As it is well known, loan servicing companies like America's Servicing Company earn a percentage of commission of the loan value , and obiously they earn less commission if the loan is modified.
Not mentioning that the loan servicing companies will not pocket the incentive fee from the U. S. Treasury department until home owners have made 3 timely monthly payments after the loan has been modified.
So it is more profitable for the loan servicing companies to generate fee from late payments and to create the worse possible situation to the home owner to produce more reveneu.
Once they have sucked as much blood as possible from the home owner, then they force the situation to foreclose the property, avoiding the loan modification program and rejecting the loan modification requests from home owners.
So it is clear that the loan servicing comapanies will do whatever they can to avoid loan modifications.
The sales and marketing employees of the loan servicing companies are trained to make money through late fees and foreclosures, not from loan modifications.
As borrowers fell behind on the loans, loan servicing companies make more money from late fees, foreclosure fees and negotiation fees.
The paper work necessary to execute a foreclosure can generate high commissions, this is an incentive for loan servicing companies to prmaturely foreclose on homes, engage in illegal collection practices and violate the laws that protect home owners in foreclosure and prevent debt collection abuse.
The Treasury Department requires to comply with laws misleading customers about information to qualify for loan modification.
I am holding documents that prove that America's Servicing Company promised me and offered me a loan modification and then, quickly denied my loan modification request and accelerated the foreclosure of my property failing to comply with the laws, and knowing that I clearly qualified for a loan modification. America's servicing Comapny choose to move to foreclose the property any way.
There have been significant abuses by America's Servicing Company, not only to me but to too many other home owners nationally. I found 13 pages of customer complaints in the internet.
America's servicing Company has a nation wide scheme of illegal, unfair, unlawful and deceptive business practices.
But there is no one who is carefully monitoring their work to make sure that America's Servicing Co. representatives are not taking advantage of borrowers.
It is clear that something was done wrong by Amereica's Servicing Co. to force the foreclosure of my property.
America's Servicing Company has acted improperly and this is going unpunished while my family is paying the consequences of such illegal actions.
