America's Servicing Company based in Frederick, Maryland, functions as a supplementary of the Wells Fargo Bank, National Association. The greater part of America's Servicing Company mortgages were shaped by lenders, and then sold by them into the secondary market. Therefore, Wells Fargo essentially was not involved with the beginning or endorsing of the bulk majority of loans which was serviced by the ASC.
It is known that ASC can be very difficult to work with and even harder to get in touch with in the first place. They usually require that one has been in terms with them for over a year before they agree to present a workout plan. ASC is the common label employed for their business because they want to avoid the Wells Fargo name allied with their work although they ensure their customers would receive the same level of assistance provided to customers with loans issued by Wells Fargo.
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To meet the criteria for receiving Americas Servicing Company Loan Modification service one should be able to prove that he/she is falling back on the mortgage payments or be able to show that he/she has been thrust into certain financial catastrophes like expense of medication, loss of job, unemployment, etc. The ASC has the ability to help one to keep their home by pausing a foreclosure. However, it would be wise to allow a loan modification attorney to settle the work with ASC in order to obtain the desired modification in lesser time. One gets qualified for the loan modification process if they are having a hard time paying the loan, or they are behind on their payments, if the borrowers have high rate or adjustable rate mortgages, and if the borrower would be able to pay the new modified payments.
Writing a convincing, professional hardship letter would be the first step in getting in touch with ASC regarding the issue of a loan modification.
A loan modification hardship letter would essentially tell ASC about one's critical economic situation and therefore would make it easier to approach them for the loan modification process.
What the ASC would do to help one's situation through bringing forth a fixed rate, extending mortgage term which allows one to get lower payments, reduction of the payments to a much affordable rate, adding the charges at the back of the loan if one has fall behind his/her payments, detaining foreclosure and saving one's house from being delinquent.
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