To all of those who have been ripped off, lied to, and had your money and or property stolen, here's my story, I have a loan originated from Ameriquest which I worked for 4 weeks to close, in the end I may as well of typed and have done ALL the work myself for the closing fee of 5000.00 only to of course have it sold to AMC Mortgage who is nothing but the service provider for Ameriquest.
I was on my 1 yr aniversary payment into my loan and was 10 days late on a payment received an intent to foreclose letter called and made a check by phone right then, they had added service fee's and late fee's the check bounced, I did not know until 1 month later, more fee's added more late charges. Paid them up and stayed current before payments were due. Had some problems and was late again at the end of the year except this time 30 days out and 15 days late, I called to notify AMC, they would not suspend any payments even with paying the intrest ahead for 2 months, what they did was they escrowed my account, they added taxes and insurance. But not just for this year but for the following year as well aprox. Adding 3200.00 a year to my loan which they draw intrest on that as well.
My payments went from 730.00 a month to 1250.00 a month, there is no way I can afford these payments but then that is exactly what they knew. My property appraised for 120,000.00 I only owe 75,000.00 I have been in foreclosure for 9 months now and am on my 3rd Forbearence Agreement, which is a crock! Everytime they send a forbearence Agreement that supposedly stops foreclosure it costs 1700.00 to the collecting attorney's. No money ever goes toward the balance because it's all going to the administrative fee's.
If you are one day late on the payment it automatically cancells the agreement. Western Union has had to send my money back three times now because AMC Mortgage will not process my payments according to the agreement. It just cost me another 1700.00 to keep foreclosure from proceeding and that is if I send another 3000.00 up front. I was only 2 payments behind now I am 6 behind how does that happen after I have sent 7000.00. Somebody tell me! Chapter 13 will be my next option to stop this insanity but as long as there is a forbearence Agreement I cant even do that. NOW WHAT! Remember I have 55,000.00 in equity. This is a correct appraisal.
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