around. You know, send this document, no, now send this one, to the different explanations and lies I was told by more than one employee. I mean no one ever gave me the same information in all the times I talked to them.

I vowed that I would not go down without a fight and just let them take my home. Luckily in the state of Florida, foreclosure actions have to be approved by a judge and I would get an opportunity address the court in this matter.

What I have been doing recently is monitoring my county's public records in regards to the documentation that is filed relating to my home. When I first started reviewing these documents, the one thing that stood out was that ASC/Wells Fargo was never assigned my mortgage.

After I realized this, I went through the copies of the documents I possess to see if I had some sort of documentation that stated my mortgage was sold or transferred to them. Of course, I do not. The only thing I do have in regards to this is a letter dated October 2006 that states ASC would be becoming the new serving company for my loan payments. They even changed the account number, which by the way is still the same account number I use today.

Well, on September 7th, 2011 the county recorded an Assignment of Mortgage document that was requested to be recorded by Wells Fargo. This document assigns my mortgage to them as of August 29th, 2011.

I believe that this document is falsely prepared in an effort to foreclose on my property. I don't believe that ASC/Wells Fargo ever held my mortgage/note and are hoping I am too *** to realize what is going on. WRONG.

So for those of you dealing with some of the same issues, please fight back as best you can. I have been in contact with a lawyer's office and I am awaiting additional instructions on how to proceed.

I know many of you have probably heard this before, but don't give up.

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