How can ASC keep raising our payments like this, what can we do about it?

My first loan was through option one and sold off to ASC within a month without any notice. Every since then, my payments have been going up and my loan was supposed to be Fixed through option one, but since it has been changed to ASC in 2005 it became a variable rate and loan up to 40 years. What can i do to stop ASC from raising my mortgage payments?

If your loan is truly a fixed rate loan you need to seek advice from an attorney. Please read the fine print from your original mortgage. It should stipulate if the loan is adjustable. If it isn't then they can't raise your rate.

ASC has been less than cooperative with our loan. Many of the stories posted on your site sound familiar. We are were three months behind on our mortgage. Call and said that we could send 1800.00 then in two to three week later send the rest to bring up to date. ASC said no problem that they would note it on our account. We sent our money in and they returned and said that where it was not in cashier funds that they could not accept our payment. Well, no one from ASC told us that it had to be in cashier funds. They said that they had started foreclosure proceeding. But, they could workout a payment plan, when ask them for that in the first place but said that they could not help us so, we had to agree to their payment plan that has increased our payment from 910.00 to 1485.00 My repayment plan is set up through August. It is very hard for us to come up with all that money plus having to pay other household and medical bills.

yeah i had the same problem i was told to just pay on the 2nd loan and they would work with the first loan so i did every month called to see if the loan been approved nothing cal back well in the mean time i am getting letters on my door about foreclosure sell date call them up don't worry well i did on dec 27th it went in to a trustee sale they did not want to work with me at all this company is no good now i am forced out to move out of my home no notice how long i have got to live in the house at all tonight just got a 3 day notice

We are having the same issues with ASC. They acquired our loan in February of last year, and we received no notice of their existance until July when they sent us a letter stating that because our escrow account was not paid up one year in advance our mortgage payments would be going from $1600 to $2400 for the time period of one year. We are now struggling to meet our mortgage payments and are now 2 payments behind. We can't refinance and our credit has gone down the drain because we have defaulted on all of our other loans and credit card debt just to pay for our home. They have to be doing something illegal because usually mortgage companies are willing to work with the mortgagee - not this company, they stand firm that they will foreclose on our home and there's nothing we can do about it.

I am also having problems with ASC. Everytime they pay my property taxes my monthly mortgage payment gets higher even though I have an impound account. I recently went through a modification plan, but my payments are now $500 more a month. I am a single grandmother raising 3 grandkids unexpectedly. Who and where can I go to have my loan rewritten? I had ASC before and thought when I had refinanced back in 2006 I was done with them,but they have my loan again.

Hi Cecilia Broussard

I really do understand your situation. My mother and father are raising my two
nephews with no help the either of the parents. They are both retired not by
choice but their health is not the best. So, I can say that I can understand
your frustation.


Good luck and take care
God Bless you and your family

i cant keep paying this amount 3,600 for a cape is way to muc. i am going to end up losing my home!!!!!!!!!!! HELP

ASC has done the same to me. Promised a remodification, made me send payments via Western Union, Then raised the interest rates. Original payments of 1106. went up to 287. .. That was after originally trying to get me to sign up for 1600.00 per month payments. They show over 5000.00 more in arrears than I actually am, and they have added an extra 15000.00 to the end of the loan, and insist that before they will even begin the remodification payments that I have to send them 3,000 by the 18th.. Less than 3 weeks to come up with that kind of money. They are not here to help and have very fraudulent practices.

OMG....There are doing the same thing to me. ASC owes me over $15,000.00 The increased my loan when they said they would not...Then they charged me for Property Insurance for 3 years...I caught them the 1st. year they spoke with Farmer's Insurance but still didn't re-imburse me and then keep charging me....also I'm going thru the same thing with the Property taxes....The just decided lat year to increase me $1200.00 a month. I have been fighting them for 14 months...also they have admitted FAULT but yet have given me back my money. They said they we also going to do a Loan Modification that said in 30 days...that was 90 days ago. OMG....I asked on 12/30/08 if they were trying to take my home and the girl said no..the can't your going thru a loan modification....I'm apparently going thru the same as all of you...but worse.

they modified my loan but did not lower my interest rate to make it affordable, i am being charged almost 9%. i think they are theives

they agure ire chargin me 10.125 %gothat and want 4000 bucks to refinance me thats just crap

These are some bad horror stories. I thought I was going to be in one as well. They were increasing our rate nearly 3% with them being able to up the rate again every six months. I talk to one of their specialists and they said if I could provide them a letter of why I cant pay this new amount, send in copies of check stubs and a written list of what our monthly bills are that they would review it. She said as long as I didnt show that we had more money coming in vs. our bills then they would try to work with us.

I made a statement in my letter just saying if you go up on the rate you can have the house; that there are 11 houses for sale in our neighborhood and we could not afford to stick it out with those kind of payments and hope our house sales. I didnt even ask for a lower payment, just to have it not to go up.

They came up with a payment plan for three months which was lower than our current payment. After we made the payments it took them about a month to give us a decision. But now our payment went from nearly 1200 to 980. In six months we will go back to paying the 1200, which we can afford and pay off our house early =)

For the most part it went really smooth. I will say there wasnt a lot of contact and the original paperwork was misleading. But in the end things worked out for us. Hopefully more happy endings will happen for others.

We were only one month behind on our adjustable rate payment when I tried to get them to modify our loan and all they did was give me the run-around! I couldn’t believe it when the guy on the phone (he was a big jerk!) actually said that my family shouldn’t eat so much because then we would spend less on groceries and would have more money to make our mortgage payment! He also said we should get a cheaper car and a bunch of other stuff that was really rude. This whole thing was keeping me up at night worrying about what was going to happen to us. I told my friend at work about this and she said I should call the loan modification company that got her loan modified down to 3.25% fixed interest rate! I finally decided to call them, and in about 45 days they got my interest rate down to 3.85% on a fixed rate too! The company is First American Financial Group and we are really happy with what they did for us. The website is theloanmodfacts.com. We chose them because they didn’t make a bunch of promises like some of the other companies and they had a 100% money back guarantee. I hope this helps some other people fighting with their loan company!