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american home mortgage

American Home Mortgage Investment Corporation (Pink Sheets: AHMIQ) was the 10th largest retail mortgage lender in the United States and was structured as a real estate investment trust (REIT).

It has filed for bankruptcy.. The company stated that it was focused on earning net interest income from self-originated loans and mortgage-backed securities, and through its taxable subsidiaries, from originating and servicing mortgage loans for institutional investors.

Mortgages were originated through the company's employees as well as through mortgage brokers and purchased from correspondent lenders and were serviced at the company's servicing center in Irving, Texas.

The company filed for Chapter 11 bankruptcy protection in Wilmington Delaware federal court, on August 6, 2007. The week before the filing, the company said that many of its lenders had demanded their money back, and that AHM was also unable to deliver on about US$ 800 million in commitments for housing loans, and had laid off nearly ninety percent of its 7,000 employees.

HereAndThere asked: "I am still holding shares of American Home Mortgage which declared bankruptcy several weeks ago. The share price has plummeted and is almost worthless at this point. Do I continue to hold this position? Do I sell these shares that are worth just a few bucks? Will I recover anything as part of a class-action suit, etc.? I'm ready to just write this off as an almost total loss but I'd like to find out if I'm entitled to anything."

Question posted courtesy of:

bejabbers2003 replied: "when you gamble in Reno or Las Vegas, and you lose all your money, do you expect to recover any of it?...the stock market is a gamble,,nothing more, nothing less,,,sometimes you win,,sometimes you lose,,you got to know when to hold em, know when to fold em..."

Michael H replied: "No, if you own common stock-you have a residual claim on the equity of the company AFTER debt holders are settled and preferred shares are settled. Write it off, you will never collect anything."

Sahara replied: "You will mostly recover nothing. I would sell but you might not be able to. You could hold onto it to see if the company can bounce back from bankruptcy. I don't know the details. Your best bet is to call your broker."

TedEx replied: "You're out of luck.However, you may be able to show a loss on your income tax return. Suppose you paid $ 20.00 a share, and now the stock is worthless. You have a loss of 20.00 per share. Better check with someone up to date on sales and exchanges of property, though.Small consolation, but at least some consolation."

trader replied: "I owned some stock in another company that went bust.When they came out of bankruptcy, the old shares were worthless. They issued new stock to the new investors. It may only be pennies on the dollar, but if you can get it, do it. As with any investment loss, if you are in the USA, your losses are deductable on your taxes and can help to offset your gains."

Rupert W replied: "Before you sell and declare a loss in this financial year you should review (with an advisor) whether it is best to do that this financial year or next. I don't know your circumstances but ften they shift year to year and there may be an advantage to waiting a bit longer. Similarly if you can write them off under a spouse's taxes this can have a bigger impact sometimes.As long as the shares have value though there is a chance of the phoenix rising from the ashes."

jeff410 replied: "What will happen will most likely be like trader's experience. It would probably be a good idea to sell if you can now. You can write off the loss on your income taxes, up to 3000 dollars per year, until its all been written off. You will benefit by the amount of your tax rate, so it would be a good idea to sell now."

Auren W asked: "I refinanced 2 weeks before American Home Mortgage declared bankruptcy. They still owe me my escrow money (a new escrow account was created at closing with the new company). Is the escrow money legally mine and protected from the company's bankruptcy, or can the company default on paying it back? Thanks!The AHM mortgage was paid off and my new mortgage and new escrow are already in effect with my new company. The procedure was the AHM escrow was to be refunded to us and we already have a new escrow in place. While waiting for the AHM escrow to be refunded to us, AHM declared bankruptcy. Is the escrow money legally mine? Continuing to make payments is not the issue--we are already paying mortgage payments and already set up a new escrow with the new company."

Question posted courtesy of:

Spock (rhp) replied: "it is yours; now as to whether they kept it separate [in a client trust account like they should have] ...tough to guessmight depend on state law in your state ... you'll have to google that for yourself.***it is almost certain sure that the refi was recorded the same day or the next day ... you can check on this at the usual place, possibly online [land records ... just put your real name in].***one thing's for sure ... your regular monthly payment is still due at the address you were told. someone will be taking care of that and they'll follow up if the money doesn't show up.GL"

Kite Fanatic replied: "The escrow balance *should* get transferred over to whoever the new lender is. Your loan terms (rate, payment, term, etc) should not change. If your escrow balance doesn't transfer or if anything on your loan changes, call and raise he**!!!Escrow accounts are nothing but a piggy bank holding your money until your property taxes and insurance premiums are due (of course, there's no actual "piggy bank"--the mortgage company uses that money for their own purposes and then just pays the bill when it comes...yup, you're letting them borrow your money interest free)Keep an eye on the mail for an announcement of who you should be making your mortgage payments to. It'll say something along the lines of "notice of servicing change."Be careful, if you go over 30 days late due to lack of communication, your credit score won't care and you'll knock points off. So make sure you're on top of it and getting the payment to the right place."

GrantS asked: "Since my mortgage company "American Home Mortgage" is in Chapter 11 them selfs, do you think they will pay the $150 and hire an attorney to go down to court and have the "automatic stay" lifted from my bankruptcy, so they can continue with the foreclosure on my home? I don't think they can spend any money right now.Thanks so far. For the people with stupid comments passing judgment without any information, realize that is the definition of "ignorance", keep it up stupid!"

Question posted courtesy of:

LOCKNLOAD1 replied: "It's the rule of the lesser evil... $150.00 is a far cry cheeper then giving you your house for free, PAY YOUR BILLS!"

financing_loans replied: "Yeah they will. Sorry about your situation. They will file it.Check out this government website.You might be able to do an FHA loan to keep you out, regardless of credit."

nancygoldman@sbcglobal.net replied: "what world do you live in ?"

ami replied: "I am in bk myself and from my understanding, they will pay all the costs associated with lifting the stay. Sorry about your situation!! Sucks, huh?"

loslunas87031 replied: "and what does your bankruptcy attorney have to say ? You are using a bankruptcy attorney to make sure you are protected right ??"

CYNTHIA G replied: "Your situation are typical for a lot of people,so,be patient and calm down,check the resource i found useful.http://mortgage.specialistideas.info/refinance-mortgage-application.html"

rlgjr2003 asked: "We are thisclose to buying a house from a developer, but we have to use their preferred lender to get the deal they are offering. The lender is American Home Mortgage. I don't know what kind of reputation they have....does anyone have any first-hand knowledge of what they are like?"

Question posted courtesy of:

rlanicek replied: "Yes. They are a typical builder's mortgage company. You were probably offered a reasonable interest rate and low lender's fees, but exorbitant title fees. The builder owns the title company also. In many states it is illegal for a builder to offer a special incentive to use a particular mortgage company and/or title company. But if your builder insists on using American Home Mortgage, at least protect yourself by demanding to use a neutral title company. In Texas, it is illegal for the seller to specify a title company. Good luck.Rick"

milan replied: "read HARJ GILL`S book - the title is typical BUT, the concept is revolutionary!"

Much attention has been paid in recent months to the mortgage crisis and the difficulty many Americans face because they bought or built a home they cannot afford.But Americans must soon face a greater crisis: We have a built a government we cannot afford.

Yes, many average Americans have lost their homes, and even their life savings, to the housing and mortgage crises. But there is an upside: falling prices mean that homes are once again becoming affordable, especially to first-time homebuyers.

For most people, the American Dream of owning your own home requires saving for years and taking out a big mortgage. But the economy has tanked, and now you can own a home for less than the cost of a slice of pizza.

With foreclosures becoming common and unemployment rate rising to 5.7 percent and 1.6 million workers out of job, bad credit ratings for millions of Americans may also visit upon them.

The American Federation of State, County and Municipal Employees’ officially adopted a resolution on the US mortgage crisis last week, demanding: No handouts to the banks and corporations who are responsible for creating this chaos; A moratorium on home foreclosures; For a massive program of public works, administered with democratic control...

American Dream For Sale (import to your country while the $ is cheap!)

in 50s, American people got mortgages issued by federal goverment for the first time so that many more will become home-owners. (?)

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american home mortgage