America's Servicing Company (ASC) / A Division of Wells Fargo Home Mortgage Compliment - America's Servicing Company (ASC) - Above and Beyond for Family Experiencing a Period of Financial Hardship
DES MOINES, IOWA -- Background:
Our family's home mortgage has been serviced by America's Servicing Company (ASC) for approximately six years. During those six years the mortgage payments were always (with the exception of one - which I will come to later) paid on time and included a small additional sum toward the principle. During the past six years we have had absolutely no contact with ASC aside from mortgage statement mailed each month.
In early 2010, due to a delay in the receipt of an income source, we were unable to pay our monthly mortgage on time. We were proactive and contacted ASC prior to the payment's due date, though we were expecting a fight. During our conversation with a front line representative, we informed them of our issue, requested an additional month to make the payment, that the late fee penalty be waived, and that the delayed payment not be negatively reported to the credit agencies. To my great surprise, this front line representative was friendly, able to accommodate our request - requiring only the date we expected to be able to make the payment. The following month we were able to make up the missed payment as we had promised, and they waived the late fees and did not report our late payment to the credit agencies.
In August and September, my husband and I became unemployed. Again, we were proactive and contacted ASC, informed them of our issue and desperately requested any assistance they might be able to provide. While we were not able to deal directly with the front line representative regarding this more significant issue, the very next person we spoke with was able to assist us.
During our very first conversation the representative informed up of the new federal Home Affordable Unemployment Program, was able to give us a list of the documentation they would need in order to process our request, warned up that the process could take up to 30 to 60 days, and informed up of how we could stay on top of the process and ensure it was handled in a timely manner. We submitted our documentation in late August and followed up each week as instructed.
Low and behold, only 17 days after receiving our desperate phone call for assistance, ASC contacted us and informed us that our request for assistance had been granted. As a result, current month's payment was waived in full, and our monthly mortgage payment was reduced by 47% for a period of six months.
I do not know how Instance #2 would have been handled prior to the new federal Home Affordable Program, nor can do I know how that would have handled our request had we not been so prompt and steady with our payments over the previous six years. However, I can say that America's Servicing Company could not have handled our situation better. They were friendly. They were informative. They worked quickly. What's more, they are taking steps to protect our credit rating. They have, in part, given our family a fighting chance to turn things around.
I was very surprised to learn, in the process of writing this review, that ASC is a division of Wells Fargo. Please note that this review should in NO way be construed to apply to any of Wells Fargo's other divisions or services! Our experiences with Wells Fargo in regards to car loans and student loans have been extremely unpleasant and will result in us taking our business elsewhere as quickly as possible.