America Servicing Company (ASC)
Scam

I have been fighiting with American's Servicing Co for the past year and a half. It wasn't until I contacted NACA that I was finally given a response. This was after numerous calls to the servicer (each time I was give a completely different answer by each rep).
I received ASC's modification agreement via fed-ex yesterday. The documents state I need to response (with payment) w/in 10 business days. The letter is dated 8/11, it wasn't mailed ot until 8/13 and I didn't receive until yesterday because they sent out 2 day delivery Fed-Ex.
The rate stayed the same, the payment dropped by about $16.73 and I was added 10 years to my loan. My new balance is over $180,000, the house is currently valued at about $60,000. As I stated before, I need to submit a payment of over $800 on the documents but no where does it state what the funds are for. I called ASC and asked what the funds are for. They indicated it was my 1st payment due, for September. I let her know the documents sent to me state my first payment is due October 1st. I don't even get 30 days to make my first payment? So the legal documents provided to me are not accurate? She went on to explain it's only a portion of my first payment because they are taking funds in a "floating account" to credit the full payment amount. I asked how is it legal that I don't get 30 days to make my first payment and worse off it's not properly documented in the modification agreement? She stated if you don't take the offer simply don't return anything and we can proceed to a different alternative, forclousure... I said no, the only alternative is me contacting a lawyer. She then put me on hold and came to say oh i'm sorry, your right, your first payment is Oct 1 and those funds are for the Oct 1st payment. No need to send the funds now, just now your modification won't be modified until we receive the funds.???
I can't start to explain the frustrations I have lived with for the past year and a half trying to get thru to this company. Their associates know NOTHING. You can never talk to a manager or any of their negotiators or anybody in their investor department. How can they get away with what they are doing? My original loan was not a stated, ARM or interest loan. I never re-financed to pull cash out and max out my loan to value. I lost my job, found a new one with a cut pay and had a child which up'd my expenses. I know have a steady job, one $22x mth credit card and though I was offered a new modification I still can't afford my payment. No wonder the modification default rate is so high. Has anyone ever tried (and been succesfull) at obtaining a 2nd modification after one has already been completed? I really don't want to loose my house. But I know I can't afford this payment. My last resort is to accept this modification and start to push for a new one w/in the next few months. What a nightmare!!!

Company: America Servicing Company (ASC)
Country: USA

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