- Report: #698274
Complaint Review: AMC Mortgage Company - California Internet
Reported By:
El -
Scranton, South Carolina, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
AMC Mortgage Company
California, Internet, United States of America
Phone:
Web:
AMC mortage.com
Categories:
Business Rating:
(0)
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AMC Mortgage Company Argent mortgage, Ameriquest mortgage AMC mortgage paid S&N Housing for a home loan. The home was never delivered, now they want me to pay on loan monies that was stolen by S&N Housing. They want to foreclose on a home that don't exist. California, Internet
In 2005 I applied for housing loan through S&N housing in Coward, SC to get a new home. The loan was approved by Argent Mortgage Company, LLC. Did the closing with S&N housing, they said they would pay the payments for one year. During that time I waited for them to deliver the home. S&N housing had excuses after excuses for delaying delivery. AMC mortgage company started calling me for payments. Informed them that I never got the home and didn't know where the loan money had gone because I never saw a dime of it. I got a lawyer to explain the situation. he found out that S&N housing filed bankruptcy. AMC mortgage stop calling for awhile. They never responded to the fact that a loan was given but the property never existed. They are trying to make me pay for a home that don't exist and they are fully aware that the home don't exist. IN 2010 they started calling me saying they are going to start foreclosure on a home that I have told them don't exist. It was very unethical for them to send money to S&N housing before they delivered the home. I don't think it's fair to pay for a home I don't have and never had. You should never do business with Argent mortgage company.
1 Updates & Rebuttals
MovingForward
Wellington,Florida,
United States of America
Was this a construction loan or an end loan?
#2Consumer Comment
Tue, February 22, 2011
It sounds like you signed off on a construction loan. What kind of loan was it exactly?
Do you have the documents you signed? Did you sign releases authorizing the lender to release funds to the builder?
Most construction loans have a provision for the bank to send a bank inspector to make sure the house is built to the specifications provided to the bank. That inspector is supposed to verify each stage of construction with photos and a report. Plus the contractor supplies a lien release from each of the subcontractors so the GC can be reimbursed with bank funds. In order for this house to have never been built, all of these people (you, the contractor, the subcontractors, the bank inspector, etc) would have to conspire to deceive the bank with paperwork in order to get the funds. Not just once, but each time a release was requested.
If you did not do the above, then gather your documentation and get a real attorney. Who is trying to collect the loan? Another mortgage company or a collections agency? The loan does not go away if the funds were issued and the house never built. Where did the money go - who got it?
