| Americam Home Mortgage |
| Americam Home Mortgage Servicing, Inc. AHMSI Refused to entertain loan modification or short sale Dallas, Texas |
| 4th of May, 2011 by User122709 |
| In June 2006, my wife and I obtained a mortgage from AHMSI. Due to unforeseen circumstances at the time, I was forced to file for Chapter 7 Bankruptcy protection in August, 2007. However, I kept the property in question out of the bankruptcy proceedings, and continued paying my mortgage, taxes, insurance and all other home related expenses. I was discharged from bankruptcy in December, 2008. In February, 2009 I contacted AHMSI to see if they would entertain the possibility of a loan modification. The company immediately refused. In April, 2009, I lost my job as a Corporate Tax Director. Anticipating that I would have difficulty making payments to AHMSI under the current terms of the mortgage, I enlisted a consulting company that acted on my behalf to negotiate a loan modification. About eight months later the consulting company went out of business, and I was once again on my own in attempting to negotiate a loan modification with AHMSI. I was still unemployed, and my funds were running out. All my savings were depleted in paying my obligation to AHMSI. However, unemployment insurance is not enough to pay for $640,000 mortgage, let alone trying to support a family of four. After sending in the required paperwork on at least three different occasions to apply for a loan modification, the company sent me a letter stating that the required paperwork was never sent in. This has been ongoing for nearly 2 1/2 years. I have even requested that AHMSI inform me of a price that they would accept in a short sale a number of times. They refuse to acknowledge any correspondence. They are required to indicate to me a price at which they are willing to accept for me to be able to sell the property. All the while, I have never spoken to a human being, and the process has become so frustrating that I am ready to walk away. Additionally, after I inquired why I haven't received statements in years or have the ability to make internet payments, the company indicated to me that I do not receive statements, nor will they allow me online access to make payments because I filed for bankruptcy, even though this property was never listed in the bankruptcy. I am currently up to date on all my mortgage payments, taxes, etc. My mortgage payment will drastically increase next month when my interest rate is reset. Due to having a negative amortization loan, my mortgage is now greater than the original $640,000. The property was purchased for $780,000, and the fair market value is now about $600,000. I have gained employment since February, 2010, but a drastic cut in compensation will not allow me to keep the residence. My family will be forced out at some point. While I do not wish to neglect my obligations, I somehow feel that all this could be avoided if only AHMSI discussed the situation in good faith. The end result that I anticipate will not be productive for anyone. |
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