Re: (AMC) Ameriquest mortgage company's DTP violations
I refinanced my house 9/18/02 at that time, Ameriquest tried to spring non-disclosed policies dealing with cash-out payment. They agreed to pay me $1000 dollars to drop my complaints and I accepted. This July 5th my house caught fire, that same day I contacted Ameriquest, the customer service person I spoke with said that all I needed to do was take the check to the local AMC office and have the check signed, then begin my repairs.
When I got to the AMC office (I received the check on 8/14/04), the office manger said she couldn't sign it and that I was to send the endorsed check to the corporate office. My response was that no, and that I needed to talk with someone at the corporate office. I spoke with a few people at AMC loss draft department and they stated that the local office manger was correct, and that they would federal express me the policies covering losses over $5k, I then asked where and when I had been giving notice of the loss policies. The rep. Repeated that I had been giving notice and that I had to follow the policies.
Therefore, I went to my girl friends' house and attempted to contact a corporate officer, I was transferred to a call center called The Office of The President and spoke with Virginia Gutierrez who claimed that she was the finial say in the matter, that AMC had disclosed the policies, and that she would over night a copy of them. Then I emailed Adam Bass the VP of AMC and explained that I thought once again AMC was acting in bad faith and that the policies in question were not disclosed at the 9/18/02 closing. I also stated a plan to rectify the problem.
This was for AMC to refinance my house at its current value ($45-$50k), at no cost to me. My other plan was to make the ratio of funds released equal to the percentage of repairs completed, even though both plans protected AMC loan by rebuilding and or by debt reduction, neither was accepted. The next day I received the policies and wrote more letters and emails, stating that I would need proof that I had signed off on them, I knew that I had not, and that at best those policies were deceptive.
AMC picked the amount of the insurance on my house, they didn't insure it at value ($87500 in 2002), or require a replacement cost policy, they only insured the loan amount ($71000), which means I lose any and all above that amount. If you review their policies which are attached, AMC expects me to rebuild 50% with 1/3rd of the insurance proceeds, and after 6 months they can/will raid the escrow with out refinancing, reducing my mortgage payment or anything.
This seems to be a trap set by AMC to be able to keep the insurance proceeds and still be able to foreclose. AMC claim that the disclosure was clearly stated in Texas Home equity Security Instrument, specifically section 5, titled Property Insurance which is untrue.
I see no time frame, no ratio of repairs completed to funds released, no documents required to be submitted unless its promptly requested and my understanding that would allow AMC to raid the escrow account is only if I misuse the funds released.
This is what I need:
1. To have funds released to start repairing my house.
2. To have the ratio of repairs equal to the amount of funds released.
3. To be referred to an attorney that is willing to litigate my claims of DTP and other state laws that have been violated.
4. To have a third party hold the funds in an interest bearing account.
5. To have AMC fined for any and all violations of Texas state laws.
At this point, I have no confidence that AMC is even able to act in good faith, never mind look out for my wellbeing.
Thanks
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