My 1st 2nd loans were sold by Option One to ASC, America's Servicing Company on 11/1/05. I only received one letter from Option One, telling me that the loan had been sold (about two weeks before November 1st). The letter told me to send my November 1st mortage payment to ASC.
I sent my payment for both loans, with the old loan numbers on each check, to the address given, on 10/25/05.By November 1st, I still had not received any information from ASC. I also checked my account and saw that my payments had not cleared. I contacted ASC to find out if they had received my payments, and to ask when I would receive proper statements. They could find no record of my loan or payments. When I gave the rep the address where I mailed the payments, I was told that this wasn't a payment processing address. I explained that it was the address given to me by the previous mortgage company, and it was the only information I had.
Another week went by, and still no statements. I kept calling ASC to find out what was going on. They still couldn't tell me anything. Finally, after a few weeks into November, they saw my information in their system and gave me new loan numbers. I was told I would soon be receiving a 'welcome packet'.
December 1st came, and still no statements or welcome packet. And they did not show receipt of my November payments.By mid-December, my payments had not posted and I needed to make a decision. I put a stop payment on both checks. I then had to make a phone payment for the November December payments. I stressed that if the original November payments turned up, that they were to be destroyed.
Mid-December, I received my first statements. This was almost two months after being transfered to ASC. They showed confirmation of my phone payments for Nov. Dec. However, right after this, I received another set of statements. These showed additional payments posting to my account and being applied to January. It said my next payment wasn't due until Feb. 1st. This didn't make any sense since I hadn't sent my January payment yet.
I called ASC to find out what the payments were. At first, they couldn't even tell me. There was no info connected to the payments. No check number, no dates... Nothing! Only after I kept insisting, did the rep. Continue to investigate and discover that in fact, they were my 'missing' payments. 2 checks dated 10/25/05, that both stated clearly on each check ' November' with the old loan numbers had mysteriously appeared. My instructions were ignored. And since no one knew what to do with the mystery payments, they just arbitrarily applied them to my account. I was told not to worry since I had placed a stop payment on both checks. So I had to count on my stop payment to make up for their incompetence!
I have hazard/fire insurance. I have had it since 2 days before closing on my house. It was paid in full for one year. It is current and in effect. Do you think they know this? Of course not. About every month or so, since they've had my loan, I receive a letter telling me either I have no insurance, or that my policy has expired, and that I need to provide proof immediately. I keep providing proof, they keep sending their letters asking for proof.
And setting up the escrow account for taxes has been a total nightmare. They are overcharging me. I have looked into this. I've checked on the rules regarding the maximum that can be collected for escrow. They are exceding this amount. Each time I've called them to dispute this and have it corrected, I am transfered to a very rude supervisor. They talk me in circles, can't explain what all the extra charges are for. I know I'm being scammed. But it's my word against theirs. They have control over the accounts and I can't do anything.
I am sick and disgusted that consumers are at the mercy of companies like this. It seems like there is no oversight. No regulation. They can do whatever they want and we can't do a d*mn thing about it. I guess that's what they count on.
I'm in the process of re-financing my 2nd, and will re-fi the 1st as soon as the 12 month pre-payment period is up. Oh yeah, got stuck with that, even though I have decent credit. I don't mind paying it on the 2nd, since it's worth the extra money to take away at least one of my loans from them.
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