• Report: #610579

Complaint Review: American Home Mortgage Servicing AHMSI

  • Submitted: Sat, June 05, 2010
  • Updated: Sun, June 06, 2010

  • Reported By: 2582 — Somewhere In Washington USA
American Home Mortgage Servicing AHMSI
4600 Regent Blvd, Suite 200 Irvine, Texas United States of America

American Home Mortgage Servicing AHMSI, I Barely Escaped This Self Described "Debt Collection" Agency!!! Irvine, Texas

*Author of original report: History/The Man Behind AMHSI

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In 2005 I purchased a home through American Home Mortgage Company. No problems for the first few years. We were never late on our payments.

Then about two years ago the account number was changed and we got some spiffy new coupons with "AHMSI" on it instead of "AHMC".

Sometime later I sent my payment in on the 7th of the month instead of the 1st. My contract allowed a two week grace period. I was still within the grace period.

The next day, I began to received calls from a man in India asking when they would get the money. He told me we were late. I pointed out the grace period written in my contract. He said that was not applicable. It was due on the 1st, period! Or it was technically late.

Each time he called I was nice and questioned him about the company. I'm glad I did. He was willing to give me a lot of information I may not have gotten any other way.

I found out AHMC went bankrupt and sold their company to AHMSI. AHMSI is a totally different company than the original American Home Mortgage Company. He said the original American Home Mortgage no longer exists!

He told me AHMSI bought all the contracts. And that they are not a true mortgage company. AHMSI is a debt collection agency!!! He seemed very proud about it being a "debt collection agency". He said their only task is to collect on the debts owed on these homes. That these mortgages are seen as "debts". It sounds like they do not consider them loans! Just "debts".

He also said the new owners chose a company name very similar to the original name. And that it tends to confuse people.

So, there you have it. At that point I knew I was in deep trouble. I searched the Internet and found many, many complaints about AHMSI. Especially on this website.

After nervously making my monthly payments for about a year I finally wanted out from under the stress of dealing with this company. I had been experiencing periodic problems with AHMSI and I was due to come off of an ARM this spring.

So I sold my house to a friend who got the $8,000 first time home buyers incentive. The value of the house actually went up 15% in five years, which was a nice surprise.  And I now have enough money to move on with my life.

Had I stayed with this so called, "mortgage company" there is no doubt I would have lost my home. They were starting to use "tactics" with me. Some that I recognize in the reports here.

I'm not so special. I was just able to make a wise and informed decision because of what I read on this website. Otherwise I would have been lost and scared. Unable to figure out a good plan.

I am heartbroken to read what they are doing. Especially putting older folks out of their homes! Some of these stories are hellish. Beyond belief.

People need to band together and do what other posters have suggested to bring these people to justice. It seems like there is an excellent case for fraud and a class action lawsuit!

This report was posted on Ripoff Report on 06/05/2010 03:41 AM and is a permanent record located here: http://www.ripoffreport.com/r/-American-Home-Mortgage-Servicing-AHMSI/Irvine-Texas-75266/American-Home-Mortgage-Servicing-AHMSI-I-Barely-Escaped-This-Self-Described-Debt-Collec-610579. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Author of original report

History/The Man Behind AMHSI

AUTHOR: 2582 - (USA)


Last night I looked up AHMSI on Wikipedia.

You can cut and past the next sentence to google it.

American Home Mortgage Wiki

Wikipedia gives the history. AHMC went bankrupt in 2007. The western division was bought by IndyMac. The trail is picked up here:

"In 2008, IndyMac also failedone of the largest bank failures in American history. On July 11, 2008, IndyMac Bank was placed into conservatorship by the FDIC and on August 6, 2008, the bank filed for Chapter 11 bankruptcy protection. American Home Mortgage Servicing Inc. was sold to Wilbur Ross & Co. LLC, as part of the bankruptcy liquidation, in November 2007."

So I cut and pasted Wilbur Ross in the Wikipedia search box. This is what I found out.

Wilbur L. Ross, Jr. is an American investor known for restructuring failed companies in industries such as steel, coal, telecommunications, foreign investment and textiles. He specializes in leveraged buyouts and distressed businesses. In 2005, Forbes magazine listed Ross as one of the world's billionaires for the first time.[1] He was ranked #346 the Forbes list of the 400 richest Americans,[2] with an estimated net worth of $1.7B. According to a recent New York Times article[3], he has been bottom-fishing in mortgages and mortgage companies. He apparently commands far greater sums than his net worth would suggest.

This is what really caught my eye:

In 2000, Ross bought out his equity fund and opened WL Ross & Co. in New York with $440 million in investor money and a staff that included four top managers who, along with Ross, make up the firm's investment committee: David H. Storper, who runs trading; David L. Wax, a longtime workout specialist; Stephen J. Toy, an Asia expert; and Pamela K. Wilson, a J.P. Morgan & Co. veteran.[5] Companies in this group include American Home Mortgage Servicing, which seems to be attempting to return to profitability by modifying the loans of delinquent homeowners.[6] The company recently added servicing of 185,000 loans from Citibank.

And it went on to say:

Sago Mine disaster

Following the Sago Mine disaster, the New York Post's Roddy Boyd reported that Ross "had been intimately involved with the company that owned the West Virginia mine where 12 miners perished and he knew all about its safety problems, former executives charged." The article also reported that the mine had 12 roof collapses in 2005, and that the U.S. Department of Labor data showed 208 citations for safety violations in that same period, including 21 times for build-up of toxic gasses. Despite these figures, Ross refused to shut down the mine.[14] The Department of Labor and the State of West Virginia, as well as Congress are currently investigating the disaster.

According to Wikipedia, this man owns AHMSI. You can draw your own conclusions about how much he cares about people.

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