ASC- and my Battle

[Joel Fraser]

When I got the forebearance agreement there was nothing about rolling the balloon payment or modifying the loan. I have been trying since December to get them to modify the loan. I have been told so many different stories from the reps (I actually had a supervisor tell me that the reps didn't know what they were saying because they are new employees!! That everything I have been told up to that date was wrong!) That is whan I gave up...not the house but in working with them. I have hired an attorney. We believe that Deutche Bank National Trust has the "trustee" rights. (They manage the loan which has been securitized and sold as bonds). Here is what my understanding is - and I would strongly encourage you to hire an attorney. Don't walk; run. And make sure they are both a strong Real Estate specialist and consumer advocate. The loan was sold and bundled with a bunch of other loans. Then they were "secruitized' and sold to a bunch of investors. When the loan was bought (how many times it has been bought and sold is unknown) they do not have appeared to ever have done what I think is called an "assignment" of rights to the loan. The ONLY WAY anyone can foreclose (or modify the loan) is by showing they have legal rights to the mortgage note. When an assignemnt is done it is recorded with your county recorder. My records only show the initial Grant Deed from the people I bought the house from and a Trust Deed ( or lien) for the orginial company I got the loan from. THERE ARE NO ASSIGNMENTS for the company that is claiming to own the loan??? My attorney is filing a lawsuit and demanding that they bring proof of ownership. No Lost Note affividat (however that is spelled) - but the actual loan. My goal is to play hardball and MAKE THEM MODIFY THE LOAN. Of course if we prove that they can't prove they own the loan...then I have to find out who actually owns it. And ASC can't do jack diddly until the real owner stands up. They don't own it; they are servicing it. They don't even do the foreclosures - they hire a foreclosure firm who does it for whoever is claiming ownership. I am stopping payments and will put those into savings. Better that I earn the interest than them. Bottomline, if they don't modify it I won't keep the house. I owe over 600k on a house that is now worth less than 400k. This has given me hope. For the time being, I would rather give the money to someone who is on my side. All ASC is is a COLLECTION AGENCY. They are not the lender. They are not the homeowner. They only get paid for getting as much monty as possible.