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Brian CT Category:
Current Grade: A
Total Views: 729
Member Comments: 5
 Posted on: 08/23/2007
Posted by: Brian CT
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We are currently working on a shortsale for someone who has a loan with AHM (American Home Mortgage).  This bank has recently been ordered to cease business activities, which some of you are probably aware of.  This causes a slight problem for us because there is no way to contact this bank, all options on their menu bring you to the same voicemail box, which is full. 

How do you handle a loan with a bank that is no longer in business? Where did this loan go and who is handling it.  We are trying to submit a short sale on this loan, and unfortuantely it's thie first mortgage on the property for a substantial amount of money. 

Any info would be greatly appreciated.

 

Brian

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CreativeGuy
Ambassador
Posted By: CreativeGuy on 08/24/2007
 I don't have much experience in short sales yet but I would take Colins advise and move on. To me if there was a chapter 11 on the bank the paper work involved .But I would keep looking either in Inman News or what ever paper you get in your state or county like the NY times tells you what bank bought out what bank and maybe you will get lucky and deal with that bank to find the home. But it takes time I would think so move on there are plenty and lot more to come.
 
jdvr

Posted By: jdvr on 08/23/2007

I am going to agree with Collin here.  Move on.  There are thousands of foreclosures filed very day.  You should be choosing the best of them, the ones that are simple and require the least amount of time.

Their web site says that they are in Chapter 11 Bankruptcy.  This will complicate matters, and until an arrangement is made with the Trustee, the Bank may be limited on what they can do.  If you need a break down on how the Chapter 11 process works, let me know.

 
Brian CT
EducatorAmbassador
Posted By: Brian CT on 08/23/2007
Yea I called the number on the statement and that's what is leading me nowhere.  I was hoping someone had another contact i could use.
 
Colin
AdminAmbassador
Posted By: Colin on 08/23/2007
If there wasn't another 234,938,938 foreclosures for you to be able to work on, I'd say keep trying.

This company has a lot bigger problems than discounting 30k off of your short sale...haha.

Turn on the shreader baby...... rummmm rummmmmmmmmmm and move on to the next one.

By the way, my lady had 5 deals in contract with them that she had to get switched over, huge mess.... don't sweat it.

Colin
 
justinlee
Educator
Posted By: justinlee on 08/23/2007
Their servicing department is still in business.
They are just no longer originating loans.

Do you have a copy of the statement?
Might be some clues there.

https://www.americanhm.com/index.aspx