Complaint Review: AMERIQUEST

I see...I ran into this same problem when I tried to help someone refinance away from them. This person started with them by refinancing away from Delta Funding (another horror story place) and then they flipped him (meaning refinanced yet again)two more times over the next year and a half (which is really illegal...you can't refi twice with the same lender in less than a year or it's considered loan flipping).

Anyway, when we went to refinance him, his original Delta Funding loan showed open title but not the credit bureau. Their title company stonewalled us, him and our title company as to getting any information on where the satisfaction was on that original loan. It was for $120K. We then went to Delta Funding to get the satisfaction...they told us they didn't even have a record of that loan existing...now go figure out that one. They just kept on upping his loan amount for cash out...and reaped the profits each time he did that by overcharging him more than the HOEPA laws allowed for fees. Check your HOEPA limits for your state and see if you can add up costs and see if they exceeded the % allowed (not counting some attorney fees and per-diem interest). If it did, they also violated HOEPA laws...another angle to go for more damages and mortgage fraud. If they did you may be entitled to have those fees paid back, or added directly to the principal balance of your loan, including back-interest you paid on them.

What that really implies is that someone is lying their A* off and just is stonewalling so he didn't take his 500K loan elsewhere...or someone walked off with $120,000 that belonged to the borrower to pay off that loan. Since no records could be found of payment, he got an attorney and began proceedings of mortgage fraud. They backed down and finally produced a satisfaction of sorts...which was enough to allow it to get away from them, but there still is a mystery about where that money went...since Delta never officially recognized it...and the title company really never 100% removed it.

This is the example of how they operate...and why you really need to get a competent attorney that deals with mortgages and mortgage fraud. You need to sue them, and ask for punitive (meaning punishment) damages. That's for damage over and above the actual money it cost you for your anguish. You NEED to file a ripoff report against that title company too. When you refinance, and there are existing liens on the home, they either need to be "subordinated" into a second position (via a subordination letter I don't think they bothered to get) or in reality then those are 1st position holders by defacto since they never bothered to solidly express that they are entitled to first position by having a clean title. They may say they have 1st position but if there were liens in place prior to you refinancing with them...they don't have it in technical terms w/o those subordination letters from those lienholders.

This is why I think they are going to pay them off if you press it...or produce the satisfaction letters they are required to obtain for you. Take them to task...and don't allow them to walk away with your money. Do the news channel thing too....give them some bad press on the very channels they advertise on!

Remember - I work for a lender (can't name here) and see these guys rip people off every day, change things last minute..claim fixed rates when in reality they are ARM loans "fixed" to an adjustable index like LIBOR. TOTAL LIARS AND SCUMBAGS in my opinion.

Good luck.

Thanks Again, I got the loan when calling in to make my paym I was already with Ameriquest and my 2 year per pay was over So he talked me into this loan and told me not to pay Dec. Which was A big mistake to listen to him. In 2003 was my 1st time refi with them at that time the title co never told me about any liens and get me my cash out with no problem, This time after my new Loan with Ameriquest closed -- and I did not recieve any Money or Letter. I called to found out there were liens on my home from 1997, So the 1st time they cleared me and now they want me to pay them - They are not on my HUD the cash out is to go to me- there were no pay outs except there outrages fees. Also they starting with one title co who told me Ameriquest knew about the Liens Dec 14th and I signed on Dec. 16th, They have now which titls co. back to the one I had in 2003- He ever told me about them In fact he said my title was clean. I would have taking care of them 1st and then got the Loan Because they should had been remove in 1998 when my husband dies, I already got the IRS to release theres and I'm having to pay a lot of money to have aviod of Lien done on the other -- I did nothing wrong and feel I should not have to pay this money. Guess what Ameriquest is changing there name to AMC - They have gotten so they crap out there it is hurting them -- But for them to change there name start fresh and not be shut down!!! That is a crime, LET EVERYBODY KNOW THAT A.M.C. IS AMERIQUEST
I hope you understand this better I tried to answer your questions. Is it all to much for me.

Whether or not a loan was paid off, you had title insurance on the TITLE - a lifetime policy...you could hold that until the day you died and they would still have to pay if someone came out and said they had claim to the home.

Whomever did a title search when you did your loan HAD to do a title search to check for liens and taxes due...and put them on a title report that they gave to the lender and/or broker. You are entitled to a copy of that report...insist on it and show up with an attorney at their door to get one if they give you grief.

Now...let me get this straight...you got a loan through a broker to end up with these guys or directly from them? Who's name is on the HUD? Who held that loan? Who actually placed the order for the title search to be done, and then where is the copy of that report now? It's got to (by law) be in a copy of the loan file at the broker and/or lender (in case of audit by the feds) so you know somebody's got to have a copy of it. On there, will show all liens and judgements they found. The title company, by issuing a policy, insured that you had a clean title...now and forever - or at least until you got some new liens from someplace else...that is your business. But...those on there at the time of close were either "excepted" or "insured" by the title company and would be so marked on the copy the underwriters got who approved your loan. If they are and were not listed on your HUD when you signed, then I would suggest that the lender F*d up badly and is responsible for paying them, if not the title company themselves for insuring that you got a clean title.

Sue and add for punitive damages. Print out as many links from this site as you can to back you up that are LEGIT complaints of similar nature. Go to a few other sites to do your homework on these guys...and go to the banking commission of your state and file a complaint on the lender, the broker and title company. DO IT NOW...while it is still fresh.

Plenty of people complain, but few actually take action...you have a legitimate gripe and a seemingly open/shut case. Take it to court, ask for 10 times the amount in damages...or more. Sue for damages from stress, time off work, lost wages and everything. They're going to want to avoid court, so are likely to pay the liens off before you get to that.

Lastly...CALL YOUR LOCAL NEWS CHANNEL...go to their features person, and financial report person...they will want to do a story on people in the community who got ripped off...and you will get some really nasty press against them and on your side. This works most of the time...most stations have a "9 on your side" type feature like our local channel 9 news guys (girls), or some sort of feature like that where they do some service for some community member who got the screws put to them.

Don't be afraid to stake out in front of their office with a nice sign (on a public walk or drive) saying simply "I Got Ripped Off Here"...make sure you talk nice when the cops show up...you are on public property just walking around carrying a sign you were "taking to a friend"...if you know my meaning.

Don't give up...you will win.

Dear Joe

Thank you - I see they ruined your superbowl also!! I asked Ameriquest right away about the Title INS, which I did pay, they would not file a claim , So I called Orange Coast title co. myself and was told that the loan had been paid off therefor there was no ins on the old loan. I had to get an attoney and really can not say more right now. expect they are dirty rotten rip offs!!! again Thank you.

You should have had title insurance purchased at the time you did the loan. You need to use that and go after the title company. They are the ones who assured you by a title search that your title was free & clear of anyone coming out of the woodwork to lay claim to your home via lien. The title insurance protects you from these claims.

You need to bring this to their attention...but do so with a tape recorder in your hand and let them know you are taping everything. Record any phone calls you make in that regard also...spend the money on that recorder...whether or not you do it with permission, it'll come in handy....best to do with permission, but do it anyway even if they say no.

Shame on them for overlooking it...I would include both in any lawsuit for damages. GET AN ATTORNEY by all means and go after them for your title insurance claim...include punitive damages in your claim...print out all the ripoffreports you can find and take them into court with you. Judges will look favorably on allowing for punitive damages if there's a pattern of misbehavior....and there is. Include the loan officer, the title company and the lender in your lawsuit. Do it in a civil suit, back it up with a criminal suit. File a police report that you were misled and had fraud perpetrated on you.

If you didn't get title insurance...you blew it...and are S.O.L...you may just as weel have well bought land on a reservation in that case.

Wish you luck...now you know better than go with a lender who pays 3 million bucks for a 30 second ad on the Superbowl. You are paying for it now.