Replies to This Discussion

Permalink Reply by AMY GERRISH on November 8, 2010 at 7:48am

The last one I did with ASC was in 7/2009 and their letter stated that the mortgage would be discharged. This was my client's primary residence on an 80/20 loan. To date there has been no action against them.
Here's the verbiage from that letter:

Upon satisfaction of all terms of this approval, the mortgage will be discharged and a release document will be forwarded for recording.
If a foreclosure action was commenced against this property, then upon satisfaction of all terms of this approval, the pending foreclosure
action will be dismissed and appropriate instruments recorded.
ALL REMITTANCES MUST BE MADE BY CASHIERS CHECK or CERTIFIED FUNDS, PAYABLE TO ASC, and shipped
overnight to ASC at address below within 24 hours of closing:
ASC
11200 W. Parkland Avenue
Milwaukee, WI 53224
MAC # X9400-02M
Attn: Specialty Liquidations
ASC is required by Fair Debt Collections Practices Act to inform you that if your loan is currently delinquent or in default, as your loan
servicer, we will be attempting to collect a debt and any information obtained will be used for that purpose. However, if you have
received a bankruptcy discharge, and the loan was not reaffirmed in the bankruptcy case, ASC will only exercise its right against the
property and is not attempting any act to collect the discharged debt from you personally.

Permalink Reply by Brigitte Powell on November 8, 2010 at 1:14pm

Anyone had any dealings with Eboni Jones, or Brent Norman? I just sent in a contract and updated all paperwork on a short sale and am being asked to send it in again......because the file was closed 8/27/10 updated I faxed all the info 5 days ago to the fax number stated in their Real Estate agent instruction sheet, got them to extend the foreclosure on the day it was set for foreclosure and they are telling me that the file is still closed...???? Eboni is Brent's boss......I have asked her now .....in a nice way, if she could please let me know how to proceed when all this info was just updated and sent in. I have not heard from her again.....but then it's only been two days.

Permalink Reply by William C. Black on June 15, 2012 at 11:50am

Opinion letter from an attorney today on an ASC acceptance letter- This is not intended for legal purposes!!! 

The purpose of this email is to advise you that the first deed of trust creditor will NOT release you from personal liability on the remaining balance due on the note following a short sale.  The relevant sale offer terms are as follows:

 

“With the exception of a Home Affordable Foreclosure Alternative (HAFA) closing, nothing in this

Demand Statement or in the release of the mortgage shall waive the right to seek a deficiency under the

loan documents or any of its other rights thereunder, and the obligations evidenced by the note shall

remain in full force and effect until paid in full.”

 

It’s pretty clear – there is not deficiency waiver.  The entire Approval letter is attached for your review.

 

If you accept their offer and want to close with the understanding that you are responsible for the balance, please advise.  If you do not want to accept their offer, please advise.   We just need to know how you would like to proceed. 

 

If you reject the offer and a nonjudicial foreclose occurs on a consumer/residential loan (contrasted with a commercial purpose loan), you will not be obligated for the remaining balance due.  In that scenario, you would, however, still be obligated on the balance due for any junior obligations secured by the home such as a second note and deed of trust.  If you would like more information on this, please let me know and we can meet to discuss these issues. 

 

(Washington State Property)