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!