Posted by DD/OR on 9/15/06 1:05am
Msg #146254

BEWARE OF AMERICAN MORTGAGE SPECIALISTS

American Mortgage is in Arizona. I recently filed a complaint with the Arizona Better Buisness Bureau. BBB sent me a report that showed there were 31 complaints in 3 years against American Mortgage Specialists. That is about 1 a month. I did a signing for them and they haven't paid me. It turns out that they were defrauding the borrowers. The borrowers signed because they were caught between a rock and a hard place. AMS told them not to pay their mortgage payments because AMS would take care of it when they funded the loan. Borrowers didn't pay mortgage for 3 months, then AMS told them they were ready to fund but the borrowers had to make the 3 months payments first. Borrowers at this point was fed up and decided they didn't want to continue with AMS. The loan never funded. They got a loan from a relative to make their payments current. Then they went with a local company to Refinance. Meantime, AMS said they weren't going to pay me because it didn't go through. And then the borrowers called me the other day to tell me that AMS put the amount of the loan ($62.000) on B's credit report, stating that B's owed them that money. B's never received any money, so how could AMS claim B's owe them. It's totally outrageous. Last I heard, B's are going to hire an attorney and sue AMS.
I'm also filing a complaint with the Arizona Dept. of Financial Institutions. They oversee Lenders, Banks, Title Co. etc. That just goes to show that some lenders can be just as dishonest as some Signing Services. I intend to be very careful who I do work for in the future.

Reply by Mysti_FL on 7/10/07 10:01pm
Msg #199286

I am owed $950 from them. On three occassions I did multiple closings for the same borrower (he has about 14 properties and we were closing 2 and 3 each time). I am going to touch base with him to assure everything went well but.........Here is the name of the president and vice-president, which I looked up under the Arizona Corporation Commission; it may help: David McMaster, VP
American Mortgage Specialists, Inc.
1255 W. Baseline Rd. #288
Mesa, AZ 85202

Scott Powers, president
Valleywide Notary Services, Inc.
1255 Baseline Rd #288
Mesa, AZ 85202

I've also written to the Arizona State Attorney General's office to ask for advise. Maybe I'll get info there and I'll post it here, as well.

Mysti