I need a Loan Modification to avoid Foreclosure

I am afraid i am going to have to foreclose because my current renters cant pay on time, their lease is up Feb. 1, 2008 and i don't have anyone interested in moving in there for i wont be able to pay the mortgage. i don't know what to do please help.

You should have some time to get a renter in the property and start collecting rent again. Normally it will take 9-12 months for them to foreclose. The only problem will be getting the mortgage caught back up. We can help with that if you need us to. Please fill out our questionnaire and will contact you and discuss what we can do for you.

I have financial difficulties. My son and his fiancee are on the account. i like to remove their name in the loan because my son is the only working and he is paying his baby boy's medical bills and food and his fiancee went to school to pursue their good future and i need to help them , too. They longer live with us they to his fiancee's parent to save some. I like to lower my mortgage payment refinance it i guess. i need your help. i would like to stay on this house at less a couple of years. i don't want it to foreclose either. or i have to short sale. Can you help me and my wife. thank you

I would like to have a loan modification how can you help me? or were should I call.
i'm sending my mortage payment to America's Servicing Company Loan # *********.
please email me @ leticiah@*******.com or call my brothers wife leticia @ (831)761-****.

I have a personal loan with someone and he is third on the title..He wants to foreclose on my property because we are at odds over payments...What can I do? I don't want to foreclose on my house..I've made all payments to the mortgage companies and am not behind there..I would like to do some sort of debt consolidation to avoid foreclosure on my house..

ASC is very difficult to work with
borrows. I am $15,000 behind. I called to make a repayment plan. I explained to them that I can paid the mortgage. They told me to give a $2900.00 down payment and agree to do a deed in lieu or a liquidation.

I am a Reverse Mortgage Specialist with a large and reputable bank over 150 years old, out of Buffalo, NY. I have a couple - elderly clients (75 & 76) who speak English, but not well, and don't understand financial dealings at all.

Tn 2006 a young man sold them a 40/30 loan cash-out loan, with accelerating payments. They started out at $1700 a month, and after two years are at $2392 + T&I, and in 6 months will be at $2500 + P& I per month. Then the rate will change every 6 months at 6.475% over the 6Mo. Libor.

They cannot pay this amount each month. She has never worked and he has been a landscaper, but is now physically ill and can no longer work.

They owe about $20,000 more than they can receive from a Reverse Mortgage, with no monthly payments. The family was at our meeting and supports them getting a reverse mortgage so they can always live "at home".

I talked with ASC and after all kinds of transfers to different departments they finally told me that they cannot accept a reduced payoff. They said that the property will have to go into foreclosure and they will do a short sale -- but will not take a short payment on a direct payoff.

Do you have any suggestions?

Thank you
Gloria Boone
gboone@mtb.com

Regarding my first note of 2/21/2008 at 1/16pm.

I forgot to say that they said i the Loan Modification Department that they cannot let my clients pay off the loan, with a $20,000 deficit. They would rather go to foreclosure or have the client sell the house.

In this market, a sale??? And this is an elderly couple whose family live in surrounding neighborhoods....so where would they go if they sold? The could not afford to stay in the same area. Their relatives are not rich, and are scraping by, too.
This company is too much!
GB

I am behind on 4 payments now. Sent the company a check for Nov.07 they sent it back "not sufficient to reinstate our loan. Now they are going to foreclose on me. What can I do they won't work with me?

Please help me I have been trying to get a loan modification for 3 months now please call me 407-731-9678 I have already been pre approved.
Thanks

I am very confused. I sent in my hardship and financial records to the lose and litigation dept and I was told that It was going to take 90 days to get any response as to what the outcome was going to be. I call every 15 days just to make sure that my case was in process. I told on March 26 by a lady in the litigation dept. that I was going to receive a response as soon as my case was resolved. I was checking my mail every day after the 90 days and never receive any letter and document from the litigation dept. I called on Tuesday, April 1o, only to learn that my case is no longer open because they call twice on my phone and could not get incontact with me. I was out of town for a week and did not take my phone with me. I was calling everyday to make sure if I got a letter from them. They never left a message starting who they were. The litigation dept is asking me to sent in another financial and hardship information again in order to open my file which will take another ninety days. I have already received a letter from the company's lawyer asking me to pay the loan in full at the end of April. I donnot know what to do. Can you help me resolve this problem?

Thanks,

Marie Johnson

Please let me know your age, the value of your home, where it is and the amount of all loans on the property.

I hope you are keeping all your records on the work you've been doing with your lender's foreclosure agent. It may be very important. And keep a record of your calls - start a record if you haven't already. If I can't help you, and you don't qualify for a refinance, you will definitely need to see an attorney. A lot of foreclosure companies really are swamped, understaffed, and I'm not sure about how caring some of them are.

Please get back to me if you are 62 or over.

And the best of luck to you. BTW, if you can't afford an attorney, then you will need to find some public legal aid agency in your area. You can find them by calling your county, city...or even an attorney, who could direct you to the legal aid agency, which should be pretty close to free for you, or actually free.

MARIE: THIS IS A 2ND RESPONSE, BECAUSE PART OF IT DIDN'T GET POSTED

Marie:

I'm sorry to hear of your difficulties; however, I only do Reverse Mortgages and the property owners need to be 62 or older and own a home. And the older you are, the more you will qualify for. I can help with the reverse mortgage because it doesn't require any credit, income or asset standards. These loans I do are not very high in loan to value. So, just as an example, if your home were worth $100,000 and your loan(9) totaled $90,000, I wouldn't be able to help. Of course, if your loan is not close to the value of the property and you are over 62, perhaps i could.

Please let me know your age, the value of your home, where it is and the amount of all loans on the property.

I hope you are keeping all your records on the work you've been doing with your lender's foreclosure agent. It may be very important. And keep a record of your calls - start a record if you haven't already. If I can't help you, and you don't qualify for a refinance, you will definitely need to see an attorney. A lot of foreclosure companies really are swamped, understaffed, and I'm not sure about how caring some of them are.

Please get back to me if you are 62 or over.

And the best of luck to you. BTW, if you can't afford an attorney, then you will need to find some public legal aid agency in your area. You can find them by calling your county, city...or even an attorney, who could direct you to the legal aid agency, which should be pretty close to free for you, or actually free.

Gloria

We are a payment behind and have been for two years. We have applied to put the payment at the end of our loan or make partial payments on top of the regular payment. We were told a year ago we didn't make enough to qualify for help. So in Sept. we made a double payment without the late fees, took extra work so our income is now 1 1/2 times what it was and we still are the same $200 short to qualify. The first time was $1600 to qualify, now income is $2400 a month and we need $2750 to qualify. Why??? Also, they held the extra payment in escrow for 4 months saying they didn't understand what we wanted even after repeated phone calls, all the while charging us late fees on our late payment they had the money for. What should we do now???

Regarding the $200/mo. short to qualify -- since you state you were earning $1600 and now are at $2400/mo. could you save enough to paydown your loan when you refinance? Paydown means you bring cashiers check to the settlement. For instance if you could qualify for a $95,000 loan, but needed to pay off a $100,000 loan, you would bring $5,000 with you to closing.

You would end up with a smaller loan, smaller payments, and and get this bad loan off your back, as well as ASC.

If you are 62 + and can do a reverse mortage I can help.

You might also want to find an attorney-if you can't afford one, search your area for a 'legal-aid" clinic. ASC doesn't respond to it's borrowers.

I need to get a fixed rate instead of the ARM I have, I am in Chapter 13 now but not finalized. Can you help?

I applied for a loan modification in October of 2007,and was told in February of 2008 that I was denied for the loan due to a monthly amount of $300.00 left after I pay my bills. You cant have 300 left someone please help.

A from Annapolis, MD - Your comment does not make sense at all. If your loan is in foreclosure, you have up until two weeks to make a deal on keeping your home. There is nothing that would keep them from making a deal with you. Trust me, we don't want your home.. If it is within two weeks from the sale date of your home, not even this company you hired can do anything about it. If you cannot commit to what arrangements are available to you, that is not ASC's fault. In order to bring your loan out of foreclosure, you have to qualify for a payment arrangement or pay the total amount due on your loan, AND all the attorneys fees. If you qualify for an arrangement, you must make a down payment that consists of ALL attorneys fees, and one months mortgage payment. We can't make deals on fees, they MUST be paid as the attorney WILL NOT suspend the foreclosure until they've been paid. Same with modifications. Your loan will be suspended if it is in review. If they did not require an INITIAL down payment and the loan is still in active foreclosure, or went to foreclosure while under review, the foreclosure WILL BE suspended if you are coming up on a sale date. I hate to say this as it may sound insensitive, but if you haven't paid your mortgage in 12 months, and cannot afford a down payment to suspend the foreclosure, then you can't afford your home anyway and it is in your best interest to get rid of it. If you don't have a 2nd mortgage, you may qualify for a deed in lieu. Deed in lieu is where you give the property back to the bank and it relieves you of ALL financial responsibility, and is A LOT better on your credit report. Otherwise you may want to consider a short sale, where you sell your property for less than what is owed on your loan, and we will write off the rest. Also a lot better on your credit. As for losing payments, I have to say, in the four years I've worked for this company, we've very rarely ever lost someone's payment. If we lose the payments, we don't get the money, so you better believe we're extra careful not to. If you didn't put your account number on your payment, well that's just not our fault. Make sure you put your loan number on all payments, and also make sure that if you're paying on more than one loan that you send the payments in two separate envelope's. Otherwise they may get posted to the same loan...

Angel, please also read this... It will help you SEVERELY!!!!

I work for ASC, if anyone has any questions, I can tell you anything that is loan specific. If you are waiting on a modification, don't hold your breath. There are hundreds of thousands of the same requests and the negotiators are extremely behind. Don't hesitate to call for updates and to make sure things are being done. If you have been waiting a very long time and don't feel things are being done, ask the representative to email the negotiator for a callback. Leaving voicemails will do you no good, they hardly ever check their voicemail. If you need a modification because of an increase of your ARM loan, call 866-398-7569 and get set up with the ART team. They will review your loan for a modification and it's a lot quicker than a regular modification with loss mitigation. Although this is the company I work for, I do want to say it is imperative that you call for status updates. I've seen time and time again where a borrowers file has not even been LOOKED at and been under review for up to 6 months. A tip to remember, is that if you've updated finances (which is required for a modification), you CANNOT have a deficit. It is an automatic denial. You may only have a deficit if it is a direct result of an increase of your mortgage payment, therefore can only be up to the amount of the increase. If you have ANY type of surplus AFTER an increase, it is also an automatic denial. So as some of you may be saying, it's BS and I totally agree, but thought I could possibly help some people qualify and maybe give ASC a kick in the butt as they've done so many. Another thing is, if you've read this and think you may have submitted info that may result in a denial, RE-SUBMIT it. Even if your loan is under review, it's never too late unless a decision has been made. Keep in mind that a pre qualification for a loan modification means ABSOLUTELY NOTHING, it simply puts your loan under review, which means it may take three months to even be looked at, and if you have the deficit I mentioned, it will be automatically denied. Even if it "pre qualified" or has been under review for such a long time. It's the first thing that the negotiators look at, and is an easy way to decrease the work load by denying it right away for that reason. The last thing I want to say, is although the company may be horrible, asc DOES NOT make the decision on modifying the loans. The requests are submitted to the investors, and they make the final decision. Whether your file makes it to the investor all depends on your finances that you've provided and whether or not you've faxed your proof of income.

I hate what my company does to some people, but in the companies defense, it's done wonderful things to help people too! The hardest part is getting past the ignorant workers they have answering the phones.

I have no problem answering questions for people if it will help, and will check the site from time to time to do so. Obviously since bashing the company and giving out info that we are not supposed to, I need to remain unknown....

Hope that info helps

I have that ARM and it has gone up $1K per month. I have submitted my income and expenses to ASC and now I have heard that they won't even review my file if I am paying full, on time monthly payments. Then I heard that I won't get help at all if I don't keep paying. I don't know what to do. Should I pay the old amount before the increase? Please help. In addition, if Wells Fargo is the parent company and I have an equity line through Wells Fargo...shouldn't I call Wells instead. They are the ones that will get hurt if I walk. Thanks, Mary

Question: I have two mortgages on my home. The first is with ASC and the Second is with OCWEN. The first is $220,000 at 8% and the second is with OCWEN $94,000 @12.5%. Currently I have been able to pay the mortgages. Things are changing. The overtime is coming to a close which has allowed me to make payments. I do not live in the house. I was to take a job in Las Vegas where the home is but it fell through. I had a buyer with a contract but it took ASC to long so he got out of the contract. I am not behind in payments. The sale price was $205,000. If I could get ASC and OCWEN to refinance at around 6 per cent I could make it. With these small details can you tell me the best way to pursue a solution? If this does not happen in about 60-90 days I will not be able to make payments. My job requires a clearance and with a bankruptcy it almost assured I will lose my job. A short sale with a buyer and if I can work an agreement with the second mortgage company could possibly save my job. I am 58 years old and have about $20,000 in savings.
Thanks for your time and assistance.
Rodney

I had ASC until June. I was searching for a refinance loan for more than 3 months no one would take me until this company and they got me a 6.5 rate from an adjustable at 10

ASC denied my loan modification because I had a left over of 200 after paying my bills

I handle all loss mitigation's for home and commercial loans, please contact me for help.

916-213-2254
KeniRentaConsulting.com

I've been trying to get on the ASC loan modification program to help me stay in my home that I have worked so hard for but they denied me twice; once on the phone and the other was when I sent all my information in for them to see that I could not do the adjustable rate they had given. When they denied me, they told me that they couldn't help me because I was over $400 in the rears. If the loan modification is not there to help people who are willing to fight for their homes than why offer it?? You would think with those programs they would rather work with the ones who are trying to survive with what they have instead of them losing out once the homes goes back on the market for forclosure as the economy drops. Please help me keep my home.

hi, i just wnt to know how can you help me because, i m really tied in economic life and im close to be in a foreclouser what do you sugesst im already haveing problems to pay this month and probably im going to have problems to pay the next one i need help please.

I also have ASC and my husband has lost his job..we have only been late on this loan of two years..once over 30 days..we currently are current..I am not over 60...Our rate is 10.2% what can I do to insure I can keep my home. I have a very secure government job of over 11 years. I have called and called..they told me to contact Wells Fargo..which I did and they told me my credit score was not high enough to refinance...How and what are the steps for a loan modification? Please email me back fast. I have nightmares reading blogs about ASC..anybody with correct information please contact me.

I had to do a loan modification as well with AFC. It took them forever to get the papers to me, almost 3 months, but I got them. I've signed and sent them back. My mortgage is no where near what it used to be and is so insanely high it'll make it difficult for us to make it every month. I tried to talk to them and explain to them I needed it lowered to afford it but they wouldn't budge. The loan modification was the best they would and could do. I have my fingers crossed that we can make it through the first quarter of 2009. Overall they have been good to work with to get this portion done but not to lower it or get a better interest rate whatsoever.

I have been working with ASC on loan modification for almost three months. They are very difficult to work with; They would claim that I did not send the requested paper work, even though I had the fax confirmation. and keep giving different fax #'s, so far 4 to be exact. As the auction date for my house came closer the reps at ASC continued to tell me not to worry, the auction would be postponed and they would not make me move with such little notice. After months of getting no where I was finally told three business days before the auction that my request for loan modification was denied. I do not understand why I was consistently told and mislead about the modification when all I really wanted was an upfront answer.

I to tried for 10 months to do a loan modification. I went summit capital. My credit score was low my income was medium but the got me a 6.5 intrest from an adjustable that was a 10

To the person that went to summit, how long did it take to get them to approve you? Also which Summit Capital was it.

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!

I uncovered the evidence of the scam ASC/Wells Fargo were committing and showed such evidence to the Wall Street Journal. Interestingly enough 2 days later I got a phone call from the Presidents office of Wells Fargo. They now modify ASC and Wells Fargo) any mortgage I send to them for modification. And not lowering by $200.00.