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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

Alicia of Little Elm, TX September 18, 2007

My husband and I decided to refinance our home loan in 2004.  We asked for a fixed rate loan, but were told that an adjustable rate would be the best for us and we could refinance in one year. 

When we tried to do that we were told that our home was over appraised by at least 40,000.  As a result we weren't able to do anything with our home loan.

After I made a complaint with the Attorney General Office, I received paper work for a settlement with Ameriquest for 90,000 with a 30-year fixed rate at six percent.  We filled out the form, along with many other documents, to rewrite the loan.  When it came down to filling out the last papers for the closing, I never heard from them.  They won't answer any calls, but instead they sold our loan to Citi Residential Lending at the higher payoff and interest rate.

Amy of Concord, CA September 18, 2007

The loan we received was at a rate of 10%. We were told we could refinance after 3 years, with no prepayment penalty. Before 3 years were up Wells Fargo took over as our mortgage lender, and were told that we had a loan that didn't qualify because we had one late payment in the past 12 months.

We also made settlement offers with creditors and are now getting notices that they were never paid and we owe the amount in full. Were went into foreclosure and had no choice, but to sell our house.

David of Naples, FL September 15, 2007

The interest rate was not what we expected on the day we closed.  Last week, we refinanced our house with another lender, and were charged over 20,000 in prepayment penalties because we were 6 months away from three years. The man that worked up our loan explained that the first two years our loan was fixed, then it would go up.  If we refinanced during that time, there was a soft pre-payment penalty since the three years were almost up. When we got to the table last week, we got hit with a hard six months of interest for this loan.

We paid 500 for the appraisal of our home and despite 5 requests, we have never gotten a copy of it.

Thompson of Frankton, IN September 8, 2007

Ameriquest inflated the appraisal on our home to almost double it's value. Needless to say, we cannot refinance or sell it now. They misrepresented interest rates, and fees. When the paperwork was presented to us for signature at closing, the terms were contrary to the terms promised. They promised us a fixed low rate, and came back with a higher variable rate higher. 

They wouldn't communicate with us about refinancing. They told us to seek another lender if we needed to refinance so early.

Ameriquest tried to force us to pay them for flood insurance after having the loan for two years. They left it up to us to prove that they were wrong and we were NOT in a flood zone. It was going to cost us over 100 a month more.

Eric of Saint Michael, MN September 7, 2007

My house was severely over appraised, our income was inflated and our second mortgage, to ease the first, was a hoax.  We are the victims of deception and untruths.

Kristen of Middleborough, MA September 6, 2007

In May of 2005 we decided to refinance w/Ameriquest. We came up with an amount that we felt we could afford on one income. The Ameriquest rep kept asking if we wanted more because our house appraisal was 125,000 more than what we wanted to borrow. We stuck to our guns and started the loan process on the figure we agreed on. We discussed 6.7% fixed.  The loan was for 6.7% but at 2 years and then it was adjustable.

We also ended up paying over 10,000 in fees!!!

Jeani of Cameron Park, CA September 5, 2007

During April 1997, my husband and I planned to refinance our mortgage because we were behind in property taxes. Mike put together several proposals and either faxed them or came by my husband's and my business in downtown Sacramento CA. Mike called pretty frequently wanting to know if his latest proposal would work for us. The last faxed proposal I have is dated April 16, 1997. My husband grew ill that day and asked me to come down to get him and drive him home. He died the next day.

Mike called the shop and then my home.  When I finally spoke to him, I told him that my husband died. He told me that I could still refinance and would be happy to discuss it with me. This was the last thing on my mind as I was left with six children, a very busy automotive repair shop, and wondering about the life insurance policies. He pestered me and told me that my husband wanted me to refinance so I could have the new bathroom remodeling. He told that even though I was a widow, I could refinance.

Mike planted himself firmly in my life. He would help me change my income tax form so it would reflect a huge profit and then I could refinance. He told me I would loose the house if I didn't. Part of me knew I would not loose the house and part of me was scared by Mike. I thought he was looking out for me. I was alone and now a widow with children. I actually let this demon in my house and play with the TurboTax program that my husband used to do our taxes with the weekend before he died. Then, Mike scheduled me for an appointment to sign papers after everyone else in the big Ameriquest office had gone home for the night.   In the end, listening to Mike lost me my house which I never needed to refinance at all. (Not to mention that after I signed the papers, he told me that there wasn't enough to do the bathroom with.)

Angela of Jackson, MI September 4, 2007

My home was re-financed with Ameriquest in 2005. I got an ARM at an 8.75% interest rate. I have found out since then, that my home was over-appraised. It's over-valued at least 10,000 no one will re-finance me.

Nathaniel of Valencia, CA September 4, 2007

Ameriquest Mortgage Company implemented a mortgage over charge for it's service and charged discount points and didn't disclose the variable mortgage that would go up after two years even though the prepayment penalty was in place for three years. This they never told us and didsclosed that the prepayment penalty would only be for two years. Now we have a mortgage that will double in less than two years. They also had our property appraised for more than the actual value so we would not be able to refinance with any lender before their variable kicks in three years later.

Diana of Saginaw, MI July 14, 2007

6/13/05 we refinanced our home with Ameriquest with the understanding it was a 30-year fixed at 6.5%. When the loan officer came to our home, he had paperwork for interest only for 4 yrs, the promise of being able to refi with them after that, but I told him it was the wrong loan. He suggested we sign papers, and change it in 3 days.  After trying to contact Ameriquest the following day, no one could help me, and this continued every day for 2 weeks.

They over appraised our home, so when we tried to refi with our credit union, a year ago, we couldn't. We had consolidated some debts with the loan, at their insistance, and our home ended up being 10,000 more than what we bought it for, after consolidation, bank fees, etc.  So much for 0 refi!!

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