We bought our home in June. Within 6 months we had two financial dificulties that put us behind in payments. We called ASC to make payment arrangements. They did and we got caught up within 3 months. But unfortunately, my medical injury became worse.
In March we again made arrangements to get caught up as we were behind 2 payments. ASC made us payment arrangements which would last 2 years. Our payments increased $500 per month with the final payment to be made on Feb. Then we would go back to our regular payment. (Thats a $12,000.00 repayment on a $5,000.00 past due amount. Doesn't add up right.) But at the time we would do what ever it took to save our home.
We had an adjustable on the 1st and a fixed on the 2nd mtg which started with Equifirst then was sold to ASC within the first 6 months. Our intrest rate increased in August by 3%. Then again in March by another 1%. Before it could go up again we called ASC to get a loan modification. They informed us that we needed an ARM Reset. So we applied for it.
We began this process in October. They told us that we were approved and our intrest rate would go down to 7.35%. We would need to stop making payments on the "repayment plan" because you can not be on two programs at one time. We called back 4 times and spoke to 4 different reps to see if this was actually true. They all told us the same thing, "Don't make a payment until you get your new fixed rate mtge payment."
We were told it would take 30-60 days to process this new ARM reset and they would need a "good faith contribution" in order to start the process. We gave them almost $10,000.00 to get the ball rolling. We thought we were on the road to recovering our financial stability with a fixed rate. Boy, were we in for a shock.
We faxed them all of the requested information to make this reset happen. We learned quickly that you have to call back several times and speak to several different people in order to find out anything. Some reps would have no record of our reset and others would say that the faxed info was not received and others would find only half of the info.
We kept in constant contact with ASC. Most of the time we would call several times a day in order to get a rep that could find our info and let us know of the status of our new ARM Reset (which was always pending).
Finally in March after pages and pages of documenting the hundreds of phone calls that we made we got the call that our reset had been denied. WHAT?! We had already been approved and sent them the money (which they certainly took). They said that the documents that we faxed were not sufficient. I asked what else they needed and they said the requirements changed in Feb yet we were never told of the new documents needed.
The rep said there was nothing she could do even if she wanted to. A new "worksheet" was started and we were told that the money sent in 6 months ago would apply to the new "worksheet". We faxed all of the documents they requested. It took 3 times for them to say that they had it all. And 3 weeks later we got a letter from an attorney saying that our house would be sold the next month on the court house steps. WHAT??!!
Well the saga continues, we got the foreclosure stopped. But they will not work with us to do the ARM Reset. And they kept our $10,000.00. Who knows where that money went. We are at our wits end. Emotionally exhausted and about to loose our home. Their practices are completely unethical. They lie to you and make promises they can't and won't keep.
We would like to know about any class action lawsuit that may be pending against ASC.
Good Luck to anyone who has a mtge with ASC. Mark my words, "You will get screwed!"
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