We have been with AMC morgage services for about 4 years, they used to be called AMeriquest morgage whrn we first got our loan.
We had our house appraised by this company in 2004 the apprasial came in at 146,000 we got a loan with a 3 year arm at 5.5% interest, we were happy with that b/c our payment was low it was 747.00 a month, this company told us after the 3 years we could refinance and recieve a good rate still, we decided to do the 3 year ARM but we were told if we did not refinance after 3 years
our interest rate would keep adj, we weren't worried about that at that time b/c we thought we could just get a fixed rate in 3 years. I wish we would of never agreed to do this because now after the three years we tried to refinance and come to find out our home only appraised at 125, ooo hmmmm WE WERE IN SHOCK!
Now we can't get any one to refinance us B/C the home will not appraise for enough money, and now we owe more than what the house is worth, all B/C we trusted this company and apprasial!!!
We now have a house payment of 990.00 and was just told that in March of 07 the interest will go up to 10% now were at 8.5% AMC called me 01/19 2007 and wanted us to refinance before march he said the interest will be going up and he wanted to save us from that happening, I said I'm a little concerned about the Value and he said we have an apprasal of 146,000 from 2004 I told him we had apprased and it only appr at 125,000 he was like well I don't think we can help you now, and he says they just settled a Law suit with several others with the same prob, BUT all he could say to us is SORRY maybe you should try selling your home, we can't help you!!! And now in March the rate will go up
Jodi
Indiana
U.S.A.
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