Complaint / Review
America's Servicing Company
ASC Won't explain negative escrow account balance on the phone, nor in writing

My loan was sold three times within less than 2 years, the last time from Ocwen to ASC. If there are any clowns worse than ASC in this world, then probably the loan is going to be sold to them soon...

I was current with my payments until I received a notice from ASC that my escrow account was short $430.96.

I called them up to find out why. The lady on the phone explained that insurance had gone up $ 7, - a year and taxes $23 a year. I told her that this would not explain the shortage of over $ 400. She went like "you need to have a positive balance of 2 months in your account..." her explanations still could not explain the negative ballance in my escrow account and we talked in circles for about half an hour until she called a supervisor. I explained again, that I was not able to understand why there was suddenly a negative balance of over $ 400 in my escrow account and the same talking in circles repeated itself until the supervisor told me I could pay tax and insurance by myself if I wanted to.

I asked her to talk to my husband who knows more about financial stuff (but is not on the account) and a note was put into the computer that I had authorized them to talk to him. I went back to work and later my husband told me that they would not talk to him, unless I would be present each time he wanted to talk to them. So we decided to communicate in writing with ASC.

We had 2 questions:
1.) ASC had added a "Projected Minimum Balance" of $ 247.82 to the "Required minimum Balance" We wanted to know why we had to pay more than "required".

2.) In their statement there was a position "Misc Escrow $ 249.38" We asked them to explain what that meant.

As an answer to these questions I received a form without any name or information that would identify the sender. This form said that my request to pay by myself for tax and insurance was denied "due to the following"...

(checkmark) Negative Escrow Balance

I rote another letter to them telling them that this is not the proper way to answer a written request and that I wanted an answer to my questions. The only response I received was a statement with new monthly payments, $ 40 higher than before. It looks like this jerks only respond to communications from attorneys or the FTC.