• Report: #160822

Complaint Review: Aames Home Loans

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  • Submitted: Fri, October 14, 2005
  • Updated: Sun, October 01, 2006

  • Reported By:Fort Pierce Florida
Aames Home Loans
3351 Michelson Drive Irvine, California U.S.A.

Aames Home Loans, Fairbanks, Equicredit, EMC, SPS FAULICFIED REFINANCE APPROVAL COME TO FIND OUT THEY ARE OUR FIRST AND SECOND MORTGAGE COMPANIES TRYING TO STEAL OUR HOME Ripoff Irvine California

*Consumer Comment: The same company? foreclosure after only 2 missed payments?

*Consumer Comment: Cynthia: Sorry but I have been in there, they are the same co.s

*Author of original report: GOT INFORMATION AAMES HOME LOANS AND EMC NOT AFFLIATED WITH FAIRBANKS AKA SELECT PORTFOLIO SERVICING AKA EQUICREDIT

*Author of original report: HAD TO CONTACT EQUICREDIT FOR INSURANCE CLAIM

*Consumer Suggestion: Mortgage Fraud Schemes and Connections

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We started out with Fairbanks when we bought our home in 1999. We got behind in our payments by only 2 months when we contacted them after we had sent in a payment. They told me they were sending that payment back and were going to forclose on our home. They tried to tell us we could not file bankruptcy but we did anyways. We were contacted in June by Aames and were told we were approved to refinance our home. We started the process by getting approval from the courts here in Florida. Aames kept telling us we were going to close any day then all of a sudden something else was needed. Between our lawyer and ourselves we got them everything the asked for. We would call them in their Florida and California office but no one would be available to speak to us. This went on for 3 months.

After we started all of this we were contacted my the attorney for Equicredit who Fairbanks said they sold our loan to stating that we were behind in our bankruptcy payments and they were going to start taking the steps to take our home of 6 years even with a letter from the bankruptcy court stating we are current on our payments. There is a hearing set for Oct 24th on this matter.
Just yesterday Aames finally called us and said that the loan was denied because we havent been making regular payments to Equicredit even though those payments are made through the court at this time. We even asked them for the reason in writing by fax and they havent and I know they wont.

After finding this site we realized that they are all the same company what a shock. We knew something wasnt right.

Is there anyone that can help us with them? We really need help as we are afraid that they will some how take our home.

We plan on contacting the better business bureau and the state attorney generals office regarding this matter.... what else can we do? We are desperate at this point. My husbands health is not good because of all this and it is taking a toll on our three kids. Not a good time right now

Please help anyone please.

Cynthia
Fort Pierce, Florida
U.S.A.

This report was posted on Ripoff Report on 10/14/2005 07:19 PM and is a permanent record located here: http://www.ripoffreport.com/r/Aames-Home-Loans/Irvine-California-97612/Aames-Home-Loans-Fairbanks-Equicredit-EMC-SPS-FAULICFIED-REFINANCE-APPROVAL-COME-TO-FI-160822. 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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Updates & Rebuttals

#1 Consumer Comment

The same company? foreclosure after only 2 missed payments?

AUTHOR: J - (U.S.A.)

Although it may seem to you that Countrywide, Aames and other companies are all the same company. It's not the case.

I work in the mortgage industry. I don't work for Countrywide or Aames, but I have worked as an underwriter for several companies. As an underwriter, I review people's credit and income to decide whether or not to approve a loan

I can tell you, Countrywide and Aames are in no way affiliated. In fact, Aames was just bought by Accredited home lenders.

It is not unusual for a lender to have several subsidiaries. For instance, Ameriquest started as Long Beach mortgage, and they also own Arget (which is a wholesale division) as well as Town and Country.
New Century has Homes 123 etc etc.

It is also not unusual for the mortgage company to own a title insurance company.

However, I find it highly suspect that you only missed two payments before the mortgage company tried to foreclose on your house. Also, a mortgage company does not have the authority to foreclose on your home when you are in bankruptcy without filing a motion for relief from stay of execution. If, in fact, your bankruptcy plan includes your mortgage payments in the repayment plan, the mortgage company can't do anything.

If you had been looking to refinance, you MUST continue to make your mortgage payments. Never ever stop making your payments while you are trying to refinance.

I have seen thousands upon thousands of credit applications and just as many credit reports. It costs a mortgage company a lot of money to foreclose and then resell a house and VERY few homes are foreclosed on unless you live in certain parts of the country, and that is usually due to fraud.

Most lenders will not foreclose on a home until the payments are 5-9 months past due, and even then, they almost always allow you to enter a forebearance agreement to make up the missed payments.

There are always people who are looking to make money, and/or screw consumers, but I have some extreme doubts when I hear someone claiming that they only missed two payments and now their mortgage company is trying to take their house.

Almost every loan that is made is sold to an investor within 60 days of the loan closing, or with mid-large size companies, the loans are 'securized' and sold as bonds in an investment pool. AT that point, it is the investor or their servicing company who you will make your payments to. Sometimes it's the original company you closed your mortgage with, but not all that often.

If you're getting screwed, by all means, do whatever you have to, but in my experience, at least in this industry, you have most likely done more than missed just 2 payments....it's not worth anyone's time or money to take your house, lose the loan and the income, have to spend all the money on the attorney to get the court approval for the foreclosure sale, pay to list the house, qualify another borrower for a loan, and not get ANY income on that property, than to just try to get the current borrower to make their payments...
Sounds fishy to me...
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#2 Consumer Comment

Cynthia: Sorry but I have been in there, they are the same co.s

AUTHOR: Grace - (U.S.A.)

Dear Cynthia,
I have been in litigation with Aames, EMC and others and I know for a fact that these companies are in fact sudsidiaries of each other and play the toss the loan around game and I have also been caught in the " Let us help you out " line. I was tossed between companies and between the three of them I was illegally forclosed and evicted. I had to file for bankruptcy and hire another attorney to represent me in court and I have been proven correct in supior court and the rulling was that everything they all did was illegal and that I could get my house back and then the court ordered them to file all the correct paperwork in a timely manner and after 90 days they still did not file there paperwork the court thru out the ruling and I have to start all over again. DO NOT TRUST THEM
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#3 Author of original report

GOT INFORMATION AAMES HOME LOANS AND EMC NOT AFFLIATED WITH FAIRBANKS AKA SELECT PORTFOLIO SERVICING AKA EQUICREDIT

AUTHOR: Cynthia - (U.S.A.)

After I filed this report James Trimble from Aames contacted us and said he got our file since it took so long to be denied and he saw a ton of mistakes that were made the first go round. Since that call he has had contact with us daily and now the only hold-up is Equicredit aka SPS aka Fairbanks. James faxed over the payoff he recieved and my husband and I are shocked and confused at the sametime but not at James' fault. My husband even told him about this site and what I had originally reported and he got to doing some checking on his own and has proven to us that Aames is not affliated with the others and neither is EMC.

SPS is showing us with a pay-off almost $17,000 higher than what anyone else figures. There are so many extra fees and add ons anyone would be confused.

Now EMC, on the other hand, has sent a payoff amount that is what was reported to the bankruptcy courts. There is no difference at all.

I have written my state representative and state senator regarding the practices of SPS and their cohorts in crime. These people are crooks. Even when my husband and I called them to ask them about the difference from what they told to courts they literally came out and said that yes we are paying that now but would also be paying it once we are out of bankruptcy in order for them to take our home. THE REPRESENTATIVE OF THEIR COMPANY SAID THIS IN SO MANY WORDS WITHOUT SUTTERING I THINK SHE ENJOYED THIS WAY TO MUCH!!!!!!! Sorry for yelling but I am tired of fighting this battle.

I will post another update when I have one. I wanted to make sure I applogized to EMC Mortgage and Aames Home Loans, especially James for the orginal report I made. Thank you for your understanding and hopefully we can get this deal done soon.
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#4 Author of original report

HAD TO CONTACT EQUICREDIT FOR INSURANCE CLAIM

AUTHOR: Cynthia - (U.S.A.)

I know for a fact that they are connected. We just had Hurricane Wilma pay us a visit and drop a tree on our house along with water damage inside and since they hold the insurance on the house I had to contact them to get the information. Well at least they were nice enough to help me out in getting the insurance companies name and all the other information I needed. While waiting on the adjuster to contact us we got a call from no other than Countrywide giving us the adjusters name. My husband asked if I thought they gave our mortgage to them and I said nope that Countrywide is another sister company of theirs and the only way I know this if from this website. The insurance is Balboa Insurance which I have found no complaints on. They wont be out here until 18th of November but since I did work with a big insurance company after last years storms I am not ready to file one against them just yet since I know how busy they must be with the active hurricane season so far.

But yes Equicredit, Aames and Countrywide are all the same company.
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#5 Consumer Suggestion

Mortgage Fraud Schemes and Connections

AUTHOR: Lana - (U.S.A.)

Cynthia,

Check out the reports on Countrywide Home Loans, recent updates, there's alot of similar problems and helpful suggestions. It seems awfully strange that so many of these ripoff companies are headquartered in California.It's got to be to their advantage somehow, anybody have any ideas WHY? Does anyone know if Aames and Countrywide are connected?

Try not to lose hope, read as much as you can search on-line for California Foreclosure statute, sounds like an invalid foreclosure to me.Sorry for your grief.
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