After missing a couple of months of work and the same number of payments, I got a letter from AMC stating that my mortgage was in arrears to the tune of $4,000.00. Now, being that my house payments were only $464. Per month (AT THAT TIME!), I would have had to miss almost a year's payments! We argued and argued, but they held fast. The next thing I knew, my house was listed in a sheriff's sale as a foreclosure. I had to file for bankruptcy in order to stop this foreclosure! It was the only thing I could do at the time to save my home! Now, my attorney is asking for an accounting from AMC. We will see what happens.
In the meantime, we had a hurricane in my part of the world two years ago and my insurance company paid almost immediately, the check which I had to endorse and send on to AMC to handle for me because of the mortgage. I have had a contractor waiting to repair my home now since the hurricane and AMC refuses to release enough funds to pay these people. They will send a small retainer, then demand that I call them every week with results... But they will not send enough to get the job done. So... They have had my money in their bank drawing interest for almost two years. Who gets this interest? THEY DO!
Also, the bankruptcy doesn't stop AMC from raising my interest rate every six months as it should. My interest rate now on the remaining $31,000.00 balance is almost 15%!!! I will never get this mortgage paid. And they know it. This is a scam and a theft! Something should be done about this kind of practice! If I had not filed bankruptcy (in order to save the house) I would have refinanced with another, more reputable company. I will tell everyone I know NOT to do business with these crooks!!!
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