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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

Julie of Lewisville, TX July 6, 2007

We refinanced our home in 2004 with Ameriquest and were promised a 30-year fixed loan at 5.99%. At closing, documents included prepayment penalty and 2 year arm. We walked away. They came back to us with a signed letter stating we could refinance after 2 years if no late payments or changes to credit.

They sold the loan and the new holder would not honor the Ameriquest written commitment to refinance, so we had to go back to Ameriquest. We spent 9 months fighting with Ameriquest to honor their written agreement - all the while our mortgage increased more than 400/month while they stalled.

We recently were granted the refi, however during the refi process (three appraisals later) have learned that they used the same tactic of inflating our home value previously.  They honored the refinance, but we were required to sign documents stating our home wasn't worth what we were borrowing.

We had 6 months of more than 400 additional mortgage fees = 2500 minimum.  Plus, there's no way we can sell our home for what we owe now that they had to include fees in the new loan.

Cecelia of New Castle, IN July 5, 2007

I refinanced my home in hopes to get a fixed rate in two years.  Now, they have raised my house payment from 300 to almost 700 a month.

I am on disability and feel that they took advantage of me.  I am almost losing my home of 30 years.

Katherine of Marysville, WA July 4, 2007

In May 2006 my 78 year old mother was the victim of the predatory lending practices.  After many, many luring phone calls she agreed to refinance her home of 52 years with Ameriquest.  They set her up with a monthly payment she was unable to pay. They lied about her income on her loan. They forged her signature on a piece of paper that said she was applying for the refinance in order to take the vacation of a lifetime.

In January 2007, she had fallen so far behind on her monthly payments that Countrywide Mortgage Company (who ultimately ended up with the loan, after numerous middle-mortgage companies bought and sold it) were beginning foreclosure proceedings. The loan payments were so far behind we were unable to bring the balance up to date. In order to avoid complete loss of her house and home, we scrambled to list it and sell it before losing it to Countrywide.

The house sold in April 2007 for approximately 245,000 and my mother, after paying the mortgage, late fees, and penalties, ended up with approximately 5,000.  She now lives in a senior apartment.

I believe Ameriquest sought her out and took advantage of a senior citizen with obvious diminished capacity, knowing that if the loan defaulted, they would have a house to claim.

Lorraine of New Orleans, LA July 3, 2007

I too had a loan with Ameriquest.  They appraised my house for more than the value of the home, included prepayment penalties, inflated my income, promised one rate of interest and was given another.

The payment rose to more than I could afford and I had to declair bankruptcy to be able to sell the house.

Ray of Lilly, PA June 15, 2007

Appraised the house at 136 thousand. Told me on an adjustable rate payments would go up an average of 20 dollars a month. Was unable to refinance in the 2 years as they promised. Payment went from 726.00 a month to 1377.00 a month and still rising. House only appraised at 106 thousand from a real appraiser. We are in danger of losing our house.

Elysia of Boothwyn, PA June 13, 2007

In 2003 we refinanced our home with Ameriquest . 

We signed three different times because of errors.  Each time the amount of money we were getting back was less, and the papers were incorrect. 

The third time, while I was on a trip to CA, they sent a representative to have me sign the papers. In those papers, my husband and I were unaware of a three year pre-payment penality that was added to the loan. 

Now in 2007, we have decided to sell our home. One week before settlement, I was advised about the 3 year pre-payment penality and told I need to bring 10K to settlement. I do not have the money for settlement, nor do I have the money to get into another home. I was told, "we are sorry, but this is not negotiable".  

James of Oceanside, CA May 10, 2007

When re-financing my home, I was promised a fixed interest rate for 30 years @ 6.4 %. When it came time to sign the final loan documents I was horrified to see that the interest rate was 6.4% fixed for 2 years only and then would adjust every 6 months! When I complained and cancelled the transaction I received a call from Mark at the Carlsbad office and promised me that they would re-finance me for FREE in a few months once my credit was better and not to worry about the ARM, because I would be into a fixed rate before the current one would ever adjust.

They never contacted me about re-financing. In fact I did hear back from them in a few months by mail, but only to tell me that my loan was being sold to its sister company AMC Mortgage. My interest rate is now at 8.4% and will continue to get higher until I sell it or go into foreclosure which is my only options as I cannot afford my mortgage payment.

I have to work 2 jobs, 7 days a week to keep up with my payments which are out of control. I am forced to go into foreclosure or sell it and have to move out of state.

Cecelia of Valley Cottage, NY April 25, 2007

I was told at closing the loan would be fixed. On docs. it said (to this day) Intial fixed, then adjustable rate. Amounts at closing changed. The rate changes. Closing at home with friend as closing agent.Contacted after a year to change rate over the telephone.

Change brought to lenders agents' attention told it would be straighten out. Original loan increased by 200.00

Christina of Attleboro, MA April 11, 2007

Like everyone else here refinanced with AMC told would get a 7% interest rate, at closing it was 10.9% but could refinsnce in 6 months. We did at 7.9% interest but on both we got wacked with over 8000 in closing cost.

The reason I am here is to as everyone who is waiting on the settlement from the Attorney General for all of us to go the same day to their office in your state. The reason I say this is they are saying we will each get about 406.00 dollars each which means Ameriquest AKA AMC will have paid back 1% of the interest that they charges and get to keep all that they fraudulently charged us. That isnt even a slap on the hand, that is the government telling AMC ok we are going to talk about what you have done and as punishment you (AMC) pay the lunch tab.

Not good we all need to make a stand and say we want it ALL back with the interest IMMEDIATELY not when the Attorney General feels like working they have sat on this since January of 06 -- WHAT are we paying taxes for? The government is supposed to protect us -- not only didnt they BUT they made out on the deal and now also have the nerve to say we will be getting a tax form with the refund.

Heather of Noblesville, IN April 9, 2007

We refinanced with Ameriquest in September of 2005 with an ARM. They stated our home was worth 203,000.00 and that we could pay off some of our bills by getting cash out. They also said that we could refinance in 2 years with them and get a fixed rate. NOT SO.

I have tried to refinance with Ameriquest and they have stated my home is only worth 103,000.00. How does a home depriciate that much in value in 1 1/2 years. They said we would not have to pay an appraisel fee since they used a estimated value model but charged us 400.00. When I noticed the prepayment penalty, they claimed that would not be charged when I refinanced, only if I won the lottery and paid it in full.

We cannot refinance our home with any other mortgage company. Our payment is due to go up in November 2007. We will no longer be able to afford our home because of what Ameriquest has done to my family. This was our first home we bought and they have caused us severe economic hardships that we will not recover from for a long time. I do not want to lose our home but a forclosure seems inevitable.

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