My Story with ASC

[Joel Fraser]

I bought a house in IE in March of 2006. My wife and I rushed into the purchase trusting our lender on loan terms, ability to re-finance in couple of years, building equity due to high prices, etc. We provided full documentation and were still "suckered" into this loan. We would never have bought knowing the full terms of this ARM loan. The price of the home was 587k, and now it's probably dropped approximately 40% in value so we are unable to re-finance. In addition, we selected the 2/28 ARM loan so our rate on the 1st went from 6.385% to 8.25% which caused an increase of $900. We have unable been to pay this rate starting May1st so we are on our way to default. 2nd rate is fixed at 9.00% and it's also serviced by ASC. Before I stumbled upon this site, I tried to do loan modification on my own. The initial modification was denied because they indicated that we did not have enough to make our payments. We can definitely afford the payment we were paying fine as we made this payment always on time for the two years. Once we received this denial, we contacted 995-HOPE who sent a letter to ASC on our behalf. This letter generated a new letter from ASC for us to provide them with hardship letter, initial loan paperwork, our bank information, pay stubs, and also listing information. I have 10 days to return this information to ASC for them to reconsider. Before I provide all this information, I wanted to see if I can get assistance in providing this information to they will actually modify our loan terms so both sides win. Thank you Moe for creating this site and educating us all. I'd appreciate any suggestion/feedback from the community. Thank you!