Loans stay with American Home Mortgage for now -
#1 Aug 21, 2007
Hahahahaha, they were greedy and stole the hard earned cash of those who could not afford the predadatory loans, and now that they got burned, their crying for help! Maybe the mega buck rich CEO's will throw some of their money to support their companies Hahahahahahahahahahahaha!
#2 Aug 21, 2007
how right you are.
They truly are crooks. Lied to their investors and to their customers.
I have found out a ton over these last few weeks about them.
Did you know that they promised some investors a 9.75% return?
Some people are stating that the mortagees took a risk.....
Well what about astute investors?
It isn't anyone's fault the real estate market is what it is. And obviously no one predicted it.
Whey should the borrows pay for that?
Herein lies the truth:
They will no help a good customer trying to stay a float after their payment increased 50%. And these are good credit people.
They can't refinance with another company because the appraisal will come in to low because of the market.
AHM will not work with anyone in this situation until they are in default. Then still their are no guarantees.
So a person has to ruin their credit to default so AHM with work them.
Then they are in bigger trouble.
Result: THey have to walk out of their proerty or do a short sale.
This causes the investors of the loan to lose an average of $60,000-. Then turn around and relend it at market rates.
Now wuoldn't it have been easier and far more economical to lower an interest rate a point or two?
On top of this they get paid a "ton" to service these loans -
The higher ups in that company were total idiots. I talked to quite a few of them. They gave pat answers like they were reading a script.
Strauss knew very well this was coming.
It all could have been so easily avoided.
And I do feel bad for the employees that lost their jobs - but only the honest ones.
#3 Aug 21, 2007
This is not FUNNY at all. some of you do not realize that there are contractors out there that have done work and will not be paid now. There are homeowners in the middle of remodeling loans that can not finish the work in their house and close the loan. The way these remodeling loans work is for the contractor to pay out of their pocket for labor and materials then get a draw minus 10% until the job is completed. then when the loan is closed you get the 10%. well some of us just applied for a draw and are not getting paid for tens of thousands of dollars of work. which is crushing to a small contractor like me.
#4 Sep 3, 2007
I have a ahm loan they calculated my taxes wrong and i get a letter telling me my payment will be going up 475 250 to cover the shortage and 214 for next years taxes now i have to go neg am to to pay my mtg with the rent. So i inquired about refinance i offered to refi 30 yr fixed with them if they would wave a 6000 pre pay .they basically laughed now i will have to short sale costing them alot more than 6k
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