Mortgage Forum

Mike

Three years ago I refinanced with Ameriquest Mortgage to help pay down credit card debt. I was promised the moon and received nothing from the company. They told me that in two years I could refinance into a lower fixed rate mortgage. Of course that did not happen. Instead AMC did escrow my taxes and homeowners. This caused the problem I had made on time payments and never missed one. Until I lost the homeowners, thinking it would be paid. They forced Safeco Insurance at 1700.00 a year; I had my insurance reinstated within a month. However Ameriquest wanted me to pay back 600.00 they had supposedly escrowed. Then I had to pay taxes out of pocket and had a late pay. That was an another 78.00 dollars a month. I argued about the charges because I was promised the escrow and was told it would be 900.00 dollars to set it up then I had to give them 300.00 dollars for the account. I balked at that I thought it was ridiculous. I made my regular payments which AMC did not credit to my account.The usual problems occurred no good faith estimate, they did not pay of the entire amount of debt. Long story short I ended up in Chapter 13. That was not a great experience, as the payments for the bankruptcy increased, it became more difficult for me to pay. I made the payments but I found out in June of 07 my trustee had filed a motion to dismiss. She stated that I was 4000.00 dollars behind. No call nothing, I had made the payments however she had not always credited them due to the time frame I had to make them. I got paid every two weeks and had to make two payments a month. She never carried a payment over from the other month. After losing my job and accepting a position at almost half my prior salary the chapter 13 was finally dismissed in Feb. 08. And the mortgage continued to fall behind since she did not pay the fees I was arguing about. Now the company says that I am 14000 dollars behind. In short I am in worse shape now than before I filed bankruptcy.Of course everyone came after me. I received notice that my mortgage was now with Citi Residential Lending(at least that is what I thought). After hiring a lawyer who wanted his money upfront and wiping out my savings. We were negotiating with Citi, we had talked on March 19 on March 28 I was served with Foreclosure papers from a company called WM Speciality Mortgage LLC. After reviewing papers Ameriquest had sold my mortgage to this company, without notice to me. Nine days later they filed for foreclosure. I gave the paperwork to my attorney and we are still in talks with Citi.I have no idea what will happen, I just pray that this will get settled without foreclosure. It has been a hard way to learn, but I am now a lot more savy about business. I can make all the excuses but I got taken by a predatory lender, and now I may lose my house. I have a feeling that I won't get the mitigation, as my lawyer in his letter, stated that I would accept the mitigation or a payment plan. I am about ready to just ask to give the deed back in lieu of foreclosure and get them to agree in writing to sue me for the difference if they don't get the loan amount. And they won't because of the fees.