American Mortgage Specialists ripoff Promised an unbelievable quote with 400K loan for $1192 a mon False Fraud Chandler Arizona
First they were really nice. Told me that they're gonna give ma a loan for 400k or more for $1192 a month. It was really an unbelievable promise. They really made me believe that could happen. I kept saying " this is not real". But hey, they fooled me. I signed up with them with their promise for $49.95 on friday Sept. 8. 2006. Michael Rivera was the finance manager, who told me he'd call me for the info about the loan today. I kept calling him first thing in the morning. But he was always on the phone. Finally, he called me. I talked to him and he said that we could only qualify for 200k loan. Of course all of my hopes were shattered. I was speechless. I told him that, "you told me we qualify for 400k loan for 1192" and he said " we ran the numbers and apparently you cant afford it". I said well we can afford 1192 a month. Thats what he promised.
He said he cant do anything about it. That what they came up with. So then I asked, how much is 200k loan a month then. He said $1600!!!!! I was like you promised us 400k loan for 1192 month, and you just told me that we cant afford that and now you're telling me that we only qualify for 200k for 1600!!! If we cant even afford 1192 per month (what he just promised) how the hell does he expect us to afford $1600 a month for just a 200K loan!?!?!?
People beware of these kind of scam!! They give you empty promises!!!!!! They wont even refund me my money. I had hopes that they would be foreal but they're just another scam!!! They'll make you believe their lies. Well, in the end youll know. They dont care if they disappointed you. If you had hopes because they made you believe it was possible. They dont care!!!
Their finance manager, Michael Rivera was indeed a funny guy. He made me laugh & made believe it was real. In the end, he doesnt care. Made me believe i could get a loan for 400k for $1192. Kept saying money is cheap, money is cheap. In the end he said we only could affor 200k loan with $1600 a month. Can you see how off his promises are?!? Can you see.
Do not be fooled by this clown. I am ashamed that i was even fooled. I shouldlve known better.
catherine
West Covina, California
U.S.A.
1 Updates & Rebuttals
Tom
Laguna Hills,California,
U.S.A.
This loan does exist...
#2Consumer Suggestion
Wed, September 13, 2006
The loan you are talking about being offered the first time is called a neg-am loan. You recieve 4 payments options as follows:
1. Neg-AM / Deferred interest (your quoted loan)
2. Interest Only
3. 30 Year Term
4. 15 Year Term
The problem with this loan is that you can recieve a neg-am payment option but you are qualified on the 30 year term loan. This is what it would look like.
400K Loan Amount
Payment Rate: .5%
Real Rate: 8.5%
Payment: $1,192/mo
Qualifying Payment: $3,075/mo
If you can't qualify for a payment of $3,075 then the $1,192 payment is void and no longer valid along with the program. It is probably better for you anyway because on the Neg-AM payment you would be adding a balance to your home of roughly $1,200/mo. So in 5 years instead of oweing 400k you owe $472,000. This program is real and this rate and payment are real also, unfortunately, companies do tend to take advantage of borrowers not understanding.
Best of luck in whatever you do.