My ASC Mortgage Servicing experience, As a true believer in President Obama's promise of a more financially secure America less reliant on foreign oil and exaggerated greed I as an unemployed American hoped for a small break with the Hamp (Home Affordable Modification Program). This program may be a reality for those who have Freddie or Fannie owned mortgages however for most it is just an empty promise.
Most mortgage companies like ASC have inexperienced employees that neither know what they are doing nor the laws regulating the companies they work for. Furthermore without government guidelines and watchdogs they can stall, intimidate customers and change the non-existent rules. These are my horrific experiences.
April 13
Applied for loan modification. Sent all documents requested faxes and sent by mail. Hardhip letter. Financial Worksheet.
April 27
Called to see progress. They said it was never received. Faxed over the documents again. Called 1 hour later to confirm. Not received
April 28
Nothing Yet
April 30
They got it. Do you need anything? ASC Rep replied No, Not Yet
May 7
Progress? Rep said Nothing yet
May 18
Received a letter stating more info requested Pay stubs, workmans comp agreements.
Called same day & spoke to a rep and he stated that a letter from me outlining the income amounts only.
May 19
Faxed over the documents and called to see if they received the letter. Yes they did. Great.
June 1
Called for progress report and inform everything was going to be reviewed by a processor.
June 3
Received a letter from ASC requesting more informtion (i.E. Pay stubs).
Called ASC spoke to a rep and reiterated as in my hardship letter I AM UNEMPLOYED. Unemployed people do not have pay stubs. Confirmed that letter was sufficient and received and asked several times are you missing anything. Representative anwser "No everything is in order"
June 10
Receiveved a letter from ASC stating missing documents "Pay stubs". Did not call as they told me everythng was complete as of last week.
June 24
My Loan Modifiaction was DENIED. Foreclosure is the only option.
Called ASC and Rep informed me documentation was missing (ie PAY STUBS, lease agreements,) I was also informed that the REP that asked me to send the letter stating income was incorrect and they want PAY STUBS tenant lease information and workman's comp info. Again how can an unemployed man with no pay stubs that was never asked for tenant lease information until after the fact possibly get a loan modification. I was told to submit the lease information and re-apply since the case had been closed.
June 31
Called to confirm ASC received the lease info requested, hardship letter & worksheet again. Yes it was received.
July 13
Called to see the progress of loan modification. I was informed that because the letter had the original April date they could not be processed. I banged my head against the wall and refaxed the worksheet, letter and lease with the updated date.
July 23
Today Called to check updates. The rep who was very informative actually informed after 20 minutes of prying if ASC actually does loan modifications that although many request come in most people get denied because ASC deals with investors who do not participate with the HAMP program. I fall in the criteria of 31% of income vs. Expense but I need to find out who owns my loan and if they don't participate in HAMP then my only option is foreclosure.
So Mr. Obama is this what HAMP stands for:
HAMPing any hope of getting loan modification
HAMPing financially distressed people from getting HELP
HAMPing the future growth of America
This is what it really stands for:
Here's Another MessyProgram
Or
Help-us Already Mr President
Or
Here's Another Millionare's Profit
Or
How About My Property
Almost 4 months and NO HELP. I will be soon setting up camp in front of the Washington Monument in Obamaville thinking of how history repeats itself as shacks are be burned by local police. Mr. Obama, help America before it becomes a economic dustbowl again.
BTW I have never made a late payment on my mortgage and my credit score is 731. Doing the right thing is more important than being a big thing.
Signed,
Wit's End
Pepe
brooklyn, New York
U.S.A.
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