If lender goes under, homeowners stil...

If lender goes under, homeowners still owe

There are 6 comments on the Seattle Post-Intelligencer story from Aug 3, 2007, titled If lender goes under, homeowners still owe. In it, Seattle Post-Intelligencer reports that:

“No one is going to lose their home because the lender goes bankrupt”

Another well-known mortgage lender is in serious trouble. American Home Mortgage, which has been struggling to raise money to make new loans, stunned its work force this week by announcing that its financial ... via Seattle Post-Intelligencer

Join the discussion below, or Read more at Seattle Post-Intelligencer.

Cindy

Woodway, TX

#1 Aug 9, 2007
I make my mortgage payments to AHM. AHM was not the originator of my loan..my insurance and taxes are rolled into my payments. Is my escrow account safe? I will continue to make my mortgage payments as usual but should I worry about whether my taxes and insurance will be paid on time?
Helper

Salt Lake City, UT

#2 Aug 9, 2007
You'll be fine! AHM's servicing department is open and operating. It is one of the assets the company will be forced to sell during the course of the bankruptcy, so expect a letter in the mail in the next several weeks/months telling you where to send your payment. Until then, keep paying as usual.
Cindy

Decatur, TX

#3 Aug 9, 2007
Thanks! I just wanted some reassurance that my escrow money is safe!
JOHN

Kailua Kona, HI

#4 May 30, 2008
I HAD GOTTEN A NEGATIVE AMORTIZATION LOAN FROM AHMH AND WAS NOT AWARE OF WHAT KIND OF LOAN IS WAS. MY ORIGINAL MORTAGE WAS AT $204.000 AND IT WAS WITH CHASE FOR 3 YEARS BEFORE IR BECAME AN ARM. I WAS LOOKING FOR A FIXED RATE AND WAS CONTACTED BY A BROKER (UTAH FINANCIAL) WHO DID NOT EXPAIN THE ENTIRE PROGRAM. IF HE DID THEN I WOULD HAVE LOOKED ELSE WHERE. AS A MATTER OF FACT I DID NOT KNOW UNTIL MONTHS LATER WHAT THE PROGRAM WAS REALLY ABOUT. SINCE THEN I HAVE BEEN TRYING TO REFINANCE WITH ANOTHER COMPANY WITH A FIXED RATE, BUT AHMH WILL NOT DEFER THE PREPAY. NO I AM STUCK IN THIS PROGRAM BECAUSE OF DECEPTION AND IN IT NOW FOR OVER $226,000. AND IT WILL ONLY GET HIGHER. I DON'T WANT TO LOSE MY HOME BUT IT WILL LOOK LIKE THAT I WILL HAVE NO CHOICE IN THE NEAR FUTURE. THE AMOUNT THAT I WILL OWE WILL BE MORE THAN THE ORIGINAL PURCHASE PRICE AND WILL ME HOME WILL NOT HAVE THE VALUE. I NEED TO GET OUT OF THIS BAD PROGRAM BUT I NEED AHMH TO LIKE THE PRE PAY.
Brandon FL homeowner

United States

#5 Jul 16, 2008
John, understand you are not alone and there are several of us homeowners in the same boat with AHM. The questions we have are still un-answered from Corp AHM in TX, the NY BBB, and a lawyer representing another homeowner just like us with the same issue. My main question is how can courts or other entities tell if our loans were "backed" by the banks AHM said had their finacial backing? Plus our appraisal was done by a division of AHM which is called HOmegate Settlement and FL Stautes has a conflict of interest that fits this situation. What happens then, who is responsible? How can another bank help us refi our home without damaging our loan amount or credit more. I believe thesxe NEG ARM should be removed overall and not offered to homeowners. I read your comment and it was listening to myself. I have done my share of research for the past several months. I suggest go the AHM website and go to their restructural icon and see how many share holders and homeowners have the same question has us. You'd think there would be a classaction suit or better answers for homeowners. AHM is not answering anything and it is very frustrating.
JOHN wrote:
I HAD GOTTEN A NEGATIVE AMORTIZATION LOAN FROM AHMH AND WAS NOT AWARE OF WHAT KIND OF LOAN IS WAS. MY ORIGINAL MORTAGE WAS AT $204.000 AND IT WAS WITH CHASE FOR 3 YEARS BEFORE IR BECAME AN ARM. I WAS LOOKING FOR A FIXED RATE AND WAS CONTACTED BY A BROKER (UTAH FINANCIAL) WHO DID NOT EXPAIN THE ENTIRE PROGRAM. IF HE DID THEN I WOULD HAVE LOOKED ELSE WHERE. AS A MATTER OF FACT I DID NOT KNOW UNTIL MONTHS LATER WHAT THE PROGRAM WAS REALLY ABOUT. SINCE THEN I HAVE BEEN TRYING TO REFINANCE WITH ANOTHER COMPANY WITH A FIXED RATE, BUT AHMH WILL NOT DEFER THE PREPAY. NO I AM STUCK IN THIS PROGRAM BECAUSE OF DECEPTION AND IN IT NOW FOR OVER $226,000. AND IT WILL ONLY GET HIGHER. I DON'T WANT TO LOSE MY HOME BUT IT WILL LOOK LIKE THAT I WILL HAVE NO CHOICE IN THE NEAR FUTURE. THE AMOUNT THAT I WILL OWE WILL BE MORE THAN THE ORIGINAL PURCHASE PRICE AND WILL ME HOME WILL NOT HAVE THE VALUE. I NEED TO GET OUT OF THIS BAD PROGRAM BUT I NEED AHMH TO LIKE THE PRE PAY.
VoirDiar2000

Seattle, WA

#6 Jul 17, 2008
I have a w/loans w/AHM. Back in Feb 08, AHM Posted pmnts to my account that were short (17.00) per month (tax increase not caught by me). 5 month later AHM caught it and now they claim we are up against the the 12 hr and are using threats (back dating late fees, and other penalties unless I make a 17.00 pmnt immediately.

Their approach of intimidation is uncalled for, Especially over 17.00. They are not asking for the entire 103.00. Only one pmnt of 17.00 immediately.

I asked why AHM failed to catch this sooner. It's irrelevantly and pay the 17. After looking up AMH on the net. I can see why their loan servicing & customer service dropped like a rock.

[email protected]

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

American Home Mortgage Holdings Discussions

Title Updated Last By Comments
News American Home Mortage closing tomorrow - (Aug '07) Nov '15 Truth teller 177
News Help for jobless American Home Mortgage workers - (Aug '07) Oct '14 Mia 10
News Class Action Suit filed against American Home M... (Aug '07) Sep '14 Chunchuna 348
News American Home Mortgage chief Michael Strauss ta... (Aug '07) Aug '14 Alice Broadhurst 40
News American Home Mortgage chief Michael Strauss ta... (Aug '07) Jan '13 Former Direct Rep... 44
News Woman fights American Home Mortgage in court - (Nov '07) Oct '12 libertyreverse 85
insurance check endorsement by AHMSI (May '12) May '12 alex 1
More from around the web