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DANKA

902 Posts

Posted - 06/18/2009 : 10:11:20 PM

America's Servicing Company... has anyone dealt with these people.. I feel so sorry for my 55 year old client. She has been negotiating with them since 12/2008 and BEAUTIFULLY presented her loan mod package to them. I took a look at it and was AMAZED that a lay person could put a package so well together, ONLY to get declined for no reason imaginable to her...

Can she try and contact WELLS FARGO, Isn't ASC the servicer for WELLS FARGO...

Any advice.. I told her I would ask on this board if anyone else has had any success and/or horror stories

peterut

113 Posts

Posted - 07/03/2009 : 2:46:41 PM

Wells Wachovia ASC

Depends who you get on the phone. If you get Wachovia employee cry unless ex world savings then cry for joy.

ASC if you right to point you can get things moving they have allot ex realtors and loan officer in back of the first line dummies. Don't BS thee Second line people your file can disappear.. They have no time for con artiest.

Wells is mix of the ones above.

Big question was you 55 year old papers done right. Correct Hardship eter some kind proof of income. Are numbers correct? Also remember they love to push for numbers on the phone some those telemarkerts they have have no SOULS or Hearts.

Check everything and reapply also check if it's fannie mae or Freedie Mac.

I have one friend told here to ad in hardship letter she hand big power poles coming from nuke planet maybe that is why she being getting sick and family memebers where getting sick. Wells reduce balance to Market from 245,000 down to 95,000. And forgot the late payments.

Good Luck

Peter

cindyhulett

584 Posts

Posted - 07/06/2009 : 2:59:27 PM

I have never had a problem with ASC, but if you are, perhaps you should try going straight to Wells. Wells has been rather compliant on mods. It doesn't really matter at this point if it is Fannie or Freddie. It is Wells owned and that's all you need to know. :-) Hope this helps.

DANKA

902 Posts

Posted - 07/06/2009 : 9:43:37 PM

Funny thing is she wrote a letter to ASC and asked WHO her end investor was and it is US BANK as Trustee for WACHOVIA BANK, so who really owns this loan in the end... I dont know.. I told her to send it to WELLS, but I cant see how wells is in the picture right now, except that they are merged or are merging with Wachovia...

madonna

362 Posts

Posted - 07/07/2009 : 08:11:04 AM

Wells Fargo bought Wachovia. ASC is servicing agent only.

dandkconsultants

134 Posts

Posted - 07/07/2009 : 08:38:47 AM

Look Wells, ASC, Wachovia--Might as well be one in the same...Get this client an atty if you can! They are lowlife lying scum! Maybe, I should send you my paperwork and have you show them how they PRODUCE FRAUD TO OUR COURTS AND DON'T STAND UP FOR HONESTY!

Make then PROVE THE OWNERSHIP! Someone has to put TRUTH back into our courts! Where is your client located? Maybe, you can tell us and we can help figure out if there's an atty in the area WHO GET'S IT!

Best of Luck!

Kathy

DistressedAssetN

6 Posts

Posted - 07/15/2009 : 6:28:09 PM

It is very upsetting to see some many people in the residential origination real estate finance industry lack the knowledge about the mortgage servicing industry; They work hand in hand as loans that are originated are held in a variety of ways and always have a mortgage servicing company.

Danka, to first address the difference of Wells Fargo and Americas Servicing Company.

What is America’s Servicing Company?

America's Servicing Company (ASC) is a division of Wells Fargo Home Mortgage that services loans for other investors under the America’s Servicing Company name.
The vast majority of America’s Servicing Company mortgages were originated by other lenders, packaged into securities, and sold by those lenders into the secondary market.
As a result, Wells Fargo had no involvement in the origination or underwriting of the vast majority of loans serviced by America’s Servicing Company.

To simplify it for Everyone, ASC services SUB-Prime Loans that are tied up in mortgage-backed security pools.

Think of Americas Servicing Company as Wells Fargo's "SUB-PRIME SERVICER"

Why is this division of Wells Fargo called America’s Servicing Company?
America’s Servicing Company is the generic label used for this business because some of our competitors do not want the Wells Fargo name associated with their loans. By using the America’s Servicing Company name, we avoid this problem. America’s Servicing Company customers receive the same great level of service provided to customers with loans originated by Wells Fargo.

Now in this I refer to Wells Fargo but keep in mind it is WELLS FARGO HOME MORTGAGE which is a division of Wells Fargo Bank, NA. Wells Fargo Bank, NA is the bank charter (legally chartered in Sioux Falls, South Dakota)and is the main subsidiary of WELLS FARGO & COMPANY- the holding company which was formed in 1969.

I have a working relationship with both America's Servicing Company and Wells Fargo Home Mortgage. Keep in mind that their loss mitigation has separate lower management for daily operations and is handled in different locations. ASC is generally handled out of Milwaukee, WI. Another thing to keep in mind is that the mortgage note my or may not be securitized. If it is securitized the process will take much longer than if a private label (a company like JP Morgan Chase or Goldman Sachs, or Impac Funding) owns the mortgage note wholly: wholly owned.

This will determine the possibility of a modification, the type of modification offered, the time from submission to approval, if the servicing company is delegated to sign off or if it needs investor approval. This whole process is much more intricate than anyone truly understands except those of us who are very involved in Default Management/Operations.

Unfortunately it comes down to relationships and knowing where to reach out to.

I can easily speak to you or your friend and point you in the right direction. Calling the Office of the President may be the best First Step.

Feel free to reach out to me.

velecico

5250 Posts

Posted - 07/20/2009 : 11:15:14 AM

good post

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