Foreclosures do stay on your credit report for around 7 to 10 years from the research I have seen. There are still different loan programs and government loan programs that will allow people with foreclosures to obtain financing for new home. They are constantly changing the loan programs, especially the ones backed by the US government. Fannie Mae and Freddie Mac are constantly changing their rules for what type of real estate loans they will underwrite in relation to people and their credit. You have to check with your local bank to see what is going on in today’s world, but do not think there are no options available just because you have had a foreclosure.

I know personally in the past that just as long as you had no bad credit remarks in the past 24 or 36 months, many people could qualify for an FHA loan, which is backed by the US government. The Federal housing administration is a part of the US government and wants to help Americans purchase their homes. When the banks receive interest payments each month, this helps the US economy in tremendous ways. It’s a win-win situation all around when you are able to have the American dream and own your own home, while supporting the US economy.


I’m sure the laws have changed since I last talked with the banker, but the principle is people with foreclosures can still attain home financing and live the American dream. There are different credit repair options that are also available. If you are going to higher credit Repair Company, make sure you hire a reputable company that has proven results. Many lenders are willing to take your foreclosure off of your credit report if you are able to work out a deal with them. This is work or repair companies can come in and help you out.

Talk with your local banker or mortgage loan officer and see what programs are available today. The FHA offers many different types of loans for different individuals. There are loans for minorities, of rural housing loans, special grants and loans for single mothers, and many more options that are available. You must go search for these options because they will not knock on your door and say hey I am available.

It is so unfortunate even when people lose the homes that they live in. Foreclosures are still continuing to this day, even after we are coming out of a recession. No matter whether you have your mortgage with America’s servicing company, Wells Fargo, Bank of America, Citigroup, BB&T or any other major lender, if you’re facing foreclosure, you must do whatever you can to stop it. This includes requesting a loan modification immediately.

Almost every loan servicing company in America has a loan modification program for individuals facing hard times. Do not be afraid to apply for a loan modification from your current mortgage company. These programs are meant to help all Americans keep their homes that they have worked so hard for, many of us for more than 10 years. Even families who are have been in their homes for 10+ years are facing foreclosure because of job loss and financial difficulties.


Each state has different foreclosure proceedings when it comes to state law. Make sure you understand your state laws when it comes to foreclosure, which will allow you to know your rights in that state. Your best bet is to research it on the Internet or talk with a lawyer, as many of them are doing pro bono cases because of the current economic situation. Many lawyers will take on a certain number of pro bono cases each month, as a way of doing community service. Do your best to take advantage of whatever valuable information you can find on the foreclosure laws and your state. The worst thing you can do is sit around and not do anything.

Lenders do not want to take your home from you and are more than willing to work with you in most cases. The bank is not in business to own real estate; they do not make money this way. Ask them in detail what needs to be done in order for you to keep your home and possibly complete a loan modification package. Lenders are willing to work with you, just as long as you do not ignore them and run from the issue.

Part of the loan modification process is to write a hardship letter for a loan modification. The hardship letter does not have to be anything very specific and detailed, but you need to explain your situation and why you are requesting a loan modification.

The hardship letter can include detailed explanations of a recent reduction in income, loss of job, injury on the job that has resulted in you not working, or any other legitimate reason you feel that you qualify for a loan modification. Your hardship letter for loan modifications should precisely explain to your lender why you cannot afford your current payment. Some people tried to apply for loan modifications just to see if they qualify. This is not a problem at all, as many people have gotten loan modifications that did not have a reduction in income or loss of job. Writing your hardship letter for loan modifications can be difficult if you do not have a loss of income. Your loan modification process can also take longer if you do not provide a good hardship letter for loan modifications.


You should expect your loan modification process to last anywhere between 30 to 120 days. Many companies such as Bank of America, Wells Fargo, and Citigroup have dedicated groups of employees that strictly work on the loan modification process for their customers. They help explain about all the details, even including the hardship letters for loan modifications.

You will be required to submit proof of income, fill out a loan modification package, fill out your hardship letter for your loan modification, give recent tax returns, provide any proof of unemployment income, submit copies of your bank statements, submit copies of your stock portfolio, and finally submit copies of your 401(k) account. The loan modification process requires a lot of details, including your hardship letter for the loan modification.

You will either be approved or denied for the loan modification after the process is complete. A good hardship letter for your loan modification will definitely help speed along the process and get you approved quickly. Many companies are reducing your monthly payment to reflect a maximum of 38% of your gross wages. This means that 38% of your gross income should be the maximum you pay for your mortgage, including principal, interest, taxes, and insurance each month.

Make sure you work with your lender throughout the entire loan modification process and give them all information they require. Make sure your hardship letter for loan modifications are detailed and give what requested information your lender, such as Wells Fargo or Citigroup, required in their hardship letter. Make sure you over communicate with your lender and take good notes about each conversation that you have had during your loan modification process.

In 2005, ASC mortgage servicing started experiencing customer service problems. Many complaints were made to the Better Business Bureau about ASC servicing and their poor customer service. America’s servicing company soon had to find a solution to their problem.

I’m not sure what year it happened, but a big bank named Wells Fargo ended up getting hired to take over ASC mortgage servicing customer service. Since ASC was not servicing their mortgages properly, Wells Fargo’s own mortgage Corporation’s expertise was brought in in order to complete the job.

You no longer have to worry about ASC servicing your mortgage loan. Customer service has now been taken care of by hiring Wells Fargo. Almost all phone calls are returned within a 24-hour period when it comes to ASC mortgage servicing your individual loan. At worst case, if you call on a non-business day, such as Saturday or Sunday, you may have to wait until the following Monday or Tuesday to receive a phone call about servicing your ASC mortgage.


America’s servicing company was created to help give American people a chance of home ownership that did not have good credit. Their intentions were good when they started servicing and creating non-prime loans. They do charge higher interest rates to their customers, but that was because they were at a higher default risk than someone with good credit.

It all went downhill when ASC servicing did not perform a a good job when it came to servicing their own mortgages. ASC knew they had to do something about their mortgage servicing department, so they decided to bring Wells Fargo in. This was probably the best decision that America is servicing company ever made a choice in the entire history of the company. So many customers are much more satisfied now that Wells Fargo handles all of ASC servicing and ASC mortgage servicing loans.

Many home loans must be paid by the 15th of each month in order to avoid late fees. If you are receiving phone calls from Wells Fargo home mortgage or ASC mortgage servicing company, they may just be calling to inform you it is time to pay your bill. Many times a ASC servicing will not wait until the 15th to call you. The payment is actually due on the first, but as a grace period and a courtesy from ASC, late fees did not start until the 16th.

If you obtained alone in a non-prime market, this means your credit was probably not that good. America’s servicing Co was one of the companies created by investors to give people that did not have good credit a chance to own the home by giving them a mortgage.

Many of these mortgages ended up in foreclosure and not being paid by the people the money was lent to. This is become a huge part for the recession in the United States of America that began in 2008. If you have a mortgage from America’s servicing Co, you don’t have to worry anymore about getting decent customer service.

A few years ago, a company called Wells Fargo home mortgage took over all of America’s servicing Co’s loans for mortgages. Wells Fargo has a great track record of wonderful customer service over the years, which is the reason they were sought out to handle all of ASC’s mortgages.


I have literally read dozens and dozens of complaints about America’s servicing company and how horrible their customer service used to be during the years of 2005 and 2006. People would complain of never being able to talk to an actual person and always getting some automated system that they could never reach anybody. Customers also complained about fees being charged each month by America’s servicing Co for basically no reason. They would charge money each month just to make an online payment, which many customers considered an insult.

People’s home mortgage loans would get sold to America’s servicing Co, which they had no control over. When the loan did get sold to America’s servicing company, they had to deal with the horrible customer service that America’s servicing Co offered to its customers.

If you have problems in the past, you may check on pending lawsuits that are against America’s servicing company. I have heard some money has been awarded to previous customers for illegal practices by the company. You will have to check and see what the current status of the lawsuits is. If you do need great customer service from America’s servicing Co, you are in luck because Wells Fargo now handles all customers from ASC’s mortgages.

Now the Wells Fargo is in charge of all ASC loan modifications, you will always receive a phone call from a customer service representative in a timely manner. Many calls are returned within 48 hours from the time you leave a message.

The process to get an ASC loan modification will take time. Sometimes, loan modifications with ASC can take up to 120 days. If you are in fear of foreclosure, many times you do not have to worry because the foreclosure process will be stopped while your loan is under review in the loan modification department.

Some people have gotten ASC loan modifications completed from beginning to in within 60 days. Now the Wells Fargo home mortgage owns and operates this company, you will probably receive a great loan modification as long as you qualify. ASC loan modifications are not for everyone and anyone, but only for people who qualify for different reasons.


The current loss of a job, continual unemployment, a reduction in your wages, and a permanent injury may be different reasons you qualify for an ASC loan modification. Everyone can apply for a loan modification that has an ASC mortgage. The worst they can do is say no to you, leaving you in the exact same place you are today.

If you have lost your job or had a reduction in your wages, these are two of the most common reasons people get approved for an ASC loan modification.

Back in 2005, many customers tried to give ASC loan modifications, but were unsuccessful because of ASC’s poor customer service back then. Many people would never even get a return phone call from an ASC representative concerning the loan modification application they put in. The Better Business Bureau and just about every one that handles complaints for mortgage companies have had calls regarding ASC’s poor customer service. If you still have an ASC loan or mortgage, you can apply or an ASC loan modification today without much hassle or headaches. It will take some time, so you must have patience with the new servicer, Wells Fargo home mortgage.

I have read numerous reviews about ASE mortgage and their customer service. Back in 2005 and 2006, ASC mortgage bought many mortgages and securities from other companies. Some consumers have stated they had to call ASC daily in order to make sure their payment has posted. Some customers have complained that ASC mortgage take 15 to 20 days to post the payment to their account.

In order to pay a payment online for ASC mortgage, they generally charge a $20 fee. You can also pay by phone, but there is also an additional fee, which is $10. Many customers and consumers have problems with ASC mortgage because they charge such fees just to pay their bill. There are currently many lawsuits and complaints against the company and their practices.

ASC mortgage was created for consumers and customers with bad credit. They originated as a non-prime loan servicer. In simple terms, this means lending money to people with bad credit and horrible credit. Consumers are complaining that ASC has not disclosed all of the different fees and problems that they currently have with customers before finalizing and underwriting their home loan.


Nonprime loans are strictly loans created for people with bad credit. Subprime loans, which led to the recession of the United States, or for people with mediocre or middle range credit scores. Prime loans are created for people with excellent credit, who get the best interest rates possible.

Before Wells Fargo took over ASC mortgage, their customer service was literally nonexistent. Customers would complain for hours and days to the Better Business Bureau about how horrible ASC mortgage was. ASC decided to do something about this and brought Wells Fargo and to manage their loans. Wells Fargo does not originate with these loans, but have been hired to manage the customer service because Wells Fargo has a long-lasting history of highly satisfied customers.

Most of America’s servicing company mortgages originated with lenders and mortgage brokers. They were then packaged into securities and sold onto the secondary market by the lenders who created the loans. Wells Fargo really had no involvement in the origination and underwriting in the most part of the loan process. America’s servicing company strictly acted all by them when it came to the origination and underwriting for the majority of their loans.

America’s servicing company was created as a generic label by Wells Fargo. Some companies do not want the name Wells Fargo associated with their business, so they created another name called America’s servicing company to help investors and make their life easier. All of America’s servicing company’s customers get the same level of service as Wells Fargo customers. Whether your loan originated and was under right to buy America’s servicing company or Wells Fargo does not matter. You will receive the same great customer service.


Wells Fargo services all of America’s servicing companies home loans and mortgages because they have a high customer service rating. Many smaller mortgages that originated with other lenders seek out big companies to service their loans. Wells Fargo is in business to make money and servicing loans for third-party companies is a great way for the company to add revenue to their bottom line.

If you have a loan, mortgage, equity line of credit, or any other type of security back the loan with America’s servicing company, Wells Fargo will surely take care of you to make sure you are satisfied 100%. Don’t forget, ASC mortgage, or America’s servicing company, belonging to a huge corporation called Wells Fargo. You do not have to worry about customer service or anything else when it comes to your mortgage or loan.

Enjoy

I have a 2/28 arm loan with a first addjustment in March 2008 and every six months afterwards. Iam expecting my first adjustment to bring my loan up by over 1100 a month. I am current with my mortgage payments, I was never late. My concern is when my mortgage payment will jump I definetly know I will not be able to keep my payments current. My mortgage servicer is America’s Servicing Company aka Wells Fargo . I have read many negative information on both companies on various forums. Honestly I have never had a issue with them. I feel very comfortable the way my payments are being processed and posted to my account. Yesterday I have recieved a very interesting letter form Asc Aka wells fargo about my good handling of my mortgage payments and to let me know that my arm will adjust soon. They are offering me “options” to better meet my financial needs. I contacted their 800# and talked to a financial advisor which asked me many financial questions like: income,credit card payments. car payments, savings, household expenses etc…. She took all my information and told me to call their “arm” mortgage specialist to discuss my options and I need not to worry because they will try their best to help me stay in my home. I will call them later today .One option available is refinancing. I have tried to refinance but I wasn’t able to to due to the fact I have very little equity in my home (3%). Home values in my area have dropped significantly and it seems not to get any better.

I was wondering if anyone else has recieved a letter similar to mine by their mortgage lender or have tried to contact their lender regarding their arm?
If so what were your options?


I want to add if you know that your mortgage will adjust , contact your lender asap to sicuss your options before its too late. Have all your financial situation available to share with them. Be honest about everything and show them that you care about your home and you have intention on living there for a while.
Im sure many options are now available , because lenders prefer to keep you as customers and not take your home.
I will keep you posted on my situation once I make the phone call later on today.

Some More information from america servicing company.

America’s Servicing Company (ASC) appears to be a the mortgage servicing subsidiary of Wells Fargo. We located a website and six phone numbers for Americas Servicing Company along with a number of complaints.

America’s Servicing Company Website and Phone Contact Info.

America’s Servicing Company Website: https://www.ascservicing.com/


America Servicing Company Phone Number:

866-674-1430
866-567-8439
800-842-7654
866-567-8440
866-426-5569

Fax: 866-453-6315

America Servicing Company Loss Mitigation Dept.: 877-222-7875
Authorizations Fax : 612-312-3905 and 612-312-4951

Address: 1 Home Campus, Des Moines, IA 50328

Additional Addressess and Phone Numbers:

FOR NON PRIME LOANS:
877.222.7875
opt. 1 — Customer Service (M-F 7a-8p; CST)
opt. 2 — Collections (M-F 7a-10p; Sat 8a-2p CST)
opt. 3, then opt. 1 — Foreclosure Dept (M-F 7a-7p CST)
opt. 3, then opt. 3 — Bankruptcy Dept (M-F 7a-7p CST)
opt. 4 — Loss Mitigation — (M-Th 7a-9p; F 7a-8p ; Sat 8a-12p CST)
opt. 4, then opt. 2 — Spanish Loss Mitigation (Same as abv)
opt. 6 — Loss Mitigation for MULTI LOAN ACCOUNTS (Same)

CUSTOMER RESOLUTION:
Fax # — 866.278.1179
Address:
MAC X2504-014
1 Home Campus
Des Moines, IA 50328

LIQUIDATION:
tele# — 866.903.1053
fax# — 866.359.1975

3RD PARTY AUTHORIZATIONS:
fax# — 866.917.1877

HOPE FOR HOMEOWNERS:
tele# — 866.796.1190

SENDING DOCUMENTS TO LOSS MITIGATION:
address:
America’s Servicing Company
MAC X7801-01H
3476 Stateview Blvd.
Fort Mill, SC 29715
866.590.8910 — fax# for documents

if you have a prime loan call the (CLIENT #708):
800.416.1472 — tele#
866.359.7363 — fax#