Complaint Review: American Home Mortgage AHMSI

In March 18th of 2009, I sent in a request for a loan modification using the form and instructions at the AHMSI website. I included all requested information and asked that my mortgage be modified from a 10% changing to 12% changing to 16% ARM to a fixed rate loan at a lower, reasonable percantage.

I have NEVER paid late nor in any amount less than what was demanded.

At the beginning of April, 2009 I phoned the real power behind the throne of AHMSI which is a law office that houses the investors behind all of their loans located in New York which is WL Ross & Co, LLC, Attys. They indicated that a "negotiator" had been assigned to my loan modification request.

Later that week, I received a letter from AHMSI confirming that they had received my "loan workout" documentation on April 7th, 2009 and that they would review it and that by the 14th of April a negotiator would be assigned to me who would contact me. In the meantime, the letter continues, I should continue to make all payments as agreed under the current terms. So, I did.

On April 16th, I received a letter from my online bill pay service stating that AHMSI had returned my payment saying that they "can't find the account number".

I sent a secured message to inquire as to what they wished for me to do in terms of remitting the April payment to them once again which they had returned to me----no response.

I also have not heard from the loan negotiator.

Now, I have no doubt that this payment had been returned deliberately by AHMSI but my question about which I would really appreciate input is WHY? Do they want to foreclose and are "creating" late/non-payments in order to facilitate/justify foreclosing? I owe $80K on the property and, as I understand, it costs @$40-$50K to foreclose. The value of the property is probably between $75-$90K. Does it make sense for them to do so? I wonder. I understand that the moratorium on foreclosures ended at the end of March as a federal mandate of some sort. Perhaps they figure it's time to get back to the fun of foreclosing. Technically, they received my paperwork before the end of March, but I did not send the packet as registered mail....should have--didn't know about the mandate at the time. Oh, well, who cares, the courts will never help anyway. I don't kid myself about justice and proof and dilligence anymore...sadly. Court cases are all about deals and relationships among attorneys and judges and have very, very little to do with the merits of your case.

I would really appreciate any input from anyone with experience with AHMSI where they returned a payment to you, especially. Also, if they have foreclosed on you, I would really like to hear about how they went about it and what to expect.

If AHMSI thinks that they will inflate the amount due to them by creating late fees and roll that into the loan modification somehow, they are sadly mistaken. I will let them foreclose before I let them steal any more funds from me. By the grace of God, I do have somewhere else to go to live if it comes to that.

Alex
Columbus, Ohio
U.S.A.