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Ameriquest

Ameriquest • Ameriquest to Pay $325 Million to Homeowners • Ameriquest Settles Multi-State Probe • Ameriquest Faces Blizzard of Suits and $325 Million Settlement with States • Class Actions Challenge Adjustable Rate Home Equity Loans in Texas • Time Share Scam Targeted The Elderly --- • Consumer Complaints

Sidney of Duvall, WA December 19, 2008

We refinanced our house, signed all docs, made sure there were no prepayment penalties. About a week after the closing, someonce called to have us resign docs, we said sure....assuming everythig was the same. Guess not. When we wnt to sell out house, there was a pre-payment penalty. YIKES!

We got less equity from our house then we expected.

Lamar of Allen, TX December 1, 2008

I went in to refinance my house and was place into an ARMS. I was explained that this was the best program for me. However, the monthly note had balloon to the point where I had to destroy my credit to stay in the house. It appear that this was a ploy only to collect more points to line their pockets in commissions.

Destroy my credit

Julie of Lincoln, CA June 28, 2008

we were refinancing our loan with ameriquest. the notary came to sign the papers and our loan rep would not sit in with us. we came to find out that the company put in a pre payment penalty of 7400. we called the ameriquest back and our loan rep had been transferred to southern california. ameriquest did not disclose this or alter the docs.

cost 7400. the ceo of ameriquest should be in jail for non disclosure and fraud. just read the complaints and add up the hidden charges.

Sumetta of Montgomery, AL June 11, 2008

i lost my job and fell behine in my mortgage payment, i call ameriquest to see if they would take half, or make an arrangement for me ,i tould ameriquest what had happen with my job and said that could not help so try seening half of the mortgage. but they sent it back to me and said that would be forcloseng on my house in a few days, now i can't find not one layer in montgoery ala. to take my case.

and now my four children and i are living with my mother

Fran of Woburn, MA May 24, 2008

We refinanced with Ameriquest in July 2005 with and adjustable mortgage. My daughter was put on loan for what they told me were qualification purposes only I specifically asked about the deed and was told she did not have to be on deed. In June of 2006 we refinanced again and it was with Argent who we found out later was Ameriquest. We made our payments to AMC Loan. In Oct 2007 Citi Financial took over our loan and that is who we pay now. We are seniors and were eligible to receive a 500 exemption on our real estate taxes and have done so for 2 years

This yr I filled out application as usual and on Feb 7 received a letter saying we were denied because our daughter was on deed and her income would have to be included I told the gentleman who I spoke with on phone that as far as I knew my daughter's name was not on deed. He mailed me a copy that was dated Sept 15 2005 and it said that her name was added to ours. Also my signature and my husband's were signed and supposedly witnessed by a notary who we never even heard of until we saw this paper. The notary who was at our closing in 2005 was an entirely different person. We have tried to find the attorney who was in charge of closing but have had no luck and cannot find the notary who is on the deed.

I was under the impression that if someone forges your name on legal document it is against the law and also we are being denied the exemption I have inquired from a couple of Attorneys about whether her name has to be on deed and was told no. I also contacted Att Gen when I heard about class action and was told I did not have to fill out any paper work and that was a long time before I found about the deed. Has that class action been settled I have not heard anything and cannot find out any info. Thank you 

Jose A Rodriguez of Cross Lanes, WV April 22, 2008

When I first decided to refinance with this company, I was put into contact with an agent named Jeff. In the later half of 2005, my decision based on trust and need was made. I verbally accepted the 7% fixed APR finance for approximately 138,000 with escrow. Jeff rushed into my office one stormy night he asked for me to sign in confidence. He assured me that if anything in my stiuation would change, or if at anytime I felt that I no longer wanted in on the contract, I would have fifteen days from signing to contact him (Jeff) to cancel. I was confident with what I was told concerning the loan. It was then, midstream in the grace period, that my wife had throughly reviewed the documentation that was signed and binding. The loan had stated that I had accepted a 7% Variable APR as opposed to a fixed rate. I had approximately a week to contact Jeff and clear this mishap. My wife and I both attempted to meet the grace period requirement with no luck. Jeff would not return our messages.

As a result, because we failed to change our contract, I was left with the choice of refinancing again when the APR would change. Two years following this situation, I was informed that AMC Mortgage, which had bought out AmeriQuest, had merged with Citi Residential Lending. I was also informed that my previous loan was not escrowed;therefore,owing 2,900.00 in past taxes. This was automatically deducted from my banking account. When I paid the 2,900.00 additionally due was the mortgage amount of 1,800.00 for a total of 4,700.00. I was left financially stranded. I had been recently separated when the merger occurred. I did not recieve the or any notification that the fees were due until the money was indeed withdrawn from my bank account.

This placed me in a financial hardship, because the military had cut new orders and relocated me to another state I had to pay and still am paying rent. I feel that because I signed the documentation, I am ultimately responsible for the outcome. However, at what degree is a citizen of the greatest nation allowed to be taken advantage of? I serve this country, and have for quite some time in the Armed Forces, United States Army. Now I must pay for a company's manipulative demeanor. I have attempted to forgetthis event by making adequate payments in a timely manner. Unfortunately, I cannot any longer. If you can assist me with returning my loan back to what I had originally agreed on, I would be able to set-up an allotment from my military paycheck.

Jose A Rodriguez of Cross Lanes, WV April 22, 2008

My story begins with the loan agency AmeriQuest. When I first decided to refinance with this company, I was put into contact with an agent named Jeff. In the later half of 2005, my decision based on trust and need was made. I verbally accepted the 7% fixed APR finance for approximately 138,000 with escrow. Jeff rushed into my office one stormy night he asked for me to sign in confidence. He assured me that if anything in my stiuation would change, or if at anytime I felt that I no longer wanted in on the contract, I would have fifteen days from signing to contact him (Jeff) to cancel. I was confident with what I was told concerning the loan. It was then, midstream in the grace period, that my wife had throughly reviewed the documentation that was signed and binding. The loan had stated that I had accepted a 7% Variable APR as opposed to a fixed rate. I had approximately a week to contact Jeff and clear this mishap. My wife and I both attempted to meet the grace period requirement with no luck. Jeff would not return our messages.

As a result, because we failed to change our contract, I was left with the choice of refinancing again when the APR would change. Two years following this situation, I was informed that AMC Mortgage, which had bought out AmeriQuest, had merged with Citi Residential Lending. I was also informed that my previous loan was not escrowed;therefore,owing 2,900.00 in past taxes. This was automatically deducted from my banking account. When I paid the 2,900.00 additionally due was the mortgage amount of 1,800.00 for a total of 4,700.00. I was left financially stranded. I had been recently separated when the merger occurred. I did not recieve the or any notification that the fees were due until the money was indeed withdrawn from my bank account. This placed me in a financial hardship, because the military had cut new orders and relocated me to another state I had to pay and still am paying rent.

I feel that because I signed the documentation, I am ultimately responsible for the outcome. However, at what degree is a citizen of the greatest nation allowed to be taken advantage of? I serve this country, and have for quite some time in the Armed Forces, United States Army. Now I must pay for a company's manipulative demeanor. I have attempted to forgetthis event by making adequate payments in a timely manner. Unfortunately, I cannot any longer. If you can assist me with returning my loan back to what I had originally agreed on, I would be able to set-up an allotment from my military paycheck.

Gregory of Kenosha, WI March 18, 2008

I refinanced with Ameriquest in 2004 to get away from a lender I consider the seedling of the lending meltdown. I ran out of one fire and into another. The problem in my case is that Ameriquest was moving so fast in the refi process I literally had to drag my feet to slow them down in order to keep a handle on things. In the end I wasn't as on top of things as I thought I was.

After the signing I went over the paperwork again in more detail at home and it turns out American General Finance wouldn't release the payoff so Ameriquest paid them 5,000.00 MORE than necessary! When I called Jon at Ameriquest in Brookfield, WI concerning the money he told me to, "Just call them and they'll send you a check." So I called American General Finance in Waukegan, IL and was told that I couldn't have it back as it was for fees. Huh? So I called Jon back at Ameriquest and told him in no uncertain terms that HE was the one who gave my money away so HE is responsible for it. CLICK! He hung up on me.

I continued to call Jon and the 'gentleman' at American General Finance, and wouldn't you know, they were never available to take my calls. I filed complaints with Attorneys Generals offices in Wisconsin AND Illinois and got a form letter Thanking me for my concerns. To this day, I'm out 5000, have refinanced over to Countrywide who had their appraiser DE-value my home from the appraisal done the year before. That might be a saving grace for us given some of the stories I've read here. I think not just the lenders are guilty of predatory practices but the politicians who shield them should be held legally responsible for their collusive relationships.

Christine of Middletown, DE March 18, 2008

I refinanced my home with Ameriquest, and I was never informed about interest only loans.  After having the loan for two years, I just now found out.  Is there anything I can do?

Tina of Gonzales, LA March 3, 2008

I inquired about refinancing my home in Jan. 2005 to get cash back and remodel my home. No problem, they said! They took the info over the phone; then I drove to the office one evening to discuss the loan. It was explained that it would be a 3 year loan: 2 yrs FIXED and 1 year adjustable, based on the current rate. At the time I signed it was at 2.4, very low. He told me that after the 2 years, every 6 months the finance charge would change, depending on the libor rate. It may go up or down, but just a few dollars a month, no more than 100. Well, I was at 8.0-8.5% interest with a note of 826.01 including insurance. Now it sits with 1,188.00 a month. I was forced-placed with their insurance because I could not afford it. They are not compassionate people and should not be in business. They are not trustworthy and have bad business practices. I was not able to refinance until Feb. 2008, but with the house still not fixed and with 30 day late payments because of the high interest rates, I may not find a company that wants to refinance to a lower rate. I just feel that this is their way of repossessing properties. I was not told of a repayment penalty fee. They should be held responsible for this and compensate the penalty fee.

I endure stress, worry and facing foreclosure, and feeling taken advantage. I hope these people can live with themselves, because they have caused such a burden that I am so sick just thinking that I could lose this house that I have had since 1999. To make matters worse, I am still trying to fix my house since Hurricane Katrina hit and the loss that I incurred with my contractor's.

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