Our mortgage loan has been serviced by three parties in five months. America's Servicing Company (ASC) is the current holder. We have made all payments early. The loan was sold so many times so quickly "unapplied funds" have been transferred at each sale. Now ASC has applied the "unapplied funds" as a special principal payment and is showing us one month past due.
We are able to prove all payments were received on time. We have been unable to get ASC to correctly apply the payments and they have been unwilling to have a supervisor call me to discuss. Any time I ask a question, it takes a week to get an answer.
Meanwhile they are reporting us as past due to the credit bureau.
My understanding is that ASC is a dba of Wells Fargo. They are regulated by the Office of the Comptroller of the Currency. I am filing a complaint with the OCC. I would recommend everybody with a problem with ASC do the same. Banks like Wells Fargo do not like the negative of multiple consumer complaints. That may be our only way to get things changed.
I agree that it seems this is a set-up.
Jack
Portland, Oregon
U.S.A.
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