In June we met with Mr. L. From American Mortgage Specialists to see about refinancing our mortgage. I again met with Mr. L in October to begin the complete loan process. Mr. L, senior loan officer, assured us he could help us and he would do the best he could for us. He reiterated several times that he was Christian, as if that would reassure us.
The month of November went by, no loan.in the middle of December my husband's job situation changed and Mr. La and another loan officer assured us there would be no problem and we would get a loan for refinancing. The last day of the month the loan fell through because the underwriters didn't want to take the chance after all.
This included American Mortgage specialists requiring excessive amounts of paperwork from my husband's then employer. I told Mr. La myself that this situation was putting my husband's job in jeopardy because of the faxes, numerous phone calls, more signed faxed paperwork for proof of employment, etc. Mr. La said, "Don't worry, this won't put your husband's job and contracts in jeopardy". Well, it did. The loan fell through, my husband lost the future contracts specifically because of all this issue over our refinancing loan.
We had no further contact with American Mortgage specialists until the end of January when they said they had another lender that would give us a loan. So, we reluctantly started the WHOLE PROCESS all over again. At the last minute, they said, "sorry this lender won't do it, but we have another one". This all happened within the span of about 2 days where one thing was said, but a totally different thing was done. They didn't tell us any details about this until the day we went to sign papers and then we were told that 1) I WOULD NOT BE ON THE LOAN 2) it would be a 7.75 interest rate and 3) it would be adjustable with a penalty for 3 years.
They assured me, spouse, that this was only a formality and that I would be on the Deed as part owner of the house I bought originally with my husband. I had spoken with a lawyer that was shocked that in a community property state they wouldn't put me on a loan I had been on for 9 years! Not only that, I am responsible for the loan if husband is deceased so why wouldn't I be on the loan?
At this point, this company's employees who were helping with the loan became cranky with us for asking more questions and having concerns about the high interest rate at a time when people are getting 4.5% loans. At this point, Mr. La ceased talking to us at all.
Today, 3/25/04, I received a Warranty Deed that stated that I had received 10,000 in consideration for giving my husband sole ownership of our home! I called Mr. La and left a message that we have been deceived and this is NOT what we were told. I called the title company and she said we could change the deed, but I would have to file it myself. He never contacted me back.
This whole process was horrible and frustrating and we feel very deceived by the professionals that American Mortgage Specialists and employees profess to be. We feel that they only had their interests in mind and didn't care what kind of loan they got us or what conditions, as long as we signed on the dotted line and they got their commmissions.
This was a costly experience for us in $4,500 in fees, loss of future income for my husband because of the practices of this company in regard to his then employer, and the outrageous interest rate that we were charged and locked into for 3 years. Not only that, there is a clause that says we will be in immediate default if we are even late once and they can accelerate the loan immediately.
We didn't even get a loan for the full value of our home. If this company comes after us they at any time they will make a killing off of us because our home is worth $35,000 more than we received a loan for. We got a loan for $114,000 and the house is valued at $145,000-150,000 as we write this. It is a no lose proposition for our lein holder, but a horrible one for us.
I wouldn't recommend American Mortgage Specialists to anyone nor would I recommend getting a loan through Accredited Home Lenders in CA. Beware and be wise when you sign on the dotted line. These two companies took advantage of us and our ignorance and our faith in their abilities.
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