I have been having issues with ASC since 2004 and I still can not get a resolution.
First, right after my loan was sold to ASC, they sent me a letter stating that my escrow was short 2700.00. Trying to avoid issues with my house payment and my payment history, I paid the 2700 dollars and have continued to make my payments on time. A few months back I received another letter telling me that my escrow is once again sort 1400.00. My original loan amount was 92,000.00 and my new monthly payment is 1200.00 per month. After calling customer service many times I am being told that they would request an investigation to my escrow. No results, calls, letters or anything after 2 months and multiple calls. Just today I was told something new, I was told that based on my escrow study, I have to maintain a positive escrow amount at all times so they are trying to make up for that difference??? My taxes and insurance only went up a few dollars and customer service can only tell me that they will have someone look at this.in the mean time I am stuck with a 1200 per month payment. Issue number 2, Last year I received a letter from ASC telling me that I did not have flood insurance coverage.
Not true, I had my Allstate agent send letters showing continuous coverage since day one of my mortgage. I received a letter from ASC in April stating that the additional flood insurance was cancelled since "Proof of coverage was provided" My monthly payments never changed, so I figured no problems... Wrong.in 2006 ASC is charging me for the additional insurance in and I have a feeling they are also using it to calculate my escrow for 2006 (might be part of the reason why my escrow went up, you would think that as many calls that I have made to customer service, they could figure it out and fix it, instead all I get is the same old, "We are going to have someone look at your escrow and get back to you") I never had a lapse in coverage, I have provided copies and copies showing proof to include their own letter stating that they had "proof of coverage" still not fixed. I sent faxes in January, 4 different times in Februaty, and again I called today and guess what? I was asked to fax it again. All of this times I have faxed the papers to their insurance department number in addition to their customer service number... Problem number 3. FEMA guidelines on flood insurance states: " The amount of flood insurance must be at least equal to the outstanding principal balance of the loan (92,000) or the maximum amount of coverage available which ever is LESS" (page 19 FEMA Manual).
ASC is forcing me to purchase flood coverage for replacement value or 160,000.00. Even my Allstate agent found it ridiculous, he knew that flood Insurance should cover the loan value, not replacement. As you can guess it. No answers on that one either...
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