American Mortgage Company closed an office here in NC and took the files with them to another office in another state... Either PA or NJ. Nothing sent by the NC branch ever indicated any one but American Mortgage Express was who we were dealing with. It was not until our broker/agent - the company we were buying our home from here in NC, received a fax from a 2nd party that was unsigned and lacked any complete information that we learned differently. The fax was received on July 1 and stated that as of July 1 a company, Beacon Mortgage and AME were no longer affiliated. However, there was never any indication that Beacon Mortgage was ever involved in any of our dealings. We'd never heard of them. All our information and forms were on AME stationery. When we started to call the numbers provided for American Mortgage Express and Ms. Mary Lynn Sabo, they refused to return phone calls and address questions.
Our loan had already been sent thru an approval process and an underwriter and been sent back approved. We were told to proceed with the appraisal process once we found our land. We did. The appraisal was sent on June 29/30th. We were only waiting for the clear to close. When we finally got in touch with Ms. Sabo, she said she didn't have the Appraisal. She was hostile, rude, and unprofessional in every thing she did. I explained to her that if she failed to cooperate with the company we were buying our home from, and did not return their calls, I would file a complaint with the BBB and the FTC. She said she'd look into it and to resend the appraisal and hung up abruptly. My seller here called to tell me the apprasial had been resent and that he'd bcc'd me an email to her as well and that he'd sent everything return receipt requested. As of our phone call, she'd not opened the email. We said we'd give it 24 hours for her to review everything etc and assumed it would then go to the underwriter. Less than 5 minutes after I hung up with my seller, Ms. Sabo called me directly, not my agent who we are working with and who has been handling al our paperwork from the beginning, and told me the loan was now denied because of a clause on our loan committment papers that stated 'subject to underwriter FHA approval insurable loan'. Now, above this sentence, there is a very long sentence from AME that says "We're happy to approve your loan." And then it lists conditions we were to meet. We met them all..in a timely manner.
As of that phone conversation yesterday, We have in turn been left with no where to go and in 30 days will be homeless unless the company we are buying from can find a new lender. We were expecting to be moving into our new home and had already given notice of such. There is no way on earth we would have done so had AME not stated we were approved and given the go ahead for appraisal process.
AME is failing to suplly valid reasons as to why they denied the loan now at this date - 3 months after we were given an approval letter. Ms. Sabo tried to say that it was related to our credit report. I informed her that all documentation she was commenting on had already been supplied and that issues she was refferring to were now closed and paid off. She mentioned our bankruptcy... Which is 11 years old. She hushed when I told her that and sputtered.."oh, well you pay so little where you live now.." to which I responded that prior to moving into our current residence I had paid 4 times what I pay here and had never been late in 26 months and would gladly supply a name and address and phone number of for her to contact to verify. I even explained my husband and I made less money at that time than we do now. All she could do was sputter and then by that point I was in tears. I hung up the phone.
I then had to tell 3 very excited childre who were hoping to finally have bigger rooms, my boys who are 5 and 11 would have had their own room which they desperately need b/c of the age difference. The disappointment on their faces is beyond anything I can put in words.
They have misled my family and I and misrepresented themselves to us and our representatives from which we were buying our home. AME's representatives were hostile when questioned and it was only when questioned that they denied the loan. I feel their response was directly related to the fact that they were told they would be reported to the BBB for their practices. Irregardless of what Ms. Sabo states.
Their practices violate not only human decency but simple respect as well. They do not demonstrate good business practices and they did not handle themselves professionally in this matter. Not once was Ms. Sabo or AME forthcoming or easy to reach. As their representative, Ms. Sabo seemed ill equipped and ill informed on our information. She, Ms Sabo simply grew angry, and defensive. If she represents American Mortgage Express, she is giving the company as a whole a bad name. I would by no means ever recommend them as a lender or what ever they are to anyone.
They violated every aspect of Good Faith in regards to their business practices. They drug us out for 4 months, waited until we had given notice on our current home and were ready to close before they changed their mind.
I don't understand how any company worth a hill of beans could do that to people and get away with it. There has to be something people can do to get some sense of justice and fairness when something like this happens.
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