Complaint Review: Ameriquest

Dream Home Disasters Uncovered
February 18, 2005 Ameriquest operates more than 270 branches nationwide including 25 in the Delaware Valley. The company spent millions of dollars to sponsor the Super Bowl halftime show and bring you some of this year's funnier commercials. So even if you haven't used its services, by now you probably know its name.

VIDEO: Nydia Han reports

Diannemarie Brock/BURLINGTON CITY, N.J.:

"We feel like they ruined our life. We feel like they've taken everything out from under us."
But Ameriquest was supposed to save the Brocks from financial stress. The lender claims to have helped hundreds of thousands of people with less than perfect credit refinance, consolidate debt, and get cash all while lowering monthly payments.
"You trust them with your life."
The Brocks were one month behind in their mortgage payments when Ameriquest seemed to come to their rescue.
Greg Brock/BURLINGTON CITY, N.J.:

"They promise you - we'll redo this loan in one year - that's how they get you."
The lawsuit says the Brocks thought they'd be paying 1300-dollars a month for a loan with a fixed interest rate of 8 percent but at closing learned the deal was 300-dollars more each month at an adjustable rate that started out two and a half points higher!
"We were so upset, sick to our stomachs because this is not what we talked about."

Federal law requires lenders provide you with paperwork clearly outlining your monthly payment, interest rate, and other terms before closing. Make sure you review it so you know the terms of the loan in advance. The Brocks lawsuit says they never got those documents and because Ameriquest said they could refinance for a sweeter deal in a year, Greg and Dianne Marie signed on but they later learned refinancing within five years would require a pre-payment penalty of at least 15-thousand-dollars!
"They just hand you the papers and it seemed like a quick shuffling."
"Yeah, I would say it was high pressure."
But consumer experts say the Brocks should have walked away. Never sign a loan without reading and understanding all the fine print. Most people should hire a lawyer. Ameriquest says it does give its customers those opportunities but again, the Brocks disagree.
"They immediately started to foreclose on us."
In filed court papers, Ameriquest says the Brocks signed the documents and defaulted on the loan so the company had the right to foreclose. It also tells Action News a foreclosure is not in the best financial interests of Ameriquest and Ameriquest makes every effort to fully inform its customers about the terms and conditions of their loans. It says it is committed to the highest ethical standards.

But the company is trying to take away Venis and Sherrie Woods home, too. And Craig Curry lost his to Ameriquest five years ago. All have similar stories. 461 customers have filed complaints against Ameriquest with the Federal Trade Commission.

"They're making up anything to get the loan done."
Look at the paperwork for the Brocks and Curry who happen to be next door neighbors. An independent appraiser used by Ameriquest valued each of their homes at about 200-thousand-dollars.
"There were rooms on there that don't exist. That he had put on there, features in the home we don't have."
Christina Cowell/BROCKS' ATTORNEY:

"It's fraudulent, there's just no other word for it."
Greg Brock and Curry's final loan applications also say they're white! Plus Brock and Woods say their incomes were grossly inflated. The Brocks lawsuit and a class action filed in California claim Ameriquest falsified information without customer knowledge.
Michael Walker/FORMER AMERIQUEST EMPLOYEE:

"They change figures on you. That's the world of Ameriquest."
"They was literally forging documents."
MichaelWalker was the loan representative for Curry and the Brocks.
"So let's say you're missing five pages that's not signed - Well I'll just take boom, boom, I'll sign it."
He was fired by Ameriquest and says the company is suing him and other employees for alleged fraud.
"The blame is on you and you don't know they changed the figure because you're on the phone the whole time."
Walker says he never did anything illegal but did take a quote - "aggressive approach in figuring out a client's income."
"Because you're pressured to do it, it's either you sign a loan or someone's going to replace you. Your main focus is to sell, sell, sell."
"Mr. Curry lost his home. The brocks are on the verge of losing theirs. How do you feel about that?"
"I feel bad. Honestly."

An Ameriquest spokesperson tells Action News as a policy it does not comment on litigation, specific cases, or personnel matters. But he does tell Action News Ameriquest employees go through extensive training and the company has been an industry leader with its best practices policies.

But Ameriquest will have to prove itself to the state of Connecticut. The banking department there has filed to prohibit Ameriquest from operating in the state. Connecticut claims Ameriquest was imposing excessive prepaid finance charges but the company is fighting the action and says it takes any complaints it receives seriously and acts promptly to resolve them

Gregory & diannemarie
Burlington, New Jersey
U.S.A.

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