Like most mortgage's mine was sold within a few months of having it. It was sold to America's servicing company. They were fine for the first year or so that i had them but recently they have made my life hell. They started for me an escrow account in the basis that i had taxes that were unpaid.
I had paid all of my taxes and had documentation to prove it.in the month when this account was started my statement more than doubled. I called them to find out why this account had been created and they said it was a shortage of an escrow account. (one that i never created approved or otherwise did anything to set up) i told them i had paid all taxes and had proof. I was told to send in the proof and continue paying my mortgage payment as usual. Silly me that is exactly what i did.
I called them several times to make sure they had gotten the documents and first they said no then they said yes they had and it was under "review" whatever that means. After i learned that they had sent out monies for taxes and insurance and had been reimbursed for most of it. The remaining amout however was causing a shortage on my account and the high bills.
This is about two months into my problems with them. Mind you they call almost every day and on the days they do call they call all hours of the day multiple times. They ask why your account is delinquent and when you will pay. At this point i just wanted to be done with it and have my monthly mortgage go back to what it was, so i just paid the difference.
They continued to call. Turns out you cannot just close an escrow account, you have it for a year after "delinquent" taxes or insurance have been paid.in order to close it there is an appeal to a board and they decide if your account can be closed. Last month i called them because it still had not been straightened out and they woman on the phone informed me that my account was now 2 months past due.
My june payment had just been posted (mind you it is mid august now) they had been taking the money i was sending (as advised by one of there employees) and putting it into a "suspension account". This account is designed so that they get there money one way or another. They hold all monies you send them until a months statement has been paid. Mind you, they pay the fees and late charges first.
I was shocked to learn that my mortgage was two months behind. They also paid my taxes after i told several people that they were not to pay them and to note that on my account. Luckily, i had money saved up to pay the taxes so that took care of most of what i was behind on according to them. I just recently sent out the check so hopefully this will straighten out any problems i currently have.
In addition to everything else they signed me up for there own insurance because they didn't contact the insurance company that i have had since i bought the house (michigan basic). I wasn't aware that when your mortgage is bought you have to send in the insurance information. What really gets me is that they sent me letters stating that my insurance was about to lapse (from Michigan basic) and yet they had never contacted them to say that they were the new mortgage company. So every time michigan basic sent out the declaration page to the mortgage company they sent it to my previous company. Very strange that asc knew when it was going to lapse but refused to believe that i had it in the first place because of the lack of declaration page. When i called the insurance company to follow up on the fiasco i had to update the mortgage servicer with them.
Helpful hints when dealing with them: start a notepad that contains the name of the person talked to date reason and exactly what was said. If your note is sold to this company make sure to call your insurance company and let them know. If you do not have an escrow account make sure you keep very good documentation and records of taxes and insurance paid. Also, i know it is difficult but be as persistent as they are. I am a full time student as well as work full time. The last thing i wanted to do was come home and talk to them. However if you don't the situation will become dire and you may loose your house.
I hope this information helps any of you out there dealing with asc.
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