Our relationship with ASC began very unpleasantly three years ago after the loan was sold from GMAC. We had bought down the first two years with points, resulting in a lower monthly payment ($1400) for the first year, a slightly higher payment ($1500) for the second year, and a final monthly payment ($1650 or so) for years three through thirty. However, the buydown funds were inappropriately transferred. Despite clear documentation and many copies of the original mortgage note, clearly stating the terms, ASC intransigently refused to modify our payment. It took nearly six months and cooperation from one outstanding woman, Susan Anderson in Executive Communications, to finally right the ship.
For the record, I do honestly believe that Wells-Fargo is attempting to rectify the very poor practices at ASC since WF purchased this subsidiary.
That having been said, our current situation boggles the mind. We own a four bedroom, 3.5 bath townhouse in an area very hard hit by the economic crisis. We paid $325K for the property. It is now worth $225K. We decided to short sell the house when my wife got a new job, requiring us to move a good seventy miles away. (We live in metropolitan Washington, D.C., where 70 miles is sometimes a three or four hour trip at peak traffic hours.)
We secured a terrific realtor who has ample experience in short sales, and within a matter of days had several bites, and after two weeks on the market, had an at-appraised-value cash offer from an investor.
Our mortgage was split into two trusts, the first for $285K and the second for $70K. (The latter was held by Saxon Mortgage, a company with some very severe customer service reputation problems. They have, ironically, been absolutely spectacular and we've had no problems at all.)
Recap: We owe ASC $285K. We're offering them $225K. Over three years, we've paid $50K in interest, as we're on the very front end of the amortization table. Do the math here:
$285K
- $225K cash buyer
= $60K
- $50 K interest paid
= $10K remaining
That leaves the company on the hook for $10,000 loss on their original investment. Ten grand.in the day of AIG. This is a no-brainer. A foreclosure can cost $30K, $40K, $50K or more, and a property that's in foreclosure and that is unoccupied is going to lose value rapidly in this economy. The second trust (Saxon) signed off on the short sale without blinking, the adjuster going so far as to say, "wow, good for you for getting market value right now... We'd be crazy to say no."
Apparently ASC is crazy. Ladies and gentlemen, meet Gary Olson, loss mitigation negotiator for ASC. Aside from not understanding basic punctuation, capitalization, spelling, and grammar, apparently Mr. Olson also failed elementary school mathematics, because his motivation is apparently to lose his company as much as possible.
I'm all too pleased to offer Mr. Olson's contact information, just in case anyone out there would like a direct line of communication to someone a little higher up the food chain. (Well, corporately at least.)
Gary Olson
Mortgage Loan Adjuster / Liquidations
Wells Fargo Home Mortgage
MAC X9400-02M
11200 W Parkland Ave
Milwaukee, WI 53224
Contact # 414-214-5028
Fax # 866-779-9405
Email gary. [email protected]
Or better yet, how about his supervisor? That's Daniel. J. [email protected].
We have now moved into the phase where we play hardball and withhold payment. We were rejected twice, with the files being summarily closed without any contact - despite a policy that apparently states they won't do exactly that - because our credit rating is too good and we make too much money. "You're not even delinquent."
Oh! Is that all it takes? Instead of trying to be responsible property owners and making all possible arrangements despite the nightmarish market... We just needed to be bums!
Well consider it done, Mr. Olson. We're now withholding payments and will force you into foreclosure if that's what you'd prefer.in the meantime, the property sits vacant, may be losing value, and your company is racking up the bill. Do mortgage companies not realize that consumers may KNOW their rights?
The property is collateralized. You can't take my liquid assets (moved banks anyways just to be safe) and you can't touch my other funds. You can only have the house... Which I'm trying to give you. It's all fascinating.
We continue to refuse all phone calls and shred all letters, piping all communications to our amazing realtors. Someday, perhaps ASC will realize we're serious and try to cooperate. We've been trying to be proactive, and it's gotten us nothing but grief. Fascinating corporate philosophy.
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