Successful Loan Modification / America’s Servicing Company California
August 28: Fresno, CA
Several residents of a care home for the mentally disabled will continue enjoying excellent care, thanks to their owner’s successful loan modification with Ferguson Financial/ 1st Financial Nationwide on their America’s Servicing Company (ASC) loan. ASC is actually Wells Fargo NA’s servicing division, and shares many of the same practices as Wells Fargo Home Mortgage when it comes to loan modifications. Ferguson Financial was able to STOP Foreclosure sale Three (3) Times over a 4 month period, while they continued efforts to gain commitment from ASC for the modification.
Because America’s Servicing Company services mostly sub-prime loans, however, they are more difficult to work with, as they have fewer loans owned by Freddie Mac and Fannie Mae. The Freddie and Fannie owned loans generally qualify for the HAMP Program of the Making Home Affordable Act (MHA) more easily, and, ASC’’s loans are often owned by shadow banking groups that own the mortgages in “mortgage pools” or “mortgage backed securities” investments. What does this all mean? It means that these kinds of loans are more difficult to modify, because the “Note Holder” is usually a Group of Owners that rely on the Servicer exclusively, whereas Fannie Mae and Freddie Mac are charged with fixing all of their bad loans.
The Servicers (ASC in this case) are not motivated to reduce the interest rate OR write off the past due fees and other charges (attorney and trustee fees). These fees are all pure profit for them…in addition to the .5% per year they charge the Note Holder of your loan.
So…how did this ASC loan get modified? It took 6 months, 3 re-submissions, and three times a week in follow ups and pushing by the Processing Department at Ferguson Financial / 1st Financial Nationwide. More important, the Legal team and Quality Control Group made sure that all documents were reviewed and expertly prepared BEFORE every single submission to ASC’s Loss Mitigation Department. The Forensic Loan Audit performed by the attorney with the Legal Group also let ASC know that there were violations in the original loan process, which helped gain special attention by ASC’s management. The Quality Control Group has significant expertise and experience dealing with ASC, and knows the ins and outs of extending foreclosure/trustee sales while the loan modification case is kept open for further review. For more on this story, or other questions, call Ferguson Financial / 1st Financial Nationwide at (866) 968-9685. www.yourloanmodifications.com
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