First of all, I did not know the mortgage I was quoted was an ARM. When I found out, the rep told me no problem, in two years, before the rate increased, I could "streamline" the mortgage and the closing costs would be reasonable.
However, when I called to streamline the mortgage (verbage I wouldn't know if I had not been told by their rep), my appraisal came in $10,000.00 lower then they had financed my house! How can that be?
Houses around me are going for about $20,000.00 more then the second appraisal and I have new windows, doors, roof, heater, etc. If anything, my house should be worth more.
Streamlining was out of the question and unfortunately, due to a decrease in income, I needed to throw a second mortgage into one mortgage. Seemed to me that was logical, since I'd put so much into the house. AMC's response, no can do.
Upon calling around for a different company, more then a few reps told me they used to work for AMC and their appraisals were inflated and basically told me that the company sucks. Hey, no new news to me.
So, I got one month behind on my mortgage. When I tried to make a partial payment, they wouldn't accept it. Before the second month was 30 days behind, they wouldn't take the first month I was behind, refused to take the payment! I was told that they would only accept a month and a half, no less. Even though the second month wasn't 30 days behind.
And rude, I was told that they would send someone to my house in lieu of the repeated, annoying telephone calls that start Sunday morning at 8:00 am. Once, upon a request from a sarcastic AMC rep, I told her the truth, my ex husband stopped paying child support and my company took away the overtime I did to make up for it. Her response? AMC doesn't go after ex husbands for child support.
Now, I'll have a 60 day late payment showing on my credit report, which I don't think is fair because I tried to pay them at least the one month that I was the most behind. Which they REFUSED to accept!
My house has a market value of $125,000.00. I owe AMC $100,000.00 and my second mortgage is $15,000.00. My math says no problem, AMC has contributed to my choice to file Chapter 7.
I have worked so hard to rebuild my credit, bought my house on my own, have been dedicated to raise my kids well and to provide a home and this company holds at least some responsibility for what is a financial downfall for me.
I'll keep my house, my kids will sleep in their own bedrooms every night and when it comes down to it, I'll get through this. But what is frustrating is that they will make their money off of me, why intentionally screw the middle class American? I'll work 11-12 hours a day, get to my son's baseball games late and stock up on quick foods for my teenagers to eat, since I won't be home to cook.
Some really slick people are getting richer on the vulnerability of people like me; people like us. People who just want to provide a home for our families. God forbid life throws you a curve, because AMC doesn't care.
It sucks that you have to choose between paying car insurance, filling the oil tank, paying almost $3.00 for a gallon of gas, or paying your mortgage for a month. But I won't make my daughter stop dancing competitively and I won't tell my son that I can't get him new cleats for this season of baseball.
Thanks for letting me vent and it's nice to know it's not just me.
And finally, in my opinion, Ameriquest should have to take the reference to America out of their name. "Profitquest" would be more suiting.
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