I closed my loan with Ameriquest on 1/16/2004, on 3/16/05 my loan was sold to AMC Motgage Services, in April of 2005, I received my first letter of, 'Intent to Foreclose', after I received an Escrow Schedule for my taxes and insurance that added 380.00 a month to my monthly payments. I had homeowners insurance and paid my property taxes as I should, but they added these fee's because they did not have any records of my personal affairs on file, so needless to say I fell behind in monthly payments and could not get anyone to cooperate and get it straightened out. I received my first Forebearance Agreement in November 2005, I did not want to go on this plan and so I Western Union the entire amount that they said I was behind, which included attorney fee's and intrest. I did not sign the Forebearance Agreement.
Two weeks later I received certified mail from Western Union telling me to pick up my money, it had been returned. They refused to except my money and sent me another Forbearance Agreement, but this time I received a plan intended for someone else with all their personal information. I called the Forebearance Dept promptly and they requested I send this document back ASAP. I did, and inquired about the refusal of my funds, only to get no explanation other than the fact that I did not return the Forebearance Agreement within the 48 hr. time frame, this time they added another 1680.00 in attorney fee's and sent me a new Forebearance Agreement. I refused again to sign and Western Union another 3000.00, again they refused to except my money. I took my money back and put it in my savings. I did not make another payment on my house and pleaded to get someone to straighten out the matter. In February 2006 my house burnt and I had an insurance claim of 27,000.00. I was unaware of the type of insurance coverage that I had. Safeco who is the insurance company for AMC Mortgage Services and provides no information to their customers about policy coverages, listed the claim as 16,000.00 and if it was settled in 120 day's I could get the retainage that they hold back, about 8% of the total claim.
It is their policy to forward the insurance funds to Loss Draft Department at AMC where it is deposited into an Escrow Account that AMC has total control over and also draws any intrest that it gains for however long the claim is drawn out. It was June 20, 2006 before the first check was cut from AMC Loss Draft Department, 4 months after the claim was filed, and it was made out to the contractor and myself which was nearly impossible to cash since it was from AMC Loss Draft Dept and not Safeco Insurance Company, which also held up funds for another 10 days. The contractor took the money and never returned, he claims that he was entitled to the money since it took 4 months to get it but never did the first thing to my property. I then contacted Loss Draft and explained this situation to them and they could do nothing and explained that this was procedure, I was extremely upset and expressed this clearly, I explained that my attorney would be in contact to settle this.
Three days later I received a Fed-Ex package at my doorstep containing 299,691.76 worth of AMC Mortgage Homeowners Insurance settlements that belonged to people all over the country, also containing all personal information and every check had already been signed by each homeowner. I was devastated, I made copies of every check front and back then I called Loss Draft once again, it was normal for them not to answer or return my call but this time I left the message that they may be intrested in knowing where their 299,691.76 was at. In 5 min. I received a call and was instructed on what to do and that I would be under investigation until the money was returned to them. HOMEOWNERS would you like to know who's money I had and why you did not get to collect your full insurance claim due to 120 day close policy? My funds ended up being about 4500.00 withheld on final closing which by the way just closed on June 28, 2007. However now I am in foreclosure again, why because they charged me intrest and late fee's and administrative fee's also account maintenance fee's for the Escrow Account that I am not entitled to collect intrest from. I am being foreclosed on for 6,216.00 and that is after they finally applied the 10,800.00 that they still had in my Escrow Account and have until July 28,2007 to send them this money. Also the two final contractors have not been paid and will file suite with late charges against my property. Now to end it all, they are refusing to do a Forebearance Agreement with me because I have already had several on file and never met the terms, since I refused to sign. I am filing Chapter13 to hold this action off but it is going to cost me another 3,000.00 to do so. I have 50,000.00 equity in this property and can not get another loan from anywhere else because of AMC Mortgage Services reporting and the fact that I was in Chapter 13 when I closed this loan. I am looking for a lawyer to take this case for lost money and damages, I will not be signing the Class Action because I fully intend to sue for my rights in every possible way. If anyone has had this happen to you please come forward, for this is a whole other Class Action, get what you deserve from this corrupt company. I will be contacting all the Homeowners that I received their Insurance checks to find out how much money this incident cost them in losses. Their were 27 Homeowners mostly in Illinois and Indiana, the damages were from all the storms that moved through in spring of 2006 and by the way these checks were from Homeowners Individual Insurance Policies not Safeco who is also AMC Loss Draft. Safeco also changed their name from Safeco to American Security Insurance Company as of January 2007 without informing their customers of this change, it took me 2months to find this information out from Loss Draft which by the way made them more money from my bad fortune.
Rip-off Report: Ameriquest & AMC Mortgage Services & Safeco Insurance Refused to release appraisal report, refused to file cl...