I have read a lot of the above. I am a victim of the same company and have all the same issues with them. I was lied to in the begining just like all the others. I had poor credit and was trying to buy my house. I had to pay for a new appraisal for the company they chose even though we had one that was only aabout 5 years old.
I was told I was getting a 30 year fixed loan and at a good rate of about 6.25% or thereabouts.
The day before closing the AMC rep tells me he can't get that good a deal because of my low credit score. Now I told him I didn't have good credit to start with a month before! He says he can still help me if I am going to pay off my debt I can get financed. They would just increase the loan amount to cover the debt and they would handle everything. He also said my interest is going to be more like 7.5%. Ok, I have no choice, I was already turned down by other banks.
At closing I find out my interest rate is 9.5% which is almost DOUBLE the going rate! They said it was because of my credit score.in addition the loan amount is $15,000 more than I had asked for to cover the debt and pay all the fees for a "no out of pocket closing costs" deal. I didn't know until signing about all these fees. I was expecting to walk away from closing with a note, a check for almost $6,000 in cash to finish the repairs on the house and checks for my debts to mail out.
NOPE, instead I walked away with nothing. They said checks would get mailed to me later when all the paperwork was approved. Now, I'm a bit green, so I said ok. Do I need to do anything or file anything with the state or county I asked them. No, we've done everything for you. Part of the financing was I had to submit the insurance information to them that the house was covered. I gave them the policy info and all the phone numbers. They asked me if I wanted to keep the same insurance company when the house was put in my name, I said sure, "you do that too?" I asked them. Oh yes, we'll take care of everything. Just sign here.
Then, only the debt checks arrive, not my check. So I start calling. I'm told I can't get the rest of the money until the home is finished. I told them I can't finish the home without the money! We go around and around for months. They threatened to yank the loan and forclose because I didn't finish the repairs in the time limit in the loan, I said WHAT time limit!? That was never discussed, nor was it discussed they would hold my money, the agent that got me all into this mess was well aware I wanted and NEEDED the extra money to finish the repairs.in fact, he's the one that told me the only way he could get the loan amount approved was by having the appraiser issue the appraisal for what the home would be worth after the kitchen was done and the flooring put in. So that was a fraud issue right there. But I had no idea what was going on at that time. When they started pushing about getting it done according to the agreement I pushed back and said it was a fraud issue and I demanded they issue the check so I could finish the home as I was promised it would be. They told me then that the home didn't appraise for enough without the repairs being done and the loan was no good for that amount. They would not issue the check.
I told them to go ahead and foreclose on the issue while I call the newspapers, the police, and any governmental agency that will listen to this. I'm sure the judge would like to hear why you are foreclosing. Send me my money. I've been paying you interest on that money for almost 6 months now, I want it back because you haven't loaned it to me. They refused to send the check or refund the fake interest they were collecting on me. So I said keep the money and deduct it from the loan.
That's what they did. They applied it to the prinicipal and recalculated the loan payments.
A year goes by and I get a big tax bill in the mail plus a notice about escrow going up due to taxes. I go in to the tax office to complain about the QUADRUPLE increase in my taxes. There's a law against getting taxed out of my home here. ONLY then was I informed the homestead exemption wasn't filed and I lost that benefit. I signed one of those cards for the exemption when I was doing all the other paperwork at Amerijerkst! Well, they stuck it in the back of my folder they gave me and didn't mail it out. So I refiled and got the exemption back but it wasn't retroactive and my taxes are only locked to current rates and statutory increase limits. THAT screw up by AMC costs me an extra 2 grand every single year now.
Another year goes by and I get a call from AMC asking if I want to refinance, take out equity and fix up my home and change to a fixed loan. I said WHAT!!! I HAVE a 30 year fixed loan. The rep said I didn't. I tell you we went round and round on the phone. So I dig out my papers and I have to look and look and get the magnifying glass out to read it to find the floating rate deal in there. I NEVER read any of those papers, each time I started to read something someone at the table asked me what I was trying to figure out. Then they would answer whatever it was and say this or that was in there and covered. I was SO stupid! At that time they all seemed so nice and helpful and they were doing me a favor, yeah, the loan agent told that exactly, he was doing me a favor because my credit score didn't qualify for anyone else, so I beleived it and every lie they spouted.
So I call the new guy back and say yes, lets reapply for afixed note. Then he says it's going to cost me something like 5 grand in termination fees, origination fees, closing fees and all that so we need to take a higher loan out to pay for all that. Skip it I said.
Then it starts, every 3 months the payment keeps going up and up because they keep jacking my interest up. I'm NEVER late, it's setup for auto pay direct out of my bank. THEY screwed up on the auto debit twice and didn't submit it. Then they assessed me late fees! I spent almost a year in phone calls with various offices to finally get the fees removed. But the records still show it was paid late twice, it just don't show they didn't collect the money and it was their fault. So now I can barely afford my monthly payments. I started out PITI about $714 a month with a note that was originally 5 grand more, but now I'm up to $980. So I call AMC, at first the rep is all happy to help, then says my credit is too low so they won't refinance. Makes no sense, you loaned me money before, same house, same person, same low score, 3 year track record of good pay and you won't even look at it?! That's right he tells me.
So I start calling around and a lendor or two contact AMC for the payoff amount. All of a sudden the customer retention department at Amjerk calls and wants to try and help me refinance at a lower rate. So we go around about how they have already told me twice the answer is no. They say they can help and no need to go to another lender. So I give them the new info.
The other lendors I applied at said no to my loan because of my credit score. Now I had been calling AMC daily if they had any word for my yet and kept being told not yet. AFTER the others turn me down, AMC says no, my credit score is too low. So I told the guy what scam artists and coniving crooks they are. If they think someone is going to loan me money and they lose my note, they want to talk with me about a loan. Soon as other lendors say no, then to heck with me and they deny and ignore me.
So we have a couple hurricanes go by. I have no loss and think nothing of it. But I do call AMC and tell them to look into increaseing my coverage because the home is worth more now and would also cost more to fix with the price increases the past few years.
Next thing I know I get a cancellation notice from my insurance company. They are no longer writing new policies in Florida, they are only maintaining their old ones right now. I said I had an old one they are cancelling and I don't know why, I haven't had a claim or anything and it's always paid on time through escrow. They said someone called about the policy and it came up that the home was sold years ago and the name on the policy was never changed, so they consider it a new policy and won't put it in my name, they cancelled the old one and that was it.
Now I'm without insurance and paying over a grand a month PIT!
I call around and find out that NO ONE will insure me, only state insurance is available at FIVE TIMES what I was paying for less coverage! I also find out I have to pay cash in advance for the year over 3grand. Well, you guessed it, I don't have that kind of money. So AMC now starts calling about how I have no insurance, I'm in breech of my agreement and blah blah. After a couple months I speak to someone with a heart at AMC, yes, there are one or two there, and he says give him the agent info, quote number and stuff, he'll make arrangements to pay it for me and adjust the escrow. Two months go buy, I get a policy info sheet and figure great, it's handled. Yeah, handled all right. They DIDN'T call the agent I told them to, bought some onesided policy at astronomical rates that ONLY pays them and does not even cover the house costs at all, just their precious principal amount on the loan!
So, here I am about to go bankrupt, my interest is over 15% now, my PITI payment is $1,771 a month! I owe LESS than when I got the loan and the payment is over DOUBLE with less coverage and higher taxes. AMC angelically denies they did anything wrong and this is all my fault, that I should refinance and get a lower rate but they won't refinance. They said I should go buy my own insurance and send them the proof of it. But I still owe them the double priced insurance for last year because escrow THEY calculate was wrong.
I think they are nothing more than the fithiest rotten scum sucking bottom feeders on the planet that infest us. They are maggots and deserve nothing but rotting corpses. They lie, cheat, con, and steal our lives away slowly over time. They reel in the unwary, get them in so far you can't get out. Then they forcelose. They have a low mortgage to pay off, reap enourmous fees for all the process and sell the home at a much higher price that is still under market for quick sale. They are like the old time mafia, except they don't kill you, they just destroy you.
If anyone knows a way to stop these crooks now would be a good time. They prey on those who can least afford it and take advantage at every turn!
I can't afford to live here anymore and it's ONLY a stupid 74k principal amount! That's how bad they are raping me or have screwed me so far into it that I'm raped monthly by their robber baron interest rates, the tax man and the insurance clowns. Used to be only 5 years ago $1,700 a month got you an estate home, not a cracker box ranch built in the 70s!
Where do I sign up for class action!
John
Safety harbor, Florida
U.S.A.
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