Tuesday, June 13, 2006

American Home Mortgage Files Civil Suit Against Texas Appraiser and Mortgage Broker

American Home Mortgage Acceptance, Inc. filed a civil lawsuit in the Southern District of Texas, Houston Division, against Alltex Lending Services, LLC, My House Mortgage, LLC and Diane Bell.

According to the complaint, Alltex, under the trade name Alltex Realty Services, is engaged in the business of appraising residential properties.  Bell performed appraisals as an employee or independent contractor of Alltex.

According to the complaint, in July 2004, American Home made a loan of $380,000 secured by a mortgage on property located at 5150 Hidalgo Street, Unit 1902, Houston, Texas.  Alltex and Bell provided an appraisal estimating the market value of the property at $441,000.  The appraisal grossly overestimated the property value, according to the complaint, and utilized inappropriate comparables, made inappropriate adjustments to comparables and inaccurately described and inflated the sale price of a comparable property in the same building as the subject property.  The loan amount thus exceeded the fair market value of the property and the borrower defaulted on the loan, resulting in damages to American Home of $166,612.26.

Pursuant to its brokerage agreement with American Home, My House represnted and warranted the completeness and accuracy of the property appraisal and agreed to indemnify American Home from losses associated with submission of inaccurate information contained within appraisals.

The complaint alleges a cause of action for negligence as to Alltex and Bell and a cause of action for breach of contract as to My House.

mortgage fraud

1. It it my opinion that when a real estate agent and a loan officer market the 0 down programs with closing costs paid by the seller it pressures the appraiser to over value the propery. To resist doing so risks future business for the appraiser. It for this reason I think it is a good move for fha to move to a legitimate 0 down program and eliminate charity gift organizations from being an acceptable practice.

   Posted by Larry Cragun  on  06/13  at  08:26 AM

2. I am looking for an attorney to file a lawsuit against American Home Mortgage for a fraud loan. I applied for and was told I was approved for a 5% interest only 5/1 ARM loan with American Home Mortgage. After the loan closed I discovered that the Loan Broker lied and minipluated me into believing that the loan I received was what I applied for. He did this on both of my loans. He also did not correctly pay off the previous lender causing mortgage a 30 day mortgage late on credit report. This was the begging of my credit disaster.

   Posted by  on  02/19  at  08:17 PM

3. American Home Mortgage has committed loan fraud to qualify my clients for a cash out refinance in Chula Vista, California, who are now in foreclosure. They sold them a neg am arm, with a loan amount of $560,000, when their gross annual income was less than $50,000 per year, and the husband was
   unemployed! My clients have owned this home for over 10 years, and are now going to be homeless, with 2 children! American Home Mortgage, refuses to mitigate losses by not entertaining 3 short sale bids. AHM Loss Mitigation Department is the most incompetant mortgage banker that I have seen in my 24 years in the mortgage business. No wonder that they are in Chapter 11 BK! They need to be prosecuted, not protected by Bankruptcy Court.

   Posted by  on  03/18  at  06:47 AM

4. I bought my home Feb 2007.It is an option arm. I was told that my payment
   was fixed for 5 years. What I didn’t know was that once the balance of the loan was @110% then my payment would double

   Posted by  on  04/29  at  06:03 PM

5. AMH is the worst I have ever dealt with.  Their CS is over seas which causes a language barrier. Their web site very rarely works when it comes to paying your mortgage, so your service charge is higher to use other forms of payment.  It is virtual impossible to contact them by phone unless you wait on hold for 2 hrs.  No wonder they went bankrupt. 

   They are just a horrible company to deal with.  Then you send the information for loan modification and they can’t finid it.

   Posted by  on  08/20  at  09:35 AM

6. I applied for an 80%- 20% loan with both loans at a fixed rate conventional loan. Was told 6%-on the 80 9% on the 20.
   Been in the house 3 years and look into refinancing and realize it is 80% for 30 yrs at 6% but the 20% is like 12% interest only with a ten year ballon payment. I was told the day before and at closing that the mortgage was approved for what i was asking. Never any discussion of a high rate and never a word of an interest only with a baloon payment. I would have said hell no and gotten a loan somewhere else. I agree they should be prosecuted not given chapter 11.

   Posted by  on  09/30  at  06:12 AM

7. I have been dealing with the worst and most unreliable Mortgage firm; “Loan America Home Loan” in Texas. I have been in process for a loan for 5 months every time my refi is to come to a close something come up or they cannot be reached, days and even weeks go by before I am able to contact them and by this time I am told that the stucture of my loan has changed. Everything they have ever said has proven unreliable or fales. 713.779.0361 There phone # Agents Larry Williams and Giggett Mohamid are flim-flam artist not Mortgage brokers.

   Posted by  on  10/15  at  06:20 AM

8. American Home Mortgage Servicing cashed
   9 payments from 4/05 to 2/06 paying 2005
   from April to December. They returned a
   check for Jan. & Feb. 2006 and ordered theirlawyers to start foreclosure on the
   24 of Feb. 2006. Been in Court since and
   Judge has yet to rule on “Objection tp
   Proof of Claim” filed by me. They loss
   the check for March 2006 as they had before. I go to Court on June 19 so I
   need some help fast.

   Posted by  on  06/09  at  03:54 PM