American Servicing Company
Looking for the shortened form of American servicing company? If you’re trying to find the most commonly used ways to refer to a servicing company, then you’ve come to the right place. Here’s the abbreviated way to spell it out: American Servicing Company (ASC). The full name is American Servicing Companies (ASCs). The most common use of the abbreviated form is to refer to a nationwide network of attorneys. In most states, an American servicing company can only serve one county in the state. For example, if a company was serving in the state of Illinois, but its lawyers were also working in the state of Florida, the company would be described as an “asset-based distribution company”. If there were two assets owned by the company in Florida, it would be “asset-based distribution company” in that state and not “American Servicing”. It doesn’t matter which asset locations because if the company was sued in Texas and one of its assets was in Illinois, they couldn’t both be served by the same company.
One of the most common ways to describe an American servicing company is “a lender that holds assets for people who are in the foreclosure process”. Banks holding mortgage loans are able to sue their borrowers in Texas under the “judicial process” act. They hold the assets of these borrowers as collateral for a loan that is often times secured by the equity in their home. So when a homeowner in Texas mows a lawn for a living, the bank owns the home. The bank may sue the homeowner in an attempt to retrieve money it claims it lost in the foreclosure process, and it is in this case, the word “distraint” is often used.
About American Servicing Company
Other ways to describe an American servicing company is “a financial institution that loans money to persons in the foreclosure process in an effort to recoup losses it believes it incurred in the foreclosure”. Often the foreclosing party or attorneys will call these loans “lien liens” or sometimes “district orders of foreclosures”. The purpose of either term is to describe the ownership stake in a property. The district judge, who issues the final ruling for either party may issue an order that either puts a lien on the property or prohibit the defendants from collecting additional money from the homeowner in the future. Either action allows the bank to obtain possession of the property.
One of the reasons set forth in the complaint states that defendants “know or have reason to believe that they are not subject to the privileges of banking laws”. They further claim, “It is well-established that no lender is authorized by law to hold title to property”. This would seem to make it impossible for them to hold the mortgage on the homeowner’s property without an act of Congress giving them the authority. Such an argument is completely irrelevant and the complaint is completely frivolous.
Defendants argue that there is nothing wrong with a mortgage company holding a lien against property. It has been ruled time and again that banks may not retain any interest in a mortgage while the lending parties have a legal right to do so. It may be prudent for a servicing company to advise the lender of its rights. In doing so it would be acting in the best interest of both the parties and the courts have repeatedly held that the taking of a mortgage does not strip a customer of his or her property without just cause. Therefore, Wells Fargo cannot dismiss a customer.