ASC Loan Modification

[Mike]

Hi. I have been reading the different saga(s) with ASC. I notified ASC in June 2007 that I wanted to pursue a loan modification. They identified I had to wait until 30 days prior to my reset which is 5/1/08. I called on 4/1/08 and they asked for multiple materials including a hardship letter, financial sheet, pay stubs and so on. I've called at least twice/week since then and cannot get anyone to indicate if a loan negotiator has been assigned. I only get that it is actively "under review". I have full intentions of maintaining my residence but can in no way go from what was a 7% to a 9% with an increase of several hundred dollars. I'm current with ASC and my second mortgage in an 80/20 which was intended to move into fixed rates at this juncture but, as we all know, the markets have done nose dives. I tried to refinance only to recognize my home doesn't equal what I need to refinance. It is close but not close enough. Are there other things I can be doing to possibly get a loan negotiator's name. They tell me it takes at least 60 days to complete the review but I don't understand why I can't get a loan negotiator name to really discuss what is happening besides getting it is "under review". Another question is that my second mortgage is with OCWEN. Can I do the same process of requesting a loan modification with them? I've submitted a request for them to review in consideration of a loan modification because that is at 10.5% fixed which is not what I was told at the loan orginiation agreement but.... Thanks for any advice on strategies or steps or what not to move this forward. I did ask to speak to a supervisor with ASC and got a form letter from loss and mitigation. Called them and they said I'm not delinquent so they wouldn't be the ones to speak to and gave me the numbers I have for the "ART Team" and trying to get an answer about a loan negotiator etc. Would sending a QWR be in order at some point or not?? Thanks. myonlychance08

[khzouz5000]

I know what you're going thru Mike. My wife and I are in the same position...maybe worse. We have an 80/20 thru ASC and they just won't negotiate with us. So we stopped paying 3 months ago because they said to us on a few occasions that they just won't be able to deal with any more hard luck stories until we are in foreclosure. Well today I found out that we are going into foreclosure and still no help..

I just can't understand it. Why would they want this house when it's worth 200k less than what we bought it for when they could have someone like us with stable jobs pay for the next 30 yrs and make a ton of money? Wells Fargo is completely wrong on this one. All we ever wanted to do was refi at a reasonable rate. We were never late on our payments and we planned on staying in this house for 30yrs. It just seems that they don't care. Our house was EXPENSIVE being in So Cal and the house lost a lot of money and there is a lot of work to be done here.

This whole process is a joke. I wish you luck and if anyone has any advise for a guy like me who is just confused as hell, please post a response.