- Report: #142501
Complaint Review: Ameriquest AMC Mortgage - Orange California
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Author Confirmed
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Ameriquest AMC Mortgage
505 City Parkway West, Suite #100 Orange, 92868 California, U.S.A.
Phone:
800-430-5262
Web:
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Ameriquest, AMC Mortgage deceptive fraudulent excessively raised appraisals Ripoff Orange California
I obtained a loan through Ameriquest/AMC in November 2003 with original appraisal $235,000.00, also with statement in closing documents stating would refinance by Oct 2005.
In end of 2004 got behind a few payments put on a forbearance payments were $1500.30 wnt to $2074.00 for (8) months, didnt help. At 2004 tax appraisal was $191,250.00 wasn't really thinking.
Was approved at end of April 2005 to refinance, needed an appraisal, paid $350.00 house appraised @ $195,000.00 the people said there is something wrong with this loan. So now can't refinance, can't sell.
I contacted Ameriquest several times, the woman assigned to my file in home retention, would not return my calls, and when I did get someone on the phone would roll me to her voicemail. I finally called back last week and talk to a home retention supervisor, asked would they be willing to do short sale for the appraised amount of $195,000.00 refinancing to pay them off and he said no way. I advised they are doing a short sale on courthouse steps on June 7th 2005 for highest bid, he said yes but not with me. I also advised I know that there was predatory lending done some way on this loan and deception with the appraisal.
I has been stated that the owner of Ameriquest and major stockholder, is a major contributor to the Gov. of California and other political people, maybe this is being covered up politically and is why it never gets anywhere and no settlement restitutions over pennies have be done.
NEED HELP - WANT THEM TO REALLY HURT IN THEIR FINANCIAL POCKETS!!!
Sheila
Fresno, Texas
U.S.A.
In end of 2004 got behind a few payments put on a forbearance payments were $1500.30 wnt to $2074.00 for (8) months, didnt help. At 2004 tax appraisal was $191,250.00 wasn't really thinking.
Was approved at end of April 2005 to refinance, needed an appraisal, paid $350.00 house appraised @ $195,000.00 the people said there is something wrong with this loan. So now can't refinance, can't sell.
I contacted Ameriquest several times, the woman assigned to my file in home retention, would not return my calls, and when I did get someone on the phone would roll me to her voicemail. I finally called back last week and talk to a home retention supervisor, asked would they be willing to do short sale for the appraised amount of $195,000.00 refinancing to pay them off and he said no way. I advised they are doing a short sale on courthouse steps on June 7th 2005 for highest bid, he said yes but not with me. I also advised I know that there was predatory lending done some way on this loan and deception with the appraisal.
I has been stated that the owner of Ameriquest and major stockholder, is a major contributor to the Gov. of California and other political people, maybe this is being covered up politically and is why it never gets anywhere and no settlement restitutions over pennies have be done.
NEED HELP - WANT THEM TO REALLY HURT IN THEIR FINANCIAL POCKETS!!!
Sheila
Fresno, Texas
U.S.A.
1 Updates & Rebuttals
Shaun
Anch,Alaska,
U.S.A.
Try to sell anyway
#2Consumer Suggestion
Fri, May 13, 2005
So you are obligated to refi by Oct 05 and probably cannot due to your "loan to value" (LTV)?? Then put your home for sale for the amount you owe. Forget about what the appraisal says, a house is worth what someone will pay for it! Maybe you will get lucky and someone with A+ credit will see your home for sale and fall in love with it. Sometimes a lender will only require a "drive by" appraisal for someone with excellent credit, and it may appraise to the amount that they would need to qualify for the loan on your home. Also, if you get a realtor involved, they my have the connections to have your home "over appraised" to help the sale go through. I'm sure Ameriquest isn't the only one who pulls strings. Just because a home appraises for a certain amount doesn't mean you have to sell it for that amount. Also, talk to some other mortgage brokers. There are lenders out there that will lend greater than 100% LTV for someone with good enough credit. I doubt Ameriquest can get in trouble for "over appraising". There is alot of grey area in an appraisal anyway since it is someones professional OPINION on what a property could sell for on the market. An appraisal is an art, not a science, so there is no set number that a home should appraise for. If you had 5 different people appraise your home at the same time, you would most likely get 5 different numbers, granted they will be in the same ball park.
