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Ameriquest Mortgage Company ripoff, Misleading & False Closing info., Nothing Factual provided by loan agent! St. Charles Missouri
I used Ameriquest because I believed the company to be legitimate. I was so wrong. They inflated the appraised value of my home, the loan officer (okay,a nice guy) misled me in every direction. The loan closed quickly, but not as they promised, the settlement of funds was delayed and delayed again, until I made Many calls and inquiries.
At the end, my cash back settlement amount was less than half promised (the second reason for my refinance), my interest rate exactly the same (not the 2% less than they advertised on settlement papers). They told me I would skip a month of mortgage payment, then my first payment would be due and automatically deducted from my checking account, on a biweekly basis, on 12/5.
I signed all papers at closing, including a page that detailed this payment arrangement and I gave them a cancelled check, as per our agreement, to initiate the biweekly payment system. One week later, I get a very rude and impersonal call from their home office regarding payment arrangements. The woman who called didn't even know my name and called me "Molly" repeatedly, despite my corrections that my name is Holly, told me she had no knowledge of the payment system promised and that I had to make a prepayment of one month ahead to use the biweekly (with additional principal payment) to utilize their biweekly payment program.
Aside from this, the woman persisted in calling me by "Molly" (which really pissed me off, since I repeatedly corrected her) and basically gave me an "I don't care" attitude in reply to my questions and affirmations as to the paperwork I had in hand. To summarize this experience, I have to say that the interest rate quoted by the loan officer was 2% higher than promised, the cash settlement amount almost $4000 less than promised and the actual receipt of funds delayed by over one week, while they jerked me around and I fought tooth and nail for MY money (while I paid interest on it).
In addition, they financed one year's premium of my homeowner's insurance, but DID NOT pay it and would not, had I not noticed the entry on my settlement papers and pursued it with not less than 20 phone calls. They bait and switch, screw you out of funds promised (Your money, financed at a higher rate than promised) and then make you fight for every concession they make on the contract.
I have never had to work so hard to refinance my mortgage or have been so disappointed with the outcome. This company really screws you. If your credit (like mine) is anything better than horrible, RUN, don't walk, AWAY from this mortgage provider! I have dealt with Countrywide, an H&R Block institution before and have been well treated there.
If you just want to be jerked around and lied to, then go ahead with Ameriquest. If not, then there really are good and reliable mortgage sources available, but Ameriquest is NOT one of them! I am paying out the b**t for this experience. Better to give your hard earned money to a lawyer now, than to let these people mess with you for the next 20-30 years. Either way, you are just giving your money away.
Holly
St. Louis, Missouri
U.S.A.
3 Updates & Rebuttals
Kay
St. Louis,Missouri,
U.S.A.
Maybe you can help me
#4Consumer Comment
Fri, February 17, 2006
I had a very similiar experience, may I ask this loan officers initials please. I'am in a pending lawsuite with this branch. It was 11-2003. I would really like to talk to you if the first initial of this person is J. Thank You
Kay
St. Louis,Missouri,
U.S.A.
Maybe you can help me
#4Consumer Comment
Fri, February 17, 2006
I had a very similiar experience, may I ask this loan officers initials please. I'am in a pending lawsuite with this branch. It was 11-2003. I would really like to talk to you if the first initial of this person is J. Thank You
Todd
Mpls.,Minnesota,
U.S.A.
Buyer Beware ..So use the Title Company, Be prepared to walk
#4Consumer Suggestion
Fri, November 21, 2003
GREAT advise would be to ONLY close your loan at the title company. this avoids the old "thumb close" in which you would miss important details like pre-pay penalites.
This also pus another company on the line, so
they will be sure to disclose the entire loan.
If the apprasial is done and you decide to resend the loan, you may pay for & keep the apprasial. Or walk away without it - no charge & unless the cash you want is to save a life DO NOT be rushed into a loan. if the numbers are not right at closing - STOP.
It may not be there if you do wait. but isn't it better to miss 5 great deals then to get
stuck in 1 bad one?
and finally,
As a ex but long time employee I can say that YES, sadly there are, as in many businesses today you have the liar, thief and crooks out there to take your money.
I worked for the sister company & cannot speak to the ethics at Ameriquest, But in the branch I was out of this was not the idea to use white out, paste up w-2's or pencil in the desired value of a apprasial. - No special box with x-acto knifes or forging of signatures!
I like to sleep at night too much to be screwing with peoples lives, for the sake of a loan!
If you feel your more credit worthy than what the loan officer says, take it to your personal bank or credit union - The Point is, if it sonds too good to be true it likely is, If your being told your worse than you believe you credit to be - walk away it's not like your forbbiden return later if it does turn out to be a fair offer compared to what other lenders might do.
So use the Title Company, Be prepared to walk
and - if you can't read it on the loan package
- it ain't there ! - No matter what that
loan officer/account excutive says.
And don't forget you by law depending on the state & lender have 3-7 days to change your mind
and your out nothing but a little time.