Monday, June 1, 2009
AHSMI blows a deal out of the water.
loss mitigator Samantha Mai has just cost her company AHMSI $89000.
I have a contract on a property in the Valley that was a short sale. The contract price was $319000. The bank agreed to sell it to them. Samantha Mai was the assigned loss mitigator. She does not return emails or faxes and will return 1 voicemail for every 12 calls, always calling from a blocked number to shield herself and her company from being exposed for their nefarious and ultimately stupid decesions. Nonetheless AHMSI agrees to sell it for 319.
AHMSI had a change of heart and renigged on their offer and took the house to auction. To reiterate, they had an offer at 319 from a buyer for it. They sold it at auction for $230000. That is an $89000 discount on the amount that I had in on it!!!
Why the heck would any employee or company follow such abhorrent and backwards business plans?
The answer of course is because AHMSI, who used to be Option One (subprime mortgage lender) has made pure profit off that loan!. They initally funded $550000, sold that note to some other investor for $565000 and got their 1% annual servicing fee too. When the poop hit the fan, Option One folded and AHMSI was started to protect Option Ones' assets from all those pesky creditors and investors who wanted their money back. All of the loans that Option One had were transferred over to AHMSI, who resumed servicing. When the payments on this particular note stopped coming in, AHMSI sells it and everything they make is pure profit, because they've already sold the original mortgage immediately after originating it. All icing on the cake. Oh, and let's not forget something here: AHMSI GOT BILLIONS IN BAILOUT MONEY-that means they made money three times here. First, originating and selling the loan. Second when they foreclosed on the house and made money in attny fees, etc that they charged to the loan's owner and third sucking on the gov't tit for all it's worth.
How long will we tolerate this?