Re: Americas Servicing Company
This is to all you folks who really don't seem to know a gosh darn thing about mortgages and I am here to enlighten your lives with a bit of information, especially if you are all over the internet trashing america's servicing company. Lets start with the facts first.
#1 when you sign documents at closing, you need to be reading what you sign and if you don't understand it, ask questions. After all isn't that what your forking out the big bucks for the attorney and the title company for?
#2 Just because you have an escrow account, doesn't make you exempt from having the responsibility to provide proof of your insurance if your loan is transferred. Wake up folks, its still your loan and your insurance. Lets grow up and be responsible.
#3 For all the complainers who say I didn't ask for my loan to be transferred to you people, but did you ask at closing if your loan would or could be transferred or read the documents that said indeed you will?
#4 Be educated on what a SERVICING company actually is. A servicing company is a "servicing "company, which means, they collect money. The fees that you pay to make phone and internet payments are called JUST IN TIME payments, it is a convenience to be able to pay last minute. How many places do you know where you can call and make a payment on something the very last day for free? I don't know of any, all credit card places are the same. People act like they are forced to pay the fees to make the payment. HELLO, your mortgages are due by the 1st of every month by the terms of your note. You want to make your payment for free then mail the darn thing or get on auto withdrawal. What it really boils down to, is that your mad because you really cant afford the mortgages that you have. Its called living above your means, getting over your head. Its all part of the greed in the world that gets us all in trouble now isn't it. Servicing companies DO NOT make the money on the interest of your loan, that money goes to the investors who gave you the loan to begin with, so when you get harassing calls to collect your payments, you are flaking out on the wrong people, you need to call the investors and whine to them because the whole entire and only reason lenders have servicing companies, is to have them do the dirty work and COLLECT MONEY, when that servicing company fails to collect money seen fit by investors, guess what, thats when your loan is getting moved again. Just imagine how beautiful it would be if everyone paid on time and was grown up and responsible, then maybe your loans would sit still along longer huh.
# 5 Missing payment complaints. I love this one. IF in the event a payment was cashed and didn't post to your loan, then you have a legit complaint. But that can be traced and will be located and applied. But for those of you who sent payments, claimed it was lost, but wasn't cashed, then fail to make up the payment in 2 more months, then get reported... Then who's fault is that really? You don't keep up with your checking accounts and balances to notice the money never was withdrawn? You are complaining because you had collection calls and wonder why they are calling then claim you never knew the payment didn't post. Come on people, no one is buying that story. I would know quite fast that the payment was not taken from my bank account, because i don't have millions of dollars hanging around in it. Then there was talk of how ASC would hold on to payments and purposely make them late. That is ridiculous because the more you call to complain about something to a company cost money, i don't see where that would make sense. Payments go through lock boxes and you have 16 days from the 1st to the 16th to get a payment in without a late fee. So when you are advised processing can take 7-10 days and you have 16, then lie and say you mailed it real early and the envelope scan from the post office shows you mailed it on the 10th, how do you expect the payment to process in time? The reason the processing takes 7-10 days is because try and imagine a lock box who has several clients they process mail for on a daily basis, and imagine on a daily basis 10.000 payments come through. Do you think you could process that mail all in one day? If so, then you need to be in the lock box business
# 6 When you call the servicing company that handles your loan and curse and act like its the representatives fault for what is happening, and the first thing the rep thinks is that you need bipolar meeds, try and talk it out with them in a civil manner. You are much more likely to get help or an explanation when you are nice, after all they are just there trying to a make a paycheck like the rest of us and most of them are very nice and I can tell you that I wouldn't want to take 100 calls a day of insane people.
#7 You sign into a pre-payment penalty, regardless of what someone told you at origination or lied to you, you signed it your stuck with it. You would have read the paper and signed your name to it. That part still is amazing to me. A lot of people don't even know what kind of loan they have, what an escrow even is, or their interest rate. Are you kidding me? Maybe these are the same people who are filing complaints, because they definitely seem intelligent enough to understand their insurance and taxes and be responsible with their payments... Don't you?
# For those of you who truly had real problems that were totally no fault of your own, that does suck but so there for is life. You have to remember there will always be victims in large businesses due to the amount of loans they actually have. Think about a million loans to take care of. The variable of life is almost certain there will be problems and the problem ratio is actually very low considering how many loans are serviced.
It really comes down to educating yourself, do your research online first before you jump into loans and homes. Don't go over your head. Live modestly. Read your papers. Don't be like little kids at Christmas, who just cant wait until morning to tear open the gifts. Be adults, be responsible for yourselves, your bank accounts, your mail, Its time to grow up and stop blaming others for your slacking. Is your cable, gambling, smoking, drinking, car payments more important than where you live? Where your children live?
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