My 3 year ARM was sold to ASC about a year and a half ago, and it just ran out 2 months ago. My interest rate rose from 5.5% to 7.35%, and was told it could increase another 1% next year. When i asked if there was a fee I could pay for an extension on my old loan, I was told NO. Because my rate payment increased by $355, I would send in two separate checks for my new payment because I already had automatic payment going for the old amount. For two months, they applied both separate payments to principle only, and filed late charges against me. It took an hour on the phone to get this corrected. I was told that if they did not receive the full amount in one payment, it's not considered a payment, and it just gets applied against principle. When I came online to look at my report, I found that there were many people with the same exact problems. I guess my biggest question and concern is, with these complaints people are filing, is anyone, or agency taken on the tasking of correcting this company for it's bad practices? Fortunately I will be selling my home in less than a year, so I won't see the high increase in my rate again, nor will I have to deal anymore with this company.
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