Complain about a product or service

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 January 29, 2008

We got a 20-year fixed mortgage at 6.5% interest for a home we owned in Wisconsin. We were told there was no penalty for prepayment, so we signed the docs, etc. One week later, someone called to say because of an error, we needed to resign. They asked for our original docs, and away they went. When we sold our house in July, we were assessed a 3500.00 prepayment penalty. We had nobody to complain to since Ameriquest had closed shop in Woodbury, MN--the office the mortgage lender worked from.

We are out 3500. We know we asked if there was a prepayment penalty. The first closer said no, as the did the loan officer. We got stiffed. We want our money.

Jeffrey of Los Osos, CA January 15, 2008

Upon contacting Ameriquest's 3rd Party Administrator, I was advised to fax or mail our Ameriquest Settlement Form to them immediately, as they had extended the deadline and were still accepting settlement claims regarding our home loan with Ameriquest. I have emails from two separate and different representatives advising of this. We faxed them the completed claim form that same day, and followed with hard copies via USPS. They recently wrote to us advising that we were too late in providing them with the forms by mail on October 23, 2007... and refuse to pay us the agreed settlement.

We contacted the California Attorney General but have received no response. We want our settlement as promised to us by two different Ameriquest agents the same day: Oct. 10, 2007. Please help. Thank you.
We'd like to recover the loss of promised and expected Ameriquest Settlement at a cash value of minimally 430.00, plus reasonable interest and time invested in pursuing recovery.

Mildred of Honolulu, HI December 27, 2007

I can't believe that Ameriquest/Argent are still able to have loans. I am currently in foreclosure, and all the while I thought my Ameriquest/Argent loan was sold to Countrywide Home Loans. I find out not. My loan is still with Argent/Ameriquest. I got a raw deal on a home loan and was told I would be able to refinance. It was not disclosed to me how the adjustable rate would calculate. I did not know that my rate was 6% plus calculations on the index. I am going through to my third adjustment, and Countrywide has been no help. Can't believe that they can still make money from me while hiding under Countrywide. Seems to me that I should have been part of the class action suit I heard about through Ameriquest/Argent; instead my loan was given to Countrywide so that they could collect the money for Argent/Ameriquest. They're the reason the economy is sinking. I hope the fat cats who own my loan at Argent/Ameriquest had a Merry Christmas.

I am having trouble sleeping which is causing me to have trouble working. I lost on a contract already. I must put the two foster children I have had into another home because mine is foreclosing. We have had to drive with no car insurance, no cable, disconnected utilities--you name it ,I have been though it.

Linda of N.cape May, NJ December 12, 2007

I refinanced my mortgage. Prior to refinancing I was paying 1800.  At closing I found my interest rate was 11% to increase to 19% at the end of one year. My closing costs were 19,000, with even a notary charge of 2000.

Now we have lost our house in foreclosure due to monthly payment going over 4,000 a month.

Stephanie of Van Nuys, CA November 27, 2007

Ameriquest approached us to refinance. It was close to Christmas, and they said they could do it in 8 days, including weekends. We were told our rate would be lower and so would our payments. We were also told that as long as we refinanced with them again, there would be NO prepayment penalty. When we signed the papers they were not what we were told they would be. This was 3 weeks after we started the process. So much for being done in 8 days. The man I dealt with over the phone told me to write a stated income by hand in his words, that my income was in excess of 5000.00 per month as a financial adviser. We were told that this was for their records only and that it was the only way they could give us the loan. He even insisted that I get a couple friends to write letters saying that they used my services, without stating what they paid me. He even tried to get them to get the pages notarized. That was not going to happen.

In the end we got a loan with a large cashout payment that we did not want, an 8.7% interest rate, and when we tried to refi with them they said that they could only take off up to 25% of the prepayment penalty. That was not guaranteed. They had no idea who Paul/Saul, the agent, was and refused to put me through to any kind of supervisor--not even the supervisor's voicemail. Now 2 years later, the franchise tax board is coming after me for more than 7000.00 dollars in back taxes they say I owe for my financial services business, that I never had. We also received the papers to get the refund from Ameriquest we sent them in and were told in writing that the checks would be sent out sometime in the fall of 2007. I didn't get the check; I looked on site again today, and now it says we are not getting those checks until the end of December.

Because of these perpetrated fraudulent acts on the part of Ameriquest, we had to go elsewhere for refinancing, and our house is now in foreclosure or short-sale. Either way we lose our home. We have no money and nothing to show for what we have done. We can't even get a loan to do repairs on the house now, so that we could bring its value up a bit or at least where it should be.

Donna of Windham, ME November 27, 2007

The Ameriquest predatory lending refunds had to be submitted by Sept. 10, 2007. They said we would receive refund in fall. A friend contacted them concerning the refunds and was told they would be sent out by mid-November. We have seen nothing at this point: Nov. 27, 2007.

I am facing foreclosure and have not had any income since September due to the fact I cannot rent my basement apartment because foreclosure is only a month away. I am mentally so stressed out; it has affected my health to the point of daily migraines and am living on absolutely nothing.

Heather of Mars, PA November 26, 2007

I wanted to refinance my Ameriquest mortgage to a lower rate, pay my back taxes and escrow for future ones. The agent told me that would be no problem. He called me about a week later and told me to come in right now and sign the papers. When I did he handed me a stack of checks to pay things on my credit report that totaled around 10,000.00 that he put in the loan. Then he handed me a piece of paper and told me that the loan had to be in my name because my husband's credit was worse than mine, but I am a house wife; so he said to write that I owned a landscaping business and make 4700.00 a month. When I hesitated he said it was just a formality and no one would see this but him. He told me my home appraised at 185,000.00, but I never had a appraiser come in my house; she only left a message that she drove by. He told me that he could not escrow my taxes, but in 2 years he would refinance to pay those back taxes and then escrow at that time. He also said for me to get a lower rate I had to have an adjustable loan, but in two years he would fix that as well.

Ameriquest paid the back taxes which doubled the payment, and they would not accept partial; so now we have received foreclosure papers and are in the process of filing bankruptcy.

Susan of Bedford, TX November 15, 2007

Ameriquest refinanced my home to lower my payments. This didn't happend but at the time I had 2 months grace which helped. Then approximately 2 years later my payments started to balloon. My payments went from around 900 to over 1800 When I called concerning this I was forwarded to voice mail where I left several messages with no return phone calls.  I kept up with the payments till I could no longer make ends meet.

After a couple of months of this I came home to find a letter from a real estate person saying my house was being sold the next day. I had recieved no notification of this. I contacted Ameriquest and to my surprise I was able to talk with a person. They notified me that I needed to talk with a lawyer here in town. I immediately called him and asked for the amount to keep the home from selling and he told me I had to get that info from Ameriquest. Needless to say they both sent me back and forth neither one wanting to give me a dollar amount, boyth claiming I should get the amount from the other party, right up to the moment that it sold and was bought by Ameriquest.

I was immediately locked out of my house and it took me three weeks to get someone to agree to let me in to retrieve my personal belongings. I had lived in this house for 14 years and given only a few days to take what I could.

Dorothy of Tampa, FL November 14, 2007

I started the process of trying to get my home refinanced at the end of September. AMC provided incorrect information to credit bureaus as far as my loan and my payments which I kept records. My loan was up to date until the 2 months I was trying to refinance this loan. One finance company became fed up and just refused the loan due to not being able to receive the payoff information. For 2 months I had been trying to get the payoff of my mortgage but kept getting the run around each time. Each time call this #, you have to call this # or I will take a message and get back with you.

Then one day I receive a letter from Citi Residental stating they have obtained AMC loans. I received this letter the end of October 07. Not one time when I was calling (AMC) did anyone say we don't have the loan anymore. When they contacted Citi Residential they gave her a lawyer in Clearwater Fl and stated house was in process of foreclosure. I have never received a letter to this effect from AMC, Ameriquest or Citi Residential or from this lawyer. Then this law firm gave myself and title company the run around for 1 wk and finally advise us of the payoff and when I finally came to sign papers at closing this law firm has charged 10,000 of lawyer fees. When I call the law firm to find what specific lawyer handled this no will say.

These additional fees increased my mortgage loan and the inaccurate information to credit bureau made my interest rate higher. I know there is some justice somewhere. I am 77 yrs of age and in my years I never thought this country would let businesses stoop to the level to destroy this economy. I know attorneys don't like to sue other attorneys but how can I be charged 10,000 extra for something I did not know was in effect. I want my 10,000 from this lawyer or Citi Residential.

Mary of Texarkana, TX November 13, 2007

I was told by Ameriquest that my rates would be lower than my previous 6.5%, and we were told to settle on one date and then rescheduled. The day we went to the title company we had to wait a while, then we were rushed through signing and told our papers would be sent as soon as they had them ready. We were charged over 5,000.00 in closing costs, and we had a 9.8% rate . We were told that after a year we could get that lowered.

Later we were told that they couldn't lower the rate. We were lied to and given the run around . I quit making payments in March, 2007. Since that time we were told our mortgage was sold to another company; and now I'm told that was not true, and and they want to work out our problems. My husband and I are disabled, and this has caused us great distress--not to mention the hardships we have faced with Ameriquest and are still facing.

Report Your Experience
If you've had a bad experience -- or a good one -- with a consumer product or service, we'd like to hear about it. All complaints are reviewed by class action attorneys and are considered for publication on our site. Knowledge is power! Help spread the word. File your consumer report now.

Share		Follow us on Twitter.

Back to the top |