After recieving notice that my loan had been sold to ASC I recorded the reference number and old loan number on my check forwarded per my current lenders instructions to ASC. I called my insurance company and my HOA and had insurance forwarded on 6 occaissions.
ASC had not acknowledged either the reciept of my check or the insurance. I recieved notices from ASC every few days, collection calls to my home and work informing me that they had not recieved either. I was pressured to allow an auto-debit from my checking account with a $20.00 fee to pay my current mortgage payment. I was told that my information is probably backed up in receiving and my check and insurance would be marked as recieved eventually. So basically, I was making a double payment.
After this experience I registered for online bill pay for my mortgage payments. The advantage is that the bank holds records which are accessible onlne that detail when the payment was mailed, amount of days allowed for normal delivery, and when the check was cashed. All of my checks state: MY NEXT INTEREST PAYMENT next to my account number. (1456343 MY NEXT INT PYMT).
Recently I put together an Excell table to list the banks information and calculate how many days it takes ASC to cash my checks. Not including the alotted delivery time it was up to 20 days. I have included in recent correspondence all check numbers forwarded by my bank and detailed information and copies of all of my ASC statements to ASC. The reason for this correspondence is that regardless of the fact that I have been 2 months ahead on my mortgage for the past year, I have recieved on going default notices, non-payment letters, collection letters, late fees, and statements where ASC had misallocated my payment. They sent me a check in July for an escrow account refund which actually was an escrow account they started and I do not have escrow on this loan. I signed the back of the check back to ASC and forwarded to ASC with my letter.
I have had forced placed flood insurance when my property is not in a flood zone according to my insurance company.
To be able to stop this type of problem we must visit your local bank and ask the manager about regulations that are specific to the problems that we have had AND keep acurate records of payments and all correspondence. Do not accept phone calls from ASC! Hang up. You must have everything in writing or it is hearsay. Get online banking because it is too easy for ASC to accuse customers of not mailing payments in.
If you can prove your case in writing you have a stronger chance of winning. Send your information to the agencies that your local bank manager recommends. Keep a log of all calls to or from ASC including who you spoke to, what it was regarding and the resolution. Collectively we can win but, we must have records that demonstrate the problem and our willingness to resolve the issues. Also: READ YOUR MORTGAGE CONTRACT AND ATTACHMENTS THOUROUGHLY before you start your correspondence to agencies. You may have contractually agreed to some of the issues. You can fight ASC for non-complance to regulations set by federal and state agencies.
There are key issues here:
Payments recorded as late
Mis-allocation of payment
Forced Late Charges
Forced un-neccessary insurance
Mortgage company doesn't correct problem addressed in letter within 45-60 days.
Harrassment from ASC in correspondence and via phone.
I hope this helps. - Carmen
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