Prior to american servicing company purchasing my mortgage, I had a clean payment record. Within a month of the transfer that changed!!! They call way before there is any concern of late charges, and the so called programs that they have are of no benifit to the consumer. When I purchased my home in I now owe $10,000 more than when I started making payments.
I called american servicing company to make arrangements when I realized in june of last year that I was going to have a problem getting my payment there on time. I was not yet 30 days behind but knew that I would be due to a financial difficulty beyond my control. They offered me a repayment program that would allow me to send a deposit totaling the amount of the current month due and then thay would split the payment that was not yet 30 days late, into payments that would have lasted into february of this year.
Sounds like a solution right?
That couldn't be further from the truth. I realized after making two of the payment plan payments that each month I was paying an overage of $790.00. However this was to continue until Feb 0f 2007. Making the payed amount by the end of the plan a whopping $6,320
for a payment that was under $1800.00.
In the meantime I paid until October when I realized that they were also reporting to the credit bureu 30 day lates for four months. When I called and confronted them about this they said it was policy. To charge someone 6x the payment and destroy ones credit over one payment that was being repaid??? *??? By the time I could pay the remainder of what was owed which was $2500.00 plus make the scheduled payment I was into them in the month of october over $5,000. So the whopping total for one payment was $11,320.00. Now I can not even refi to pull the large amount of equity I have in the home to strighten out the mess and recoop some of the lost income in the deAL.in the meantime I fell behind again as we weren't able to recoop from an 11,320.00 loss. Who could?
Furthermore. I also found out after that that the payments for escrow on taxes and insurance were not taken out after what I paid at close, and they did not notify me prior to the due date to renew policy on the house. I didn't recieve notice until after the policy was canceled that my proprrty was no longer insured. Nor were the taxes paid. So again thay offered me a solution.
A payment plan... As you can guess I refused.
Then they offered me a review. A review apparently if very difficult to get, and very difficult to swollow when the reality of what it really is hits. I was instructed by numerous people at the company not to make any payments until the review was finalkized and approved, to bank all payments as they would require a deposit to begin with and then I would be back on track. They approved the review and tacked on around $10,000 to my balance and demanded that I set up escrow, okay well wonderful... But my payment is now $800.00 over what i started with. Rip off??? Worse then that. They may as well have forced me from my home. Despite this and the fact that I met all requirement and followed thier instructions, I now have 2 30 days, 1 90 day and 1 120 day on my credit. Impossible to refi now right. This is robbery, considering the fact that I necer faltered in any agreement made with them and all this because I was having a problem that would have been overcome within a month. Unbelievable.
Gina
Laverkin, Utah
U.S.A.
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