Complaint Review: Ameriquest Mortgage/Deutsche Mark Bank

FIRST OF ALL: Did You Know? If your home has been foreclosed on and it sold for more than what was owed during the Sheriffs Sale....the mortgage company owes you money back! I learned this from a broker....check it out! Ameriquest is FAMOUS for this kind of trick!

Until recently I did not know how bad the Ameriquest scam is. Let me give you a little bit of history.

A few years ago I moved to Texas and decided to deed our family home over to my son. They had lived in the home for several years, paying me rent, and I thought it would be a nice gift. The kids were thrilled!

Shortly thereafter they decided to take what they had been paying in rent and do some home improvements. They started checking around for home improvement loans and suddenly they were contacted by someone from Ameriquest.

Ameriquest promised them a loan...no problem! Shortly into the process (AFTER Ameriquest did a home appraisal) Ameriquest came back and said they could not lend the kids what they wanted...it HAD to be more! Coincidentally, what they HAD to loan them was close to market value on the home.

Unfortunately, the kids took the loan thru Ameriquest and the trouble began. Suddenly they were behind on payments, enormous charges were added...no matter how much money they gave Ameriquest at a time, it seemed they were always behind and could never catch up. Several times I sent checks also. At the very end, when they received a foreclosure notice I sent a check for $1900 and they still foreclosed on the house. The kids were on the street and out of a home that my son had come to as a newborn of 6 weeks of age.

We are now trying to check on what, if anything can be done about the situation. The house sold...for more than what was owed on it.

I have been in the process of purchasing a home recently and was talking to my broker about this situation...it was then that he told me that if the house sells for more than was owed...then the company owes YOU money back! You might have to get a lawyer to recover it...but make sure that you also recover your attorneys fees from the mortgage company in addition to what they owe you!

Janaw
Blanchard, Oklahoma
U.S.A.