My story starts over 3 years ago. We financed what was supposed to be a Home Equity loan. I gave the account rep all the info and he knew it was a Home Equity loan. The interest rate changed every time I received a call from him and he always had an excuse. Terrible thing was, I believed him. We never received the HUD-1 for review and when we got to the closing, the paperwork had not arrived. Closing had to be rescheduled.
At the new closing, paperwork had been faxed and docs were missing. Waited for missing docs to be faxed for three hours. When all the paperwork arrived the interest rate was wrong and there were unbelievable fees that we had not been told about and the property taxes were double the actual amounts. The whole process was a mess. We refused to sign the paperwork and walked out of the closing.
Before we even pulled out of the driveway of the closing office, the account rep called my husband on his cell phone and chewed him out for walking out of a closing. My husband asked to speak to the manager and he told the manager all that had happened over the last 6 days. The manager agreed to correct the paperwork, which he did and a new closing date was set and we actually received a HUD-1 for our review. Everything was correct.
We get to the closing and the interest rate and fees are wrong. I show the closer the disclosed HUD-1 and she calls the Ameriquest account rep, who forwards her to his manager. He quickly puts together the correct HUD-1 and faxes it to her.
Everything finally looks correct and we sign the papers. Five days later, my husband gets a call telling him that they filled out the wrong paperwork. Ameriquest insists that they did not know our home loan was a Home Equity loan and the loan would have to be redone. It was a mess and it this point things really became extremely muddled.
The new paperwork was drawn up, disclosed and closing date set. This time everything was correct and we signed, but there was no cash out and Ameriquest loss money on the deal.
Two years later, we decide to refinance to get a lower interest rate. We had no problems this time.
After about six months I decided to open an escrow account, since every statement I received and AMC's website made it sound like a very good idea.
I open an escrow account, I fund it and paid $200 a month for three months. At the end of the third month, I decide I will go online and look at my account to check the balance in escrow. Low and behold, there is no mention of an escrow account and I notice that there is a principle payment of $600.
I call AMC and ask about my escrow account. It had been closed. I asked why and was told that since my loan was a Home Equity, I was responsible for paying properity taxes and there was no need of an escrow account and the $600 I had paid into escrow was converted to a principle payment. I asked why they advertised the ease and convinence of an escrow account, if they had no intention of using it as it was intended - for all AMC mortgage accounts. I can't remember the reply, but do remember it didn't make much sense.
I talked to a manager who told me she would set my escrow account back up and fund it with the $600 I had paid. It never happenened. I was told to make my payment and the extra for escrow and my taxes would be paid. They were not paid.
It only compounded a problem. It come time for the taxes to be paid, there was no money in escrow and AMC did not pay the taxes. As of December of AMC finally paid the property taxes for 2004 and 2005 and I have a negative escrow account with double the monthly payments to make sure my property taxes are paid on time, because as AMC put it to me, I can not be trusted to pay my taxes on time. Well, that is one way to get an escrow account and make sure it is funded. Now I will have to stand over AMC and make sure my taxes for 2006 are paid on time. Who's watching whom?
Also, AMC never informed me of how much my monthly payments would be after they paid the taxes and they did not give me at least 30 days notice of intent to increase my monthly payment for the deficeit.instead, I receive my statement, two weeks before it is due, with a payment that has doubled. I call and tell them that I would have appreciated at least a 30 day notice and tell them I will need to make payment arrangements, but full payment will be made in the month of February. They agree to the arrangement, but then they call everyday and sometimes as often as ten times in one day to the point of harrassment.
AMC really needs to get their business together, although, I am seeing this type of behavior with creditors more and more. They make the mistakes and tell me it's my fault. There is no fear with these big companies - they have the money to pay the fines or settlements and continue with business as usual. They have no morals or scruples and do not take responsibility for their own actions.
I will be paying off AMC as quickly as possible and will be getting out of the business of borrowing money - forever. I have eliminated all other debt I had, AMC will be going by the same wayside. The thought of lossing my home to AMC's mistakes is a little too much for me to take.
Nancy
Irving, Texas
U.S.A.
0 comments