nothrdayinparadise's Blog

I have contacted many news stations and I guess this is not news to them, no one will call me back

I refinanced my home in Tampa Florida  on March 1st, 2008 with American Financing Corporation (Documents attached).  The contract states the funds must be paid out by March 06, 2008.  To this day nothing has been paid.  I have been calling American Financing Corporation almost daily and they do not want to return calls and they are always in meetings so will not take my calls.  Occasionally they call me to inform me they are still working on getting the money.

Here is the address and information on American Financing.

American Financing Corporation
3151 S. Vaughn Way Suite 500
Aurora, Co. 80014
303-695-7000

Details of this transaction:

This is an FHA Refinance that was started on 01/08/2008.  American Financing was to have a builder’s lean, for a solar hot water heater financed by ISPC, subordinated prior to us signing the documents on March 01, 2008.  At the closing we found they had not done this yet but was told they had the paper work in and it was already handled.  

Around March 7th when no one had been paid, I started calling around to see what was happening.  I called the ISPC in reference to the subordination for the loan and they indicated that nothing had been sent to them for this process, as soon as they would receive the paperwork by fax it would take about 24-48 hours to handle.  I called American Financing to explain this but they insisted they had many faxes to ISPC already and would not discus it further.  Over the next 2 weeks I had many conversations with ISPC and American Financing CO, each time I received the same answers from both.  Finally the week of the 24th I was able to convince Curtis at American Financing Co to do a 3 way call with me to a manager at ISPC.  At this point of time they confirmed what I had been telling American Financing Co all along.  Curtis apologized and admitted they screwed up and they faxed the papers over that same day.  It took about 3 days to subordinate and it was complete.  Since that time, American Financing Co has said they are waiting for their investors to pay out.  However according to the contract they were to pay out on March 06 to the escrow company, they have never paid.

The escrow company has returned the title and all documents to American Financing Co because of the “gross neglect and breach of contract on this loan”

The loan was supposed to be paid by Taylor, Bean & Whitaker Mortgage Corp in Florida.  I have also filed a FHA complaint against them

I do not know what to do, I am now over 30 days past due to the old mortgage company who are calling on an hourly bases to collect funds, but if I pay them then I can not pay the new company whom I was to pay on April 1st.  American financing CO repeatedly tells me not to pay the old mortgage company because I have to pay it to the new company now. I can not even pay them because they have no record of the transaction and loan because of the failures on American Financing Co.

I have late fees and interest fees stacking up; I will soon have blight on my credit that is not to my fault.

The old mortgage companies have non-stopped called me every hour on the hour, called me 17 times now at work and keep threatening to foreclose.  I have made payments to them now against the wishes of American Financing Co.  I have spent over $3000 dollars of my own money right now to fix this problem.  I now have a lawyer that is going to try to help on this.

Beware of Fraud.