American Business Mortgage Services
Unable to obtain payoff request for mortgage Philadelphia

Called American Business Mortgage to obtain payoff of amount and was immediately transferred to refinance dept, which I did not request. I spoke to an Ed Lawrence and was? D why I wanted a payoff. He insisted I apply with them, which he inititated the process. I? D if I could still get a payoff and he advised this could be given verbally. I called again because my new lender needed this in writing and was told that I would have to send a letter to request.in the interim my new lender called to see if there was anything that could be done to expedite the process and was told that they are not in the business of assisting another lender in transferring a loan.

In addition, my new lender was also told that a payoff was sent on 12/18/03, which would be impossible since my letter requesting payoff was not received until 12/19/03. I called Chris Lyons/manager and complained because of conflicting information and he advised me to send letter to request payoff. I sent the letter next day air which arrived 12/19/03 per mailroom staff. I called again to check status of request and was told letter was still not received even though mailroom staff had confirmed receipt on 12/19/03. Called Chris Lyons again and he stated it will still take 3 days to receive payoff, as this is their policy. I called again on 12/29 and 12/30/03 and was told by rep that she could not confirm payoff was sent and told by another that payoff was sent on 12/26/03.

My new lender called Chris Lyons on 12/30/03 and was told payoff was sent on 12/29/03. I called American Business again on 12/31/03 and spoke to Bart Gregg at ext 3197, who is over Chris Lyons/payoff manager and complained that his staff has given different stories as to when information was sent. I also expressed that I needed this information a.S.A. P, as interest and penalties were accumulating daily and increasing the amount I needed to payoff. I requested that information be faxed to me on 12/31/03 since I have been inconvenienced, as well as having to payout more money to payoff loan. Mr. Gregg refused. I? D why it could not be faxed and he stated he did not know why. I advised that this company was out of compliance per their guidelines for fullfilling payoff request, as I should have received this information since the letter I sent was received there on 12/19/03.

I also requested that interest accumulating daily should be reduced from payoff because of their incompetent staff and their practice of deception. You can't get a straight answer from anyone and everyone there is rude from the manager down to the people who just answer the phone. I feel this company needs to be exposed so that others in the future are aware that this company not only offers predator loans, they also hold those loans hostage. I will never do business again with this company even if they offered me an interest free loan.

Company: American Business Mortgage Services
Country: USA
State: Pennsylvania
Address: 111 Presidential Blvd
Phone: 8882225458

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