Complaint Review: Amc Ameriquest - Orange California

You said they over-valued your home by basing the value of YOUR on the sales price of OTHER homes in your neighborhood. NEWSFLASH: Thats what the sales approach to an appraisal IS. That is how an appraiser determines value. If you thought they were lending you too much, why did you not complain? If the year of the loan, you only made $9000, which is about $750 a month, HOW DID YOU EXPECT TO PAY THE MORTGAGE??? Granted, it is possible that Ameriquest blew everything by you. But you KNOW WHAT YOU CAN AFFORD. And I dont know what you are talking about lenders not being allowed to lend past 90%. Thats hogwash. I wrote a 125% second at 19% before.

Julie - From the limited information you have provided here, it reads as if this is what happened: You refinanced your loan with Ameriquest and they qualified you with Stated Income. You may have signed a Stated Income Letter. It was normally a very plain sheet of paper, with one paragraph and your dated signature. You might not have a copy of this. It is very likely that the only reason you signed this loan was that it was saving you from some financial burden at that time. The loan allowed you to keep your home, and it may have provided you with some cash out to pay bills and to survive. This was a common scenario. Answers to these questions will allow people to help you: - Does your loan currently have a PrePayment Penalty clause? - What is the current Loan Balance? - How much is your home truly worth now? - You mention that the loan is in your name, alone. Is there anyone else on the Title? Please prepare the answers and contact a mortgage broker in your area.

They're the ones who told me everything was good to go. I believe mortgage co.'s are not suppose to loan more than 90% of a value of a home. I was told my appraisal came through good. We consildated a couple of bills. With the other bills and our previous house payment our actual payment was lower. We had our house listed on the market for 6 months and not a bite. How am i suppose to get out of this now. It is not my fault they falsidied info with my refi. Come on, you on how those guys sweet talk there deals so they make there commision. I wouldn't be sticking up for this Co. We all know what they're doing, including me. Bottom line her is THEY CAN NOT CHANGE FIGURES TO MAKE A LOAN GO THROUGH. I had no idea about these things until recently. We consumers should be confident they will use accurate info to acquire loans.

They're the ones who told me everything was good to go. I believe mortgage co.'s are not suppose to loan more than 90% of a value of a home. I was told my appraisal came through good. We consildated a couple of bills. With the other bills and our previous house payment our actual payment was lower. We had our house listed on the market for 6 months and not a bite. How am i suppose to get out of this now. It is not my fault they falsidied info with my refi. Come on, you on how those guys sweet talk there deals so they make there commision. I wouldn't be sticking up for this Co. We all know what they're doing, including me. Bottom line her is THEY CAN NOT CHANGE FIGURES TO MAKE A LOAN GO THROUGH. I had no idea about these things until recently. We consumers should be confident they will use accurate info to acquire loans.

They're the ones who told me everything was good to go. I believe mortgage co.'s are not suppose to loan more than 90% of a value of a home. I was told my appraisal came through good. We consildated a couple of bills. With the other bills and our previous house payment our actual payment was lower. We had our house listed on the market for 6 months and not a bite. How am i suppose to get out of this now. It is not my fault they falsidied info with my refi. Come on, you on how those guys sweet talk there deals so they make there commision. I wouldn't be sticking up for this Co. We all know what they're doing, including me. Bottom line her is THEY CAN NOT CHANGE FIGURES TO MAKE A LOAN GO THROUGH. I had no idea about these things until recently. We consumers should be confident they will use accurate info to acquire loans.

They're the ones who told me everything was good to go. I believe mortgage co.'s are not suppose to loan more than 90% of a value of a home. I was told my appraisal came through good. We consildated a couple of bills. With the other bills and our previous house payment our actual payment was lower. We had our house listed on the market for 6 months and not a bite. How am i suppose to get out of this now. It is not my fault they falsidied info with my refi. Come on, you on how those guys sweet talk there deals so they make there commision. I wouldn't be sticking up for this Co. We all know what they're doing, including me. Bottom line her is THEY CAN NOT CHANGE FIGURES TO MAKE A LOAN GO THROUGH. I had no idea about these things until recently. We consumers should be confident they will use accurate info to acquire loans.

Why would you refi for more than you could afford? In your OP, you said nothing about being given more than you could afford, only that you weren't working full time. Normally a refi is done ro lower interest, therefore lowering payments. If you refi, then subsequently lose your income source, you have a problem. However, if you refinanced without the income source there, how is this the companies fault? YOU accepted a larger amount of money than you were able to pay back, based on an appraisal that exceeded the value of your home. Perhaps in my reading of the situation, I missed something, so I would ask that you provide clearer details. Ameriquest has a bad rep for customer relations and general business practices, but without more information, this sounds like you simply got in over your head.... Good luck, and we'll be waiting for your reply.

After digging in to my refi papers i have found out that they appraised my home at 145,200. I have an appraisel done 10 months earlier for 121,000. I have no record of an appraisel in my closing papers. I have called and requested one with no response. They also stated i made 3447 a month. I only made 9000 for the entire year. This is not all stopping here. My family has gone without eating, i spent a week in the hospital because i got so depressed over financial stress. It goes on and on. I will not stop with this. I will see it through no matter what it takes.