Complaint Review: AMERIQUEST/AMC MORTGAGE

If you paid for the appraisal, either at the time of the inspection at from the proceeds of the loan (check your closing statement for a line item pertaining to Appraisal or Valuation fees), then the lender is required under Federal Law to provide you with a full copy of the appraisal.

All you need to do is send a letter, certified return-receipt, with your loan number, address, etc. demanding a copy of the appraisal as is required under Fair Lending Law.

If they don't send you a full copy of the report within 30 days, file a complaint with applicable Federal and State authorities.

After a few years of Ameriquest ripping people off, some of us are getting some justice. Wish had happened sooner, as I already sold my house to get out of my loan with Ameriquest rather than let them forclose. Here is a link to some info on the Ameriquest Multi State Settlement. http://www.ameriquestmultistatesettlement.com/index.htm

I wonder what innovative, ingenius techniques they used to accomplish this???

you know this branch was shut down for several months!!! It was after they broke many company records!!

I still read all these complaints from people that have been screwed by ameriquest(me being one of them) and i wonder how they sleep @ night.Then you also have the people on these web sites that work for ameriquest giving their 2 cents and they think they are doing right i mean really do they read the news papers watch the news. I think they should all go to google and punch in ameriquest lawsuits and see how many reports come up i mean you would need 2 weeks just to read all of it.I just wish i online searched ameriquest before i signed a refi with them now im paying the price. But i am so glad now that i have hired a very good attorney and my day when this is all over will come!!!

Good luck to all !!!!

Mortgage, according to the Michigan Office of Financial and Insurance Service (OFIS) - they are the ENFORCEMENT branch of the A/G's office - J & J Appraisal did my appraisal in January 2003. On July 31, 2003 the State revoked their/his license, fined them/him heavily, and levied undisclosed punitive action on them/him.

Deb Shoner of the OFIS made the comment, "This was a VERY bad company." The owner's name was John L Dunn. She said he was now deceased. I will have to get back with her later to get details on the specific reasons for this seemingly harsh and abrupt reaction/action from the State, as it will have a great impact on my private lititgation.

Randy, I believe that statement about "borrowing..." covers more that just refinancing your house. It is a mindset that we Americans have developed that have opened the opportunistic floodgates of financial companies in EVERY area of any business who deals with the consumer. They have discovered that consumers have NO education at all in anything financial. I didn't. Doesn't mean I'm dumb. I have a Biology degree and teaching certification from Mich Tech. I have advanced degrees in Teaching from Central Michigan and from Antioch Universty. I also have a degree/certifcation from NL Industries School of Engineering (oilfield engineer) out of Houston. I also was a American Red Cross CPR instructor for several years. HOWEVER, I have NEVER had any kind of training/education in finances.

Alarm bells are starting to ring across this country. Several states are now REQUIRING financial courses at the high school level in their state. Many other states are working on this. I'm not talking about your typical business class, I'm talking about basic mortgage education, credit card education, stock market anaylsis & terms, basic investment education - risk factors, etc, and SAVINGS education, among other topics.

Our law makers are starting to realize that we have a real problem in this country. It is like shooting fish in a batrrel right not... very tempting for those who know to take advantage of those who don't know. Some companies cannot resist the temptation when looking that this huge pool of money just sitting there, waiting for someone to come along and pick it up.

After reading this report and all the rebuttals, one comment by Beth sticks out. GET A REFERRAL!

I am a mortgage broker in G.R. Michigan and unfortunately there are many shady people in this business who make the good ones look bad. Purchasing or refinancing a home is THEE most expensive transaction you will ever do and it deserves some time and effort.

Beware of any companies that advertise constantly on the radio and/or T.V. How do you think they pay those bills? If it sounds too good to be true it probably is. We have one idiot on the radio around here who braggs about saving people hundreds of dollars a month after paying off all their debt and giving them money.

There is a HUGE difference between saving someone money and deferring their debt. There is a saying in this business that you can't borrow your way out of debt. Do yourselves and the mortgage industry a favor and ask your friends and family members for a referral of a loan officer. Working with honest mortgage brokers will help consumers and also weed out the bad ones and their dishonest appraisers.

What was the name of the dead appraiser

I want to qualify my last post. I really shouldn't judge the Mich A/G's office by talking to one person. I have sinced talked top Deb Shoner at the OFIS - the State's enforcement branch. She was very helpful and she helped me find my appraiser. Six months after they did my "appraisal" - which no one, including myself, the title company, nor Ameriquest can find - The State of Mich revoked their license, and levied fines and undefined punitive action. The owner of the defunct company that Ameriquest was using in Grand Rapids is now deceased.

I am filing private litigation, as the $100 - $600 per mortgage that we will recieved next year is slight insufficient restitution (by several zeros) for what they have done to me and my family through their documented predtory lending practices.

Good luck everyone. Justice will prevail.

I want to qualify my last post. I really shouldn't judge the Mich A/G's office by talking to one person. I have sinced talked top Deb Shoner at the OFIS - the State's enforcement branch. She was very helpful and she helped me find my appraiser. Six months after they did my "appraisal" - which no one, including myself, the title company, nor Ameriquest can find - The State of Mich revoked their license, and levied fines and undefined punitive action. The owner of the defunct company that Ameriquest was using in Grand Rapids is now deceased.

I am filing private litigation, as the $100 - $600 per mortgage that we will recieved next year is slight insufficient restitution (by several zeros) for what they have done to me and my family through their documented predtory lending practices.

Good luck everyone. Justice will prevail.

I want to qualify my last post. I really shouldn't judge the Mich A/G's office by talking to one person. I have sinced talked top Deb Shoner at the OFIS - the State's enforcement branch. She was very helpful and she helped me find my appraiser. Six months after they did my "appraisal" - which no one, including myself, the title company, nor Ameriquest can find - The State of Mich revoked their license, and levied fines and undefined punitive action. The owner of the defunct company that Ameriquest was using in Grand Rapids is now deceased.

I am filing private litigation, as the $100 - $600 per mortgage that we will recieved next year is slight insufficient restitution (by several zeros) for what they have done to me and my family through their documented predtory lending practices.

Good luck everyone. Justice will prevail.

I want to qualify my last post. I really shouldn't judge the Mich A/G's office by talking to one person. I have sinced talked top Deb Shoner at the OFIS - the State's enforcement branch. She was very helpful and she helped me find my appraiser. Six months after they did my "appraisal" - which no one, including myself, the title company, nor Ameriquest can find - The State of Mich revoked their license, and levied fines and undefined punitive action. The owner of the defunct company that Ameriquest was using in Grand Rapids is now deceased.

I am filing private litigation, as the $100 - $600 per mortgage that we will recieved next year is slight insufficient restitution (by several zeros) for what they have done to me and my family through their documented predtory lending practices.

Good luck everyone. Justice will prevail.

Their is help just read the posts from hollansd mi their is alot of good information on their people you can contact for help good luck

I talked to a Gina Bell in that office (OFIS). I am very suspicious of our A/G's motives in this settlement.

When I mentioned to her that the $100-$600 to be paid out in 2007 (they are allowing Ameriquest to pay this in four quarterly payments throughout 2006 - don't remember that being publicized - as a matter of fact, I don't remember a lot of these negotiations being made public, or allowing our input), that the settlement would pay each of us, She seemed disappointed when I told her that I was planning on private litigation. She actually sounded sad - almost whining - when she said. "Well that's why we settled with Ameriquest. We were afraid that with all the massive lawsuits against them, that they might go out of business."

How are we supposed to take THAT statement??? To say that I registered disbelief, would be an understatement. My desk still has a mark in it where my jaw dropped and hit it. All you have to do is read the consumer complaints and the charges brought against this company in the last seven years. It is not hard to conclude that this company should not be in business in any state in this Union.

I am not talking about just reading the complaints on this forum. Google and Yahoo searches reveal stunning illegal lending practices, and a vicious, cold trail of tremendous consumer misery and financial and personal devastation unmatched by ANY company in history. Read some of these editorials in papers across the country. There are investigtive reports that would make your hair fall out. The fact that this company (and it's parent company) are still in business today - and flourishing - is extremely disturbing. Something's wrong, here.

Arnall's political roots go VERY deep - with BOTH political parties (he's not stupid). During the settlement negotiations last winter, Arnall gave free Super Bowl tickets to the Utah Attorney General. I have a grave concern about just whose side some of these A/Gs are on, anyway...

They may be helpful, but I really feel an uncomfortable chill in the air, Ken...

I'll talk to you tomorrow (Mon).

Everyone should get ahold of deb shonyer from the attorney generals office here in michigan ask her for information about other people here in michigan that have issues with ameriquest i am calling her monday and giving her permission to give my name and # my attorney and i are seeking to file a class action lawsuit so more people the better i have already gotton a stop to my foreclosure he is good and has done alot of leg work and knows how ameriquest works.good luck to all .

If anyone needs any information or want to know how my case is going you can e-mail me. good luck to all.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

WELL I JUST GOT BACK FROM COURT AND THE JUDGE PUT A PERMANENT STOP TO ALL FORECLOSURE PRECEEDINGS ON MY HOME.AND GET THIS AMERIQUEST OR DEUTSCHES BANK DIDNT EVEN SEND ANYONE TO REPRESENT THEM.WELL I JUST WANTED TO SHARE THE GOOD NEWS TO EVERYONE.GOOD LUCK AND GOD BLESS

I had my appraisal done by J and J Appraisal, Grand Rapids. Can't find them now - neither can the Title Co, Michigan Title. Any comments on both these companies would be welcome.

Do either of you know where Jeff Roberts is?

... are just that. Inflated appraisals are Predatory Lending Practices. Period. Why do you think that was made illegal? Because it was a HELP to the consumer??? It allows increased closing costs and increased collection of interest on a loan.

I was NOT over extended when AMC set me up. I had the misfortune of buying a new house, which was set up illegally (not with AMC) and which I entered into a protracted EXPENSIVE battle that we won. This financial hardship acted as the catalyst to trigger the AMC policies that they had in palce to initiate foreclosure and then assure that the house made it through the redemption period, by purposefully misleading me and outright lying to me about procedures open to me to achieve the redemption. After five months of directing me to a certain type of relief, they told me 14 days before the F/C became final, that AMC had just passed a rule making my course of action now worthless. They also caused medical conditons from stress.

By the way... They tell EVERYONE that "their file is now closed."

... are just that. Inflated appraisals are Predatory Lending Practices. Period. Why do you think that was made illegal? Because it was a HELP to the consumer??? It allows increased closing costs and increased collection of interest on a loan.

I was NOT over extended when AMC set me up. I had the misfortune of buying a new house, which was set up illegally (not with AMC) and which I entered into a protracted EXPENSIVE battle that we won. This financial hardship acted as the catalyst to trigger the AMC policies that they had in palce to initiate foreclosure and then assure that the house made it through the redemption period, by purposefully misleading me and outright lying to me about procedures open to me to achieve the redemption. After five months of directing me to a certain type of relief, they told me 14 days before the F/C became final, that AMC had just passed a rule making my course of action now worthless. They also caused medical conditons from stress.

By the way... They tell EVERYONE that "their file is now closed."

Tracy.....you are good! I've read many comments you have made and you and I are on the same page. People like this "Beth" person think they have all the answers. She responded to over six stories on here a couple of days ago and she had nothing good to say about anybody. She TRIED to give some support but it was pretty lame.

You are right. Telling me I don't have a "classy or diplomatic bone in my body" is childish. But, read her other comments. They are all the same.

And what you said about not bothering to insult you. That was a classic. I'm with you. I laugh often at the silly comments I get when posting on here. It can be quite amusing.

But, since I have poor judgement with finances, men AND my choice of words, what can I say? I mean, no one in this world today has trouble with finances and men. Finances are always perfect and so are men! Just call me a "pretender". HA!

Again, to Tracy, who does have an intelligent thing to say, thank you. Since I am known to try to be a spokesperson, maybe we should team up and become the Ameritheft "spokeswomen". I'm sure we can speak for many screwed customers and live up to the name!

Beth-
Talk about not having a classy bone in your body...personally insulting someone you don't even know by saying she has bad choice in men. That's real classy, and grown up too.

I suggest if you want to insult somebody; choose your words wisely or risk looking like a pathetic angry loser which is exactly what you've done.

Instead of trying to post intelligent comments, you personally attack people - VERY professional. Kathleen is right, please let us know which company you work for. You are doing a great job of representing them.

Don't bother trying to insult me, I've heard it all and it only makes me laugh..you don't know my story, you know nothing about me and until you do, your comments mean nothing.

You cannot speak for all the borrowers on the planet so stop trying to be their spokesperson. You have poor judgement with finances, men, and let's not get into your choice of words....you don't have a classy or diplomatic bone in your body, so stop pretending to know a thing about what you're talking about.

You can't blame everyone else for your credit and bad choices.

You cannot speak for all the borrowers on the planet so stop trying to be their spokesperson. You have poor judgement with finances, men, and let's not get into your choice of words....you don't have a classy or diplomatic bone in your body, so stop pretending to know a thing about what you're talking about.

You can't blame everyone else for your credit and bad choices.

You cannot speak for all the borrowers on the planet so stop trying to be their spokesperson. You have poor judgement with finances, men, and let's not get into your choice of words....you don't have a classy or diplomatic bone in your body, so stop pretending to know a thing about what you're talking about.

You can't blame everyone else for your credit and bad choices.

As to your comment of "you borrowers LOVE to hear that your home is worth crazy numbers" ... where do you get off making such a foolish comment? My home was not over appraised but this sick company over appraised many. I mean, that's the sorry way they reel people in.

You insinuate that we, the screwed customers, are out buying tv's and quitting our jobs? You are just as ignorant as the employees of Ameriquest. Are you sure you don't work there?

I asked around AND researched this company. Have YOU? Obviously not. Oh, their advertising and website sounds wonderful. Their reps make it sound great. Have you ever heard of LIARS? For your information, Ms. Beth, I gave no one my information OVER THE PHONE. I applied, IN PERSON, at their cutsy little office. I didn't know of this website then as I'm sure a lot more screwed customers didn't. I am not an employee of Ameritheft, so yes I did take a lot more than FIVE MINUTES to check it out. Are you honestly so naive to think that companies like this don't LIE, CHEAT and DEFRAUD their customers? Even AFTER closing?

I had excellent credit before refinancing with Ameritheft but my then husband did not. I had no idea that this was a s**t company who mostly did loans for people with very poor credit. Hmmm ... I believe there is NOWHERE on their website OR commericials that lets people know this.

You are just as bad as the employees of Ameritheft. You even sound like them. You've got it down pat don't you? "I get you hook, line and sinker". That says it all. If you don't work for Ameritheft, please tell us where you do work so we will know NOT to even think of refinancing with another rotten company.

Your little deal with the truck was cute. You scared the crap out of them? Hardly, they will just sell it to the next idiot who comes in. Play the game huh? HOW OLD ARE YOU? d**n, you sound so much like an Ameriquest employee, it's scary.

My heart was not "set on something" so I would sign anything with any percentage rate they decided to put on the paperwork. My dear, my ex got me in a bind so I was forced to refinance. Yep, my fault for choosing such an a*s to marry and divorce. But, it certainly isn't my fault that I get raped daily by these theives.

I PAY my jacked up mortgage payment every month. I can because I work for a REPUTABLE company. As far as taking this experience and making it positive.....HA! You are funny. There is absolutely nothing at all positive since I became a customer. I educate everyone I come in contact with. I thought of that on my own!! Guess I didn't need you to tell me. I have many co-workers, and I work for a very large company, returning Ameritheft crap they send in the mail right back to them. Maybe when they pay double to send their fraudulent advertising crap to people, they will get a little smarter (doubt that) and stop trying to dupe more people to screw.

This is one experience I will NEVER go through again. Ameritheft has taught me to trust NO ONE! What a nice trait I've received. It's pretty sad to get this way but, after being screwed by the likes of this company, it's necessary. Your poor advice was just that ... POOR.

As a mortgage broker myself, you borrowers LOVE to hear that your homes are worth these crazy numbers. Your next question is "does this mean I can get more cash out?". As you're online shopping for 60" plasma tvs and quitting your jobs, you're leaving some jerk at Ameriquest (a 22-year old renter) at the controls....and crossing your fingers that it all pans out.

Why is it that when you need a plumber you ask friends and relatives who they'd recommend? The same goes for contractors, dentists, insurance agents, etc. Why is it when you're faxing your W2s, paystubs, and giving out your social security number over the phone to some KID, you just do it! You don't think to ask friends and relatives for a referral, or to even take 5 minutes and a few keystrokes to pull up a site like this one! With all the resources we have available to us (internet, better business bureau, THE NEWS), it's an absolute shame that the victims of these companies are in the staggering numbers that they are!

The truth of the matter, (and I'm not faulting any of you but hope you gain from this) is that you WANT to hear these unrealistic rates, values, cash out, etc. If it didn't sound so great you wouldn't go for it to begin with!

I've had to tell borrowers bad news in the past - a crappy rate of say, 8%. Well Ameriquest comes at you with a quote of 6%. Well that's just wonderful. But you've heard 8% by 10 people already! So how is this company
promising you 6%? I can quote you 2%! Hell, I can even put it on a Good Faith Estimate! All that means is that I'll TRY to find you 2%....though I know that I cannot. But what do I get out of that 2% quote??

I get you hook, line, and sinker. Not only that, but you're not going to pay your mortgage this month either. Or next month for that matter. Now you're screwed.....I have you under my thumb, don't I? And when I send you to closing at 9%, you close because YOU HAVE TO! You have no money to get you out of the hole you have now dug yourself. I win, you lose. I earned money, you lost money. That is how it works at Ameriquest.

RULE #1: you MUST go into these things prepared to WALK AWAY. Going forward, you need to NOT GET YOUR HEART SET ON SOMETHING so much so, that you end up taking it no matter what the cost or the turnout. Be prepared to walk away! I bought a new truck last year. The dealership told me 5% for a rate, and when I was picking it up they told me it was 7%. I told the finance guy to sharpen his pencil and call me when my paperwork read 5%. Wouldn't you know - it was at 5% only a few hours later. Of course I told them I had to think about it and I'd call them in a day or two - just to make them sweat a little. They were trying to bait and switch me, but I was ready to walk away, period. And that scared the crap out of them! They're not used to that but you have to play the game! It's called sales, people. That will make the difference between a victim and a consumer any day of the week!

AND FOR THE LAST TIME, stop listening to idiots who tell you "don't pay your mortgage because we're refinancing you". Your lender doesn't give a rat's behind if you're the president. Pay your mortgage - you signed a note promising to do so! If you listen to idiots who tell you what you want to hear instead of the truth you are headed for big trouble, and that's exactly what most of you are getting. Trouble. Worst thing that happens is you overpay your mortgage lender right before a refi and they cut you a check in 30 days. Is your credit rating and your home worth losing for a measly mortgage payment or two? Doubtful.

Take this awful experience and make it as positive as you possibly can by spreading the word to your friends and family. Educate them on what you've learned from all of this. An informed borrower is not likely to be a victim. If you're getting ambushed at closing, it's worth paying for another appraisal to go elsewhere. And start using brokers who have done right by your friends and family! I mean, why wouldn't you??

the person everyone should call is donna plett her number is 1-714-541-9960 ext 14378. she is attorney for ameriquest tell her you want a release of lien wich means you dont owe anything and your home is yours free and clear.They know what they are doing is wrong its no secrete but you have to call her everday 10 times a day the call will be worth it trust me dont let this go away lots of people are losing there homes over these crooks.Call the attorney generals office they are very aware of ameriquest slimey ways there number is 1-877-999-6442 a lady i talked to there is deb shoner she is very freindly and will help you out. We all need to call everyday to get things done and get an attorney to handle all the b.s paper work ameriquest will flood you with it can be done and they will be stopped.

We also got a house value that was alot more than the house is worth and yes it does hurt you when you try to re-fi with some one else...its part of their grand scam to make sure you cant ever get away from them. After 2 years of dealing with AMC. we are now free of them for good....well almost...after 3 phone calls to them to find out where the extra escrow money is and why dont I have it in my hands now 40 days after we closed the sale on our house...well as they said we have so many escrow funds going out that it could take some time for you to get your refund....well thats not my problem and I dont care how many checks they are sending out...sounds like just a nother way they can keep my money in the bank and draw interest on it.

All I can say is stay away from them at all cost.

First of all, if I want to rant, I most certainly will. And if you don't like my comments, don't read them.

For your information, Mr. Smartass, I have no credit to pay off now since I ALREADY HAVE. No, it isn't this suck company's fault of the hardships I've experienced, but it IS their fault that they do nothing to aid a customer in trouble. I'm sure, in time, you will experience some type of hardship and I'm sure you will be ranting just like others. So don't judge.

My appraisal was NOT inflated since Ameriquest never sent anyone to do an appraisal. I really didn't care. I knew what my home was worth and that's what is in the contract. I was commenting on appraisals that others had unfortunately received. So, next time, if you wish to comment on MY rebuttle, READ IT BETTER.

As far as writing letters is concerned, it HAS been beneficial so before you comment on this, get some facts. There are now people aware of what customers are being forced to deal with. This is NOT a huge waste of time. The only waste of time I've spent is defending my comments to idiots like you. And I do WORK and make a nice living, thank you. Do you ever get tired of saying "Would you like fries with that?" at your job?

The reason I'm still a customer is I am not about to pay a $6,000 prepayment penalty. But if you would like to pay it for me, feel free. Then I can be in the category of people now weary of doing business with them.

I've seen many comments you have made on this site and, I hate to let you know, but they are all the same also. So, go spend a little energy somewhere else where it would be appreciated because it sure is not here.

Stop your ranting please. I have read your comments over and over and over. They are all the same. You basically blame this company for all your hardships. Is it their fault your husband ran up $80k on credit cards? No, is it their fault your baby's daddy is in jail? No. Is it their fault you signed a bad loan? No. This company sucks and you can't blame all of your lifes faults because you feel they screwed you (which, don't get me wrong, they probably did).

Steve is right. If they overinflated the appraisal (WHICH MIND YOU IS COMPLETELY INDEPENDEMT FROM THE LENDER...SO YOU CAN'T BLAME THIS SHITTY COMPANY) then you got a deal that you shouldn't have to begin with. The complaint you have is not with the lender, its with the appraisor. So stop...

Also, Kathleen. Going on this website and posting your sob story is far from putting up a fight. Writing letters is worthless. This company is huge, and your letters to the BBB have and will continue to be a huge giant waste of your time. Try using this time to do something called WORK, so you can pay off those cc bills.

Good news is that this company is going public and will be sold off to investors. They're closing the remaining offices in MA this year and are pulling out of the market. The lawsuit monetarily didn't hurt them, they make $325m in an afternoon. But because of it people are now weary of doing business and have stopped doing business with them. Not becuase of anyone like Kathleen from Alabaster.

Steve said to quit whining, you benefited from the over appraisal. Isn't it scary to see how some people think? What fool would be glad their home, their most valued asset, was appraised so high only to find it is not near the worth of Ameriquest's inflated appraisal? NO ONE WOULD! It is crazy to even think this is a good thing.

As for the "over-extended borrowers" comment ... it goes without saying how ignorant that is. Most of us ripped off customers on here only applied to refinance our homes due to some kind of hardship we experienced in our lives. We DID NOT over-extend our credit. People who make these foolish comments obviously have not experienced any such hardship. We didn't know what a horrible company we were dealing with. As Rebecca said ... "they got us by the ball". BUT, if all of us stick together and fight back, by being consistent as another said, by sending letters making everyone aware of the fraudulent practices of Ameriquest, I believe we can win.

So someone from this rotten company laughed when he heard of the lawsuits. Let's get the last laugh. Of course, this sorry company makes so much money. They charged me over $14,000 in interest alone last year. Times that by the many customers who were fooled and scammed and, of course, Ameriquest has mega bucks. I can't even start to imagine how much money they have made just by foreclosing on so many customers.

I am very persistent. I send a letter at least every couple of weeks to Ameriquest complaining of their service, their outrageous fees and the many questions of what the fees are for. Do I ever get an answer that makes sense? No. I always send a copy to the Attorney General, a congressman or the BBB President. I filed a BBB complaint a couple of weeks ago and this sorry company sent me a letter stating "this case is closed". No explanation whatsoever. I just sent another letter stating that I want the meeting minutes of the board or whoever made this decision to deny my claim. I received no explanation because they do not have one. Let's see what kind of excuse I get of not providing me with any proof that my case was even reviewed. I'm not holding my breath.

This is the latest scam they have pulled. I noticed that I had paid way more escrow payments than I should have so I wrote a letter stating the amount I overpaid which is, legally, supposed to be refunded to me. My home has always been deeded in my name only. I married (unfortunately and divorced) and this is the reason I refinanced since he charged over $80,000 on credit cards I had in my jewelry box. Anyway, I freaked and didn't research like I should have and we both signed the contract with Ameritheft. He went to jail for abuse and I requested his name be removed from the loan. Will they remove him? Yea right. They sent the escrow over-payment check of almost $600 paid to the order of both our names. Now, tell me, how I can cash a check with his name on it. He was bailed out of jail (how? who knows?) and I have no idea where he is and don't care. I sent the check back and have yet to get a response.

This is just a small portion of crap I've had to put up with. So all screwed customers, keep on "whining" 'cause you definitely have every right to. Take care and keep fighting.

My sympathies to Rebecca from Grant and all the other West Michigan homeowners who have been hurt by Ameriquest.

I too can name the Appraisers who were in bed with Ameriquest here locally in West Michigan.
I'm an Honest Appraiser. Read article in Grand Rapids Press 3/12/06 (Business Section).
The only recourse is to file a report here, to contact the Michigan Attorney general, to contact your State Reps, to hire an Attorney.
It has to be done. The State of Michigan will do nothing on its own to stop bad Appraisers. I've tried. I've reported them and nothing gets done.
Every day I get calls from Lenders who want me to "hit a number".
The problem is two-fold:

Lenders with no ethics and no one overseeing them putting pressure on Appraisers to over-value properties.

And Appraisers who have no ethics and cave in to Lender Pressure.

If I could report(to some Agency with legitimate power) every Lender everyday that calls me and wants me to inflate values this whole mess never would have happenned.
Just remember this:
Lenders first have to be made accountable. Once they are regulated, most bad appraisals will stop.

Not only that, but my appraisal cost $850. This refi occurred in Jan 2003. We had bought a second home and we could not sell the one we moved out of in the fall of 2002. Financial problems with the new home and that lender were resolve two years later through legal action. However, due to the huge financial drain, we were forced to refi.

Found AMC through an internet search and contacted them. Our old house was worth about $65,000. They asked me how much I needed to pay off debts. I told the agent I actually needed a little over $100,000 to pay of the existing mortgage and my pressing debts, caused by my battle with the other lender on the new house. He said no problem. He told me he could originate a loan for $116,000 (incl closing cost, etc). I was surprised, but I needed the money desperately. He told me he had an appraiser that could do the job. I told him that would be fine. He then informed me that the appraiser needed $850 for the appraisal. Going rate was $200 - $250 at the time. I was shocked at this price and when I questioned this charge, the agent said that was the amount that was needed "to get the appraisal we need". The appraiser never came to my NW Mich home. The appraisal just showed up at closing.

I have called AMC last week to request some help with my credit report, as I am preparing to request a large loan. They ended up foreclosing on me in the fall of 2004. They were very inflexible and wouldn't negotiate.

I was not happy with my phone call a few days ago and I have called the title company and requested all paperwork regarding this loan, so I can track down the appraiser and the originating agent, as I now am considering filing legal action against them for possible "Predatory Lending Practices" which the State of Michigan is currently focusing on right now.

I had no idea the AMC/appraisal problem was so widespread. I will try to find the $325 settlement against AMC. I was not contacted about this. I would like any info that anyone has on Jand J Appraisal in or around the Grand Rapids area.

I hate to admit it but I worked for Ameriquest in the Grand Rapids office. Ameriquest was my first mortgage job, so I learned how to do loans their way. It wasn't until they accidentally hired a broker to work in our office that I found out how the rest of the world does mortgages and that Ameriquest had no ethical constitution. Needless to say I quit, and have been doing honest work ever since.

As far as your appraisal is concerned, I know which companies got most of their business, but quite a few appraisals were done "in house", so it is doubtful that you will be seeing your appraisal any time soon.

I suggest that you file a complaint with the BBB, the Attorney General's office (Mike Cox) here in Michigan. Also think about writing your congressmen, and be persistant. The only way that a giant like Ameriquest will be brought down is if EVERYONE does what they can and reports the fraud and deceit. They are a terrible company to work with or work for, and I only hope that they eventually get the type of punishment that they deserve.

Also, if you did not sign that class action lawsuit that was just settled, then you might have a chance to get another one with another lawyer. Look into it.

By the way.. Those loan officers are ALWAYS in the office. You could really surprise them and just show up. Just make sure that you bring someone along just in case you need another statement.

I hope that things work well for you. God bless you.

Although they have recently been fined...325 million to be exact. The owner of ameriquest reportily laughed when he hear the ruling....why? Ameriquest brings in 70,000,000 a week (thats million with an M and weekly) after paying everything...light bill included.

They took advantage of the refi boom. They also left thousands of customers with no choice but to foreclose. My suggestion is this:

Gather as much information about the company or even what they did to you specifically. Then go to the consumer protection agency for your state. Lodge a complaint and let them know that the fine was not enough. They need to be shut down. If not for yourself...google your state and ameriquest and do it for all the people you find that have been tormented by dealing with them. Trust me they bought there way out of it this time. If enough people (even the ones that have been burned by them) get together we can bring them down.

Here is a post from today that was posted on a broker form....there's new ones almost daily:

Posted - 02/10/2006 : 11:15:07 AM
------------------------------

interesting:
I just received a call from an Ameriquest client & attorney seeking help. They are in the FC redemption period, the last appraisal was valued at 266k in 2003 and value is currently at 220k.. (they owe 252k) these poor people are in the process of losing their home, there is no equity, their credit is ruined.
Granted I am sure they must've done some debt consolidation to get to that value, however it is sad when you seen it first-hand.
job well done, you AMC jerks.


Well the CHOICE IS YOURS. You can let these big conglomorants walk all over you OR you can do your part to ensure they dont stay in business long.
http://www.michigan.gov/ag/0,1607,7-164-34739_20942-111010--,00.html

Then hit the file a complaint.....my suggestion is that Michigan be the first state to pull there license.

Rebecca THANKS FOR THE REBUTTAL. An over appraisal is not a good thing, like you said when your appraisal is inflated no one in the mortgage business is going to laugh at you when you go to refinance. I was told that by a lender last week.

As for our finances we are not over extended and DID NOT get cash out to pay debt. If you read my rip off report you would have seent hat I did nto complain of being over extended, or losing my home or anything to that nature, DUH!!!

And, No I am not whining, but if we deside to refinance somewhere else, we cant! AMERIQUEST has you right by the balls! Another appraisal will come in lower and no one will touch it after that. Dont YOU get that??

I've read your complaint and Kim and Teresa's complaint about over appraisals. Quit whining.

If, in fact, your home was appraised for more than it is worth, YOU HAVE BENEFITTED!. Don't you get that? If you are upside down, it is really only an issue if you are selling or being forclosed upon, or otherwise being forced to refi or sell your home. The lender has given you more money than your home is worth. Where is the downside?

I don't mean to be facetious here, but an overappraisal only becomes an issue if you need to dig even more equity from the property. The over appraisal was probably necessary to make the deal work in the first place. Probably in order to get the cash out to pay off some debt.

Look at it this way...if you did not get the value you were looking for, your refi would never have been able to happen in the first place.

I am NOT CONDONING Amerifraud or any other lender who does this, but you over extended borrowers need to get a grip on your finances.

Just wanted to let you know what they have done to us. I have been dealing with this since Nov.2004. And appraisal was done on my home in July2003 for 55,500.00 ,in July 2004 Ameriquest did a appraisal and it took over two months of phone calls to finally get them to send it to us. We were shocked when opened it and seen the amount of the appraisal. It was 105,000.00 . I feel everyone out there having problems needs to speak in ther states maybe in federally to get something done with this company that is doing so many things illegally and are getting rich taking atvantage of the people may it be people with bad credet the elderly and ect.I would love to see a class action law suit against Ameriquest/AMC.Teresa