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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

Robert of Carrollton, GA November 6, 2007

I refinanced my home with Ameriquest, and it took months after the closing because Ameriquest kept providing the Title Company with the wrong documents. I was told by Ameriquest not to make my mortgage payment--that they already were in contact with Commercial Federal, and the title company would be sending the payoff soon. Well, when I pulled my credit report, all three stated that I was 90 days past due. This crushed my credit score. This was very unprofessional of Ameriquest. How do I get this fixed? Thank you.

William of Burlington, NC October 30, 2007

Our house mortgage was valued at 100,000 by Ameriquest Mortgage Co. and refinanced for that amount in 03/22/2005. As of 2007, our home assessed value is only 73,769.

We are struggling to pay back mortgage which is at an adjustable rate and cannot refinance.  We have almost been in foreclosure twice.

Renae of Muskegon, MI October 25, 2007

When I first received my Ameriquest loan I was worried about the 3 year fixed and then going to adjustable rate(A.R.M.) I was assured that as long as my payments were on time and my credit stayed where it was or improved there would be NO PROBLEM in refinancing. The time came, and now I am struggling to keep my house. My rate has adjusted to 11.375% is due to adjust again in January '08. I have tried many times to contact this company with no luck.

My other bills have had to be paid, resulting in shut-off notices and damage to my credit. I have been suffering physically from the stress this has put on every aspect of my life.

Katrina of Farrell, PA October 16, 2007

I refinanced my home through Ameriquest also known as AMC Mortgage Service, and their own appraisal of my home was 90,000 when it is only worth 35,500. Now I'm in foreclosure with no equity and no help. AMC refuses to refinance me into a fixed rate mortgage or give me any help. Once my house is sold my two children and I will have no place to live. I have tried everything to get help and can't, and I feel that they are getting away with preditor lending.

I have been stressed out and worried and have to explain to my children that by next month we will not have a home to go to.

Bo of Kingston Springs, TN October 12, 2007

Ameriquest refinanced my loan in 2005 with a promise to refinance again in two years as long as my credit score was good.  My score has gone up over 130 points since that time.

I was told there would only be a prepayment penalty in the first two years. 

I have now learned there is a three year prepayment term and the loan has been sold to Citi. I have requested a waiver but no one seems to know who to talk to.

Stephen of Sarasota, FL October 8, 2007

When I returned home after a five day business trip, I discovered a busted pipe had caused severe water damage to my home which was financed by Ameriquest. I received a check from my insurance company to cover the damages, but the check was made payable to me AND Ameriquest. I signed the check and sent it to Ameriquest AND THEY KEPT IT!  THEY DID NOT APPLY IT TO MY LOAN. No amount of phone calls or letters would get them to give back the money so I could make the repairs to my home.

Monita of Columbus, IN October 3, 2007

When I refinanced my home the broker promised that after 2 years of the fixed loan at 7.55%, Ameriquest would be more than happy to refinance it at a fixed rate so it would never be a variable loan.  What I didn't know at that time was what predatory lending was.  AMC appraised my home at 55,000 higher than it truly was, but I did not realize ANY of this until I called to refinance.

An AMC rep said that they did not loan on Mfg. homes.  I said the broker said they would, without a problem. The rep stated, "THAT'S NOT IN WRITING". 

Upon speaking to other lenders, I found out that I could never get a loan for that amount due to the appraisal being inflated. I cannot sell my house due to similar reasons. I'm in worse shape now than I was before Ameriquest came into my home and wanted to "help" me.

Leslie of Piedmont, SD September 27, 2007

After going through a divorce i was forced to refinance my house. My credit was not good and i had difficulty finding a mortgage company that would finance me. Finally Ameriquest gave me a call and offered a fixed rate for 2 yrs and then a variable rate after that. They explained that when my credit was improved in a year i could refinance. Tried that, but of course they turned me down even though i had better credit and my payments with them had been perfect.

After 2 yrs my rate increased about .5 percent every 6 months though they explained to me when i got the loan it would not go up unless i had a poor payment history or the national rates went up which they didn't go up they went down. I finally sold the house and when i requested a payoff amount they said it would take some time and it was first come, first serve and that the amount of course would be more depending on how long it would take to get it to me. I had to move my closing date and was charged for interest for the days that it took to figure my payoff amount. The big surprise for me was when i was at the closing I became aware that I owed thousands in back taxes on my home.

Richard of Holyoke, MA September 20, 2007

Ameriquest told me I would have a 30-year fix with escrow for insurance and taxes.  They showed me parts of the paper work that made me believe that it was what they said. My truth-in-lending said I have 359 payments at one amount and 1 to finish.

My mortgage went up after 2 years and can every six months.

Andrea of Wesley Chapel, FL September 19, 2007

Ameriquest Mortgage Corporation (aka AMC) refinanced our home several years ago. The terms we had agreed upon during our application process were drastically altered at the time of our loan closing. Additionally, AMC provided incorrect and misleading information about our interest rate and we ended up with an adjustable rate mortgage in spite of promises that our loan would be fixed rate.

When the construction industry floundered in Florida, my husband lost his job.  We filed for chapter 13 bankruptcy in order to keep our home but AMC added fees totaling thousands of additional dollars. It was while we were in chapter 13 that our adjustable rate mortgage terms took effect and our interest rate skyrocketed every six months. Our mortgage payment increased by hundreds of dollars each month.

When we did finally receive the requested payoff amount, it included 22,000 in additional fees above our original loan amount. Needless to say that even with almost 20,000 in equity in our home, we could not prevent the auction sale.

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