- Report: #314064
Complaint Review: AMC Morgage Services / Citi Residential Lending - Orange California
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AMC Morgage Services / Citi Residential Lending
1100 Town & Country, Ste 1200 Orange, 92868 California, U.S.A.
Phone:
800-4305262
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AMC Morgage Services / Citi Residential Lending Forced Escrow for Future Taxes & Flood Insurance. Contracted for Only Principal & Insurance (P&I, nor PITI)! Orange California
Contracted 30 year fixed P&I mortgage with Argent Mortgage Company. Before ink was dry they sold to Ameriquest, who then sold to AMC Mortgage Services and is currently owned by Citi Residential Lending, who is attempting to foreclose on my mortgage under the guise that they have the liberty to force escrow for FUTURE taxes and insurance. My contract is for principal & interest (P&I) ONLY, not principal, interest, taxes & insurance (PITI)!
Taxes were already paid and proof of insurance provided; however, mortgage payment increased approximately $500.00 MONTHLY due to forced escrow for future taxes, from approximately $700.00 to $1,300.00 over night. Taxes only $1,300.00 annually, have asked for escrow amortization for at least six months to no avail. Agreed initial mortgage payment amount returned. Mortgage was always current, now behind and faced with foreclosure. Citi Residential Lending advise that this is "common practice". IS CANNOT BE LEGAL! HELP!
ASR
Clearwater, Florida
U.S.A.
Taxes were already paid and proof of insurance provided; however, mortgage payment increased approximately $500.00 MONTHLY due to forced escrow for future taxes, from approximately $700.00 to $1,300.00 over night. Taxes only $1,300.00 annually, have asked for escrow amortization for at least six months to no avail. Agreed initial mortgage payment amount returned. Mortgage was always current, now behind and faced with foreclosure. Citi Residential Lending advise that this is "common practice". IS CANNOT BE LEGAL! HELP!
ASR
Clearwater, Florida
U.S.A.
2 Updates & Rebuttals
John
Califon,New Jersey,
U.S.A.
Read this:
#2Consumer Comment
Sun, March 16, 2008
it may help you. I believe there are guidelines as to what they can charge. http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm
Brandy
Coweta,Oklahoma,
U.S.A.
ASR in Clear Water Florida
#3Consumer Comment
Sun, March 16, 2008
Hi ASR, My loan was also sold to Citi Residential from AMC from Ameriquest, been lots of changes over the years. We've had this loan for 6 years and just like you our loan is for P & I only. We pay our taxes and insurance seperate every year and always have, never had a single problem. I'm wondering if your taxes or insurance where paid late and the company got a letter of cancellation from your home owners insurance company or where notified by the county Assessors office that taxes were not paid on time. This may be what prompted them to require you to impound/escrow your taxes and ins. (hint for anyone who does pay these things seperate. Keep your insurance deck page for every single year, at paying off your house you may need it to prove you carried Home Owners Ins/Hazard Ins to prevent paying for a "Forced Place Policy" .... I'm in the insurance biz, I've seen what happens if you don't have this info to prove.)
