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

Tuesday, June 13 2006 05:03

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.

16 comments

  • Comment Link larry walker Sunday, September 19 2010 17:35 posted by larry walker

    how does a person become a part of any of the suits listed on the dockets against american home mortgage servicing inc. there are about 40 cases, none in the state of mo., they dockets show the defendit, american home mortgage servicing inc, the judje, the state, and the plantiff, how ever no law firm, or lawyer, is there any way a person can join one of these cases in another state, and if so how, and who do i contact. thanks, larry

  • Comment Link Karen Nierhake Thursday, July 15 2010 07:10 posted by Karen Nierhake

    I have 3 loans with American Home Servicing,Inc. I was a victim of federal wire fraud and money laundering involving a Federal Bank and the person was sentanced to 8 years in prison. It was my life savings I fell behind on my payments. I called several times and told them I would be able to resume payments on 2 properties or if they could do a loan modification. One department told me to start making payments then I called to make a payment and they said I was in forclosure and could not and the total bill was almost double what I owed them with attorneys fees and late fees. I do not want to lose the properties and do not know what to do. They could care less that I have a relief letter from Federal attorney office. I think they should be put out of business.I would join and class action suit against American Home Mortgage Servicing I am in California. Karen

  • Comment Link larry glen walker Thursday, July 15 2010 06:38 posted by larry glen walker

    i live in the state of missouri, and i see that there are over 40 suits on the docket in 16 different states, and the DC area, I need to know if i can be a party to any of the suits in other states, and if so what are the steps to joining. I have/had a mortgage with american brokers conudit/american home mortgage, and now it has been truned over to a collecting company called american home mortgage servicing inc, and they have changed my contract with the above companies who have filed chapter 11

  • Comment Link larry glen walker Sunday, May 16 2010 15:47 posted by larry glen walker

    home address is 4070 n castle oaks blvd straffor, mo. I have been scammed by a company called american home mortgage servicing inc, (a debt collecting company) they took over our note after our first company filed chapter 11 ameerican brokers conduit/american home mortgage group; the new company is servicing my note only, they do not make loans of any kind and have no connnectings with making mortgages, however they stated that they could and would make me a loan modification note at a fee of $74,000.00 and if i did not sign this modification with out any questions, they would start foreclosure notice asap, our note that was signed in feb, and again in march of 2006 was a 5 year fixed payment adjustable 30 year mortgage, with the first year interest rate of 1.9% and the first 5 years the payment was listed on the federal truth in lending statement and in several other locations as $2005.70 however this company as soon as they took over the servicing of the note, changed our monthly payment to $4,749.09, our monthly escrow payment was $512.00 they changed that to $1,125.16 per month, the note we signed in feb 2006 was for $550,050.00 now they state our note is somewhere between $600,000.00 and $848,000.00 this company does not know who holds our note, what the legal description on the note is, who and where the person on the deed of trust is, and no way to locate or get in touch with him, they also do not know what the exact amount of the payoff is, it is some where between $500,000.00 and $848,000.00. we cannot get the home refinanced, because of the bogas, and incorrect information on two of the five credit reporting companies, and we cannot sell the home because we do not have a clear title, and the other items listed above, i am looking for a good and honest lawyer or law firm, and i mean a good and honest lawyer.who has or can file a law suit or a class action law suit to which i can pay into and be a party to a suit against this mortgage fraud company. contact me any time at the above address or my phone number is 417-833-3358 e mail lwalker1230@peoplepc.com

  • Comment Link larry glen walker Sunday, May 16 2010 15:25 posted by larry glen walker

    please check out all web sites for mortgage fraud, consumer complaints, class action law suits, and the ftc, and bbb sites through out the webb, yahoo, and google, we have or had a mortgage with american brokers conduit/american home mortgage from feb,and march of 2006 thourgh 10-2008 then this company called american home mortgage servicing inc called and stated that the above two companies had filed chapter 11 and that they were now going to service our note, however this company does not have a licenses to make home loans or mortgage's of any kind, the are servicing loans only, and are listed as a (debt collecting company) and there phone number 1-877-304-3100 goes to the country of india 99% of the time, our note signed in feb, and again in march of 2006 was a 5 (five) year fixed payment adjustable note with payments on the truth in lending statement shown as $2005.70 from may of 2006 through june of 2011, our note was for $550,050.00 our tax'x and insurance escrow payment was $512.00 per month, however in november of 2008 they changed all of the above information an now since 11-2008 our payments per month is $4749.09 our escrow is now $1,125.16, however our tax's and insurance is the same amount. our note is now listed as somewhere between $600,000.00 and $848,000.00. This company has our credit score and credit report with two the credit agencies all messed up and both credit reports are completely different. This company does not know who hold our note, what the legal description on the note is, The deed of trust, and the title search also have the incorrect legal description, they do not know the address or the telephone number for the person listed on the deed of trust, they do not know the exact amount of the payoff, with out adding bogas and false figures, they demanded that i take out a loan modification note with them, at a cost of an additional fee of $74,000.00+ and demanded that if i did not sign the loan mod, they would start foreclosure notice asap. i would love to find a good honest(and i mean honest lawyer, or law firm to start or join a class action law suit against this company asap lwalker1230@peoplepc.com

  • Comment Link Karen Nierhake Sunday, April 25 2010 12:15 posted by Karen Nierhake

    Now that all the option arms are proven fraud what are they going to do Chase/Wamu Wacovia/Wells American home Mortgage. Are they going to still take everyones homes in forclosure when they reset. I say a huge class action suit.

  • Comment Link Rosemary Roth Wednesday, February 24 2010 15:52 posted by Rosemary Roth

    I paid Save my home USA $1,800.00 to do a modification for me and then they never finished it. I understand that there was alot of people from all over with the same exact situation as mine...Is there anything we can do to get our money back? It was a fraud and a Scam. Is there a civil suit yet in place for this yet? Please help!!!
    Thank you

  • Comment Link charles williams Tuesday, January 12 2010 14:38 posted by charles williams

    option one/ahm have scammed i had a 6.2% in 2005 and was told i couln't have and equity lone so i rolled 48k and barrowed 27k @a 9.5 adj.was told i was gettin a 7.5 fixed i have had nothing but trouble with this load not exceptin my homeownersINS still charging me for property taxes i'm 100% disabled veteran i pay no property taxes and i'm being forece to pay taxes and forceded ins to save my home pls help 210 815 2582 /667 castle glade SA TX

  • Comment Link Everett L. McCreary Tuesday, June 09 2009 16:54 posted by Everett L. McCreary

    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.

  • Comment Link Thomas F Martin Wednesday, October 15 2008 07:20 posted by Thomas F Martin

    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.

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Rachel Dollar Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.
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