My husband and I purchased our home through River City Mortgage, we were very unhappy with them (they lost our loan paperwork twice and charged an incorrect interest rate another time); however we were almost immediately sold to Nation One. They were great, and we had the pleasure to do business with them for nearly a year, and then were sold to EMC mortgage. EMC was also a great company to work with, especially when I became ill and had to stop working and have a major surgery. They worked with us, allowing us to pay as much as we could each month without the threat of foreclosure at any time. Then, in October of our nightmare began.
Our mortgage was sold to ASC (America's Servicing Company, a subdivision of Wells Fargo). When the mortgage was sold, we were behind in the payments by about $2,000; which we had an agreement with EMC about. ASC was unwilling to abide by that agreement, and immediately began tacking on fees for what we were behind on. We made our full regular payment the first month it was due to them (nothing of what we were behind), ASC returned the payment to us stating that they did not accept partial payments. They charged us a return fee, a late fee, and additional interest; and suddenly were demanding $4,000 for the next month. We attempted to work out a deal, but they were unwilling to accept anything short of the full amount of present and past due payments. So we missed the next payment as well. They sent us a foreclosure notice, and my husband and I got in touch with a company that helps people like us. This company represented us to ASC, and essentially forced them to set up a payment arrangement with us.
However, since then ASC has attempted to raise our minimum amount due three times, by claiming that our homeowners insurance and property taxes each doubled. Three times we have fought them on this, and one; but they refuse to take the interest owed off that extra money, or even properly credit the overpayments made for those raises. Bow, they're doing it again. We just received our new statement last week, and behold; our payment has risen $200 a month again (we do not have an ARM). They now refuse to speak with me, claiming that the loan is only in my husband's name (which it is), and that they can not discuss anything with me. However my husband has sent them an authorization form four times, and it wasn't until just last week when the new notice came that they suddenly could not speak with me anymore. Perhaps it is because I am a more commanding presence than he, and will not tolerate their crap (I also inform them I am taping the conversation - they hate that, but legally I can do it).
My husband and I fear for our home, we have not missed a payment or been late on a payment in 6 months now (my health has improved dramatically), however, we can not afford the high payments they demand (our payments have risen from $1,125 to $2,000). Most of the extra payment goes to a late fee they charge, interest, and other fees. They threaten to foreclose monthly, if we are ever to be one day late on our payment. On top of that, they tell us to mail our payments three weeks early to ensure they receive and process it on time, or it will be considered late. There is no grace period as with most loans (to cover slow mail service, ect.) They charge us over $20 to pay by phone, and will not do internet payments.
With the new illegal increase, we are considering suing. We contacted our State Attorney General after the last incident (God bless Mike Hatch, he loves to sue big business), and were told we did have a case against ASC. Hatch's office has even offered to help fight ASC, so we will be calling them soon.
I've done my research on ASC, as mentioned before, they are a subdivision of Wells Fargo. But their website says America's Servicing Company, better known as ASC, a division of a well-known and respected mortgage company. We find it odd that they do not name Wells Fargo outright, as it is a failure name that people are comfortable with. I don't know why they would hide that if they're a good company. Anyways, ASC has ruined my husbands credit, per our agreement with the old company they would not report us as late as long as we sent a portion of the payment each month; ASC has not honored that. They have reported us late each month, even the months we have paid as agreed. It is almost impossible for us to refinance it away from tem at this point; although we may possibly be working something out with our old company.
To anyone out there dealing with them, be careful; pay close attention to your statements every month. They do NOT send you notices of payment increases, so if you do not check you notices every month they will return your payments if it's not what they are currently demanding. If your credit is still good enough, refinance before it's to late. If you've ever had a problem with ASC, count you blessings, and be prepared to have problems at some point.
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