America's Servicing Company (ASC) is a financial company. The company is affiliated with Wells Fargo Mortgages. It provides numerous services and products such as mortgages, auto loans, personal loans, short term loans, etc. The company's target customers are those who have poor credit records.
Specializing in subprime financing, America's Servicing Company is often criticized for using predatory practices to profit on the backs of the people with bad credit records.
In 2007 the company has to settle a class action suit filed in order to stop fraudulent, dubious and untrustworthy business performance. Now ASC is to pay off the restitutions and penalties. |
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Consumer Rating: 25 Review Points
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Mortgage
A mortgage is a lien on a property/house that secures a loan and is paid in installments over a set period of time. The mortgage secures a person's promise that he/she will repay the borrowed money to buy a home. A person should be ready for a financial commitment that could last several decades.
Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. It is vital to make sure that the right mortgage is selected, the one that is right for a person, his/her future plans, and his/her financial situation. Each borrower may choose among the following types of mortgage: fixed-rate mortgage, adjustable-rate mortgage, balloon/reset mortgage, reverse mortgage. Understanding the benefits of different mortgage offerings can be a complex process. As for the benefits of the fixed-rate mortgage so they include inflation protection, long term planning, as well as low risk. Reverse mortgage has also some pros. Here we should mention tax advantages and retirement income supplement. The only special condition to get this type of mortgage is that a person is retired. Adjustable-rate mortgages (ARMs) are popular because they usually start with a lower interest rate and a lower monthly payment. With the balloon/reset mortgage it is possible to reset your mortgage interest rate at the market rate for the remainder of the amortization period.
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