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Does ASC give loan modification?
Six months after purchasing the home, the loan was sold to America's Servicing Company (ASC) from Fremont Bank. After the 3 year pre-payment penalty, we began contacting ASC in November of 2007 to review our mortgage and reduce the financing fee of 12%. Up to this point, we had been current with no late payments. ASC would not discuss with us the terms of the loan nor would they contact us to review our file. In February, we stop making payments. ASC contacted us right away. We wanted to re-finance in 2008, but before we realized what was going on in the market, our house fell from a value of $193,000 to just under $160,000. We agreed to a forbearance program and submitted paperwork for a loan modification with ASC. The modification was denied and they wanted us to agree to another forbearance adding an additional fee of $1350.00 per month. Does ASC give loan modification? Please advise. Thank you
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