I had my mortgage through another company but it was sold to ASC. I had the same problems with them as everyone else here... Not accepting payments or applying them on time, not willing to work with me, claiming they did not receive faxes that I sent in 3 times, adding expensive insurance, fees etc.
So when my mortgage payment went up $1000/ month due to interest rate fluctuations and added escrow (insurance) I couldn't afford to pay it any longer. I tried to work with them. They told me that I didn't make enough for them to help out with a payment plan.
They continued to send me form letters saying they wanted to help me save my home with a list of options like short sale or payment plans, I would call and they would tell me that I didn't have any options except for forclosure.
They told me that they would sell the house at auctions and I would have to claim the difference on my taxes this year. They said that they would only accept reaonable offers or keep it and count it as just the fair market value (I would still have to claim any difference.)
I was just informed (by mailings from attornies, not from ASC) that they sold my house for $83000. My mortgage was for $203000 and it had appraised for $225000! I am now expected to pay taxes on $120000 "income" that I didn't make this year and have no way to pay.
Now I will also have to pay late fees an penalties to the IRS. I am sure that will be at least $25000 intaxes alone. Is this legal??? How can tehy sell it for so little and expect me to make up the difference. I would have rather they kept it and given me the fair market value. Can anyone help?
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