Complaint Review: Ameriquest Mortgage

After learning my ex had spent most of my money and charged our credit cards to the max, I was scared and secured a loan from the first company I found on the internet. Yes, I know, dumb. It was good 'ole Ameriquest. Actually, what I read about Ameriquest seemed very good.

We signed the contract November 2003 and our first payment was due January 1, 2004. I made the payments early every month until June 2004 when my husband decided to get drunk, take drugs and pound my face. Anyway, I was hospitalized 3 times and went through an expensive divorce. I called Ameriquest many times to let them know what was going on and why I was late in making my payments. They said I may qualify for a financial hardship program they had. I didn't qualify. Why? They would never say. I figured if I didn't qualify, no one would so the program must be non-existant.

In the meantime, even though Ameriquest knew my situation, they were piling on the late charges. I took out a loan against my 401K and made the 5 payments I was behind. I had a couple more late payments (no more than a couple of days) but finally got back on track.

I had also filed a class action suit in early June. An attorney contacted me and talked me into joining this suit since he claimed Ameriquest was ripping off their customers for various reasons, mostly falsified percentage rates and appraisals. He found this to be true with our loan. I wish I had never joined the lawsuit since I believe Ameriquest has been retaliating against me ever since. I only got a $3,500 judgement and the attorney took most of it.

I have found, after ordering a loan history just to check out that all was good, that Ameriquest has been charging late fees since February 2004! I have called many, many times and no rep can explain except I didn't make my payments on time. I have all the proof but they can't seem to see it on the 7 faxes I have sent to them.

To top all of this off, after my divorce, I had to file bankruptcy since my wonderful ex had charged more than $80,000 in credit card debt. I filed a Chapter 7 and my attorney sent Ameriquest a letter stating I would continue to pay my mortgage. They have charged me almost $10,000 for their attorney fees, property inspection fees of $10 a month even though they knew the property had not been abandoned since they were receiving monthly payments. They have charged many other fees that I have no clue what they mean. Do you think Ameriquest reps will help me understand? Oh no. Altogether, the fees equal over $13,000 and 2 $500 payments placed in suspense that were never credited back to me or used for payment. Guess someone needed a little extra money that month.

I ordered a "pay my loan off so I can get away from Ameriquest" document and I must pay over $8,000 just to refinance elsewhere. The rep told me, upon signing the contract, that we should consider refinancing in 1 year since the interest rate of 8.5% was high (ex's credit was bad, not surprising). I am going to refinance and pay the $8,000 since it will be cheaper in the long run. Ameriquest wins again!

This has been a nightmare. I tell everyone I meet to NOT even consider this so-called "reputable" company. They have recently changed their name from Ameriquest to AMC Mortgage Services. I'm sure their reputation was getting so bad they changed their name to lure in more poor people they can rip off.

I have written to my governor, senators and the Attorney General. I have not received much help but at least I felt better. I will continue to spread the word to steer clear of this company so no one else will have to endure the horrible experience I have had. Thanks to this wonderful company, I take anxiety and sleeping pills now!! Maybe I can send my perscription charges to Ameriquest. Sure......

Kathleen
Alabaster, Alabama
U.S.A.

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