You can call me. I can get your loan done.My Loan was suppose to go to underwriting...now what, I am obviously not getting money from ahm. Any Suggestiongs???
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#128 Aug 8, 2007
#129 Aug 8, 2007
Credit Crisis Cripples Markets
The purpose of this communication is not to alarm you but to alert you to drastic and irreversible changes currently taking place in the mortgage market. If you or anyone else you know will need mortgage financing in the next 18 months, you need to read this!
Just last week, American Home Mortgage and its wholesale counterpart, American Brokers Conduit, became the latest casualties of the credit crisis. Last year, this company closed over $58 billion in home loans. Despite being, by all accounts, a well-run business, market conditions forced them to file for bankruptcy, leaving billions of dollars in loans in their pipeline unable to close. Tens of thousands of borrowers have now been left without financing as a result of companies like this going under.
Clearly, with over 100 national lenders having now closed shop in the last eight months, this is no longer simply a subprime lending issue. The credit market is experiencing unprecedented turmoil. According to Federal Reserve Chairman, Ben Bernanke, "Financial markets have been volatile in recent weeks, credit conditions have become tighter for some households and businesses, and the housing correction is ongoing."
What does this mean to consumers?
Potential borrowers cannot wait any longer. For those who are considering buying a home, be aware that the volatile credit market can change overnight, leaving fewer options available to borrowers attempting to qualify for a mortgage. This is even more true for those looking to refinance. With decreases in home values and fewer available mortgage instruments, delaying any longer could get significantly more expensive.
Borrowers with applications in process must not delay. Applicants should work with their mortgage professional to complete all paperwork quickly, especially on non-conforming, stated-income, and stated-asset loans. Even minor delays can result in funds being yanked at the closing table!
Sellers can no longer be reluctant to accept offers or reduce prices. Tightening credit and diminishing mortgage products will continue to reduce the pool of qualified buyers. This, along with the increase in national housing inventories, means now is not the time to hold out for the "best" price possible.
Buyers with credit issues or who have difficulty providing required documentation can no longer sit on the fence. If market conditions change, buyers who qualify for a loan today may not qualify a few weeks from now for the same exact loan. Just this week, many lenders have stopped offering No-Doc loans, and some lenders have even pulled back on all forms of stated loans. As market conditions continue to change, a buyer's pre-approval status can disappear even more quickly, delaying or spoiling the deal.
Subprime and Alt-A refi candidates, especially those with ARMs scheduled to reset over the next 12 months, need to act now – even those with a pre-payment penalty. ARMs borrowers struggling with monthly payments now might be shocked to know that monthly payments can double in some cases once an ARM resets.
What does this mean to you?
If you or someone you know has any ongoing real estate transaction, we would be glad to help. Please call us right away. As an educated mortgage professionals, we will utilize or experience and resources to help you and your loved ones to navigate through these turbulent times. Don't leave your future in the hands of some random mortgage provider. We’re local, accountable, and you can trust that we’ll do everything in our power to help you succeed.
Premier Nationwide Lending
#130 Aug 12, 2007
I read the Sunday article on a.h.m. . I feel sorry for the employee's .As stockholder, who lost a great amount of hard earned dollars,i feel betrayed by the lack of honesty.The truth was never told ,untill, it was to late to save my money. A dividend was paid ,then taken back at midnite,Mr. strauss sold 3,000,000 shares before the A.M.H.went bankrupt.I cannot recover my money I can only hope the law prevails and Mr Strauss joins his fellow ceo;s form World com.Enron behind bars.
#131 Aug 14, 2007
August 14, 2007,
On or around August 3rd, we were called to a meeting where David Friedman - Exec. VP of Loan servicing, called us to a meeting to advise that they would be offering a "retention plan". They would take your current salary and add to it the total amount in bonuses you received in 2006. This amount would become your new salary and all employees would be non exempt. To retain whats left of AHM servicing, they would take 40% of your new salary and this would be your retention. 20% of this you would receive on your 8/25 check and the remaining 80% would be paid out to you until you are no longer needed (the company closes...) at which time, you would receive in a lump sum, whats left of the remaining 80%. We would receive a letter to sign (in agreement to the plan) in the next few days as long as this is approved in court.
The retention plan is approved by the judge in bankruptcy court for all employees but those that are AVP's and above. When this news is learned, we do not receive any letters. The only information we get is that they are trying to work out a plan that would allow the AVPS and above to receive funds as well....
August 14, we have group meetings where letters are given out which state that they would add the 2006 total bonus received amount to the curret salary to make the new salary amount. they would take the semi-monthly pay x's 40% which would be the retention earned per semi monthly pay date...20% of this amount would be the new semi monthly retention payment... all in all, this great big amount that was initially promised has been ripped and chipped and the employees should look to receive an extra 100-200 on their paychecks. Which we all know will only be just enough to put you in a higher tax bracket and have more money deducted from your pay. Bottom line, AHM executives are full of sh!t! The have kept these employees around long enough to make more plans and now, they arent in as great of a need of them as they were before!
#132 Aug 14, 2007
Sounds like they found a buyer for the servicing dept, more $$ for them. Meanwhile, we are trying to get jobs at night and look for jobs during the day. It is not pretty out here.....
#133 Aug 17, 2007
I have a fixed 30year loan thru lending tree that was sold to countrywide, they requested tax info on another property I co-owned with my aunt paid the taxes with money out of my escrow acct. when I notified them of this they stopped but told me my loan payment would go up because there was not enough money in escrow to pay taxes & Ins how can they do this when it was their fault and what can I do?
#134 Aug 31, 2007
will our buyer get their deposits back. Since they were not at fault?
#136 Sep 20, 2007
Settled end of July. AMH was supposed to pay contractors with draws - when will the draws be released. Work was supposed to start 30 days after settlement.
#137 Sep 20, 2007
Anyone know who bought the loan portfolio that was housed in New York? Trying to get an answer on a short sale purchase offer from the investor. The current owner of the house ownes more than she can sell it for and has an offer from a buyer thru a realtor, but we can't get an answer/approval from anyone. I read that someone bought the loan portfolio. Anyone know who bought it?
#138 Sep 20, 2007
Try the servicing center, they still have the loans, Fannie & Freddie and others are still fighting over them. It is n Irving Tx, tell the customer to look at the back of their statement, it has the phone numbers.
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