This company needs to be sued. We recently closed on our mortgage - the final papers said that the amount financed was just over $59,000, except for on one piece of paper. This one piece of paper said the amount financed was just over $64,000. The thing is the payment amount did not change.in order to disquise the difference in the financed amount the company changed the interest rate. The $59K loan carried a 9.3% interest rate with payments of $495 a month, the $64K loan carried a 8.5% interest rate with payments of $495 a month. On the surface you may think why do I care. If I planned on keeping this mortgage for 30 years I probably wouldn't care one way or the other. But I DO Not plan on making house payments when I am 82 years old!
This company also screwed around with the checks that were supposed to be sent out at closing. The loan closed in February and the payment for last year's property taxes, way overdue, was made last week. The check paying my student loans was mailed two weeks ago and I think then only because I called to inquire about it. (Oh yes, the check is right here ready to be mailed.) The bank handling the student loan was ready to declare me in default. AND the payment for the homeowner's insurance was mailed 2 months late. Allstate had already cancelled the policy but reinstated it when they finally got paid.
I know the title company is not AMC Mortgage but the way they do business I can not help but feel they are a subsidiary or somehow related to AMC.
I don't know if the one sheet of paper advising the total financed to be $64K is enough to let AMC off the hook. I personally don't see how when at least three other sheets of paper in the loan documents advised us that the total financed amount was $59K.
I really think they need to be sued.
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