- Report: #107595
Complaint Review: Ameriquest Mortgage Co. - Braintree Massachusetts
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Ameriquest Mortgage Co.
Braintree, MA Braintree, Massachusetts, U.S.A.
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Ameriquest Mortgage Co. another ripoff from Ameriquest, what do we do about it? Boston Braintree Massachusetts
How I wish I had found this web site before I signed papers with Ameriquest!! We too have been taken by them.
First, they greatly inflated the appraisal (and I thought that was good at the time!!). As I was still shopping around, the manager called me and threatened me over the phone so that would close asap. Then there was no advance notice of when we were going to sign. They just called to say they were going to be there in 1/2 an hour. They didn't tell us about our rate being variable after 3years or a prepayment penalty or points to pay until we had started signing. Then the variable rate on record on their web site is higher than what I was told. I too was told that I could refinance within 6 months with a lower rate and that I could have an escrow put in and that I would be okay when taxes were due. Well, I just tried to refinance and they are quoting me over 2% higher with 2.5 points more!! Forget refinancing with them, now we are going to have to come up with $4000 in taxes due at the end of the year. And if we get out of this loan, we will have to pay over $7000 in prepayment penalty!!
I understand nothing is clearly illegal in this, but these are just very unethical business practices.
Is there anything we can do?? Anyone out there with a lawsuit against Ameriquest that we could join??
Isabelle
Plympton, Massachusetts
U.S.A.
First, they greatly inflated the appraisal (and I thought that was good at the time!!). As I was still shopping around, the manager called me and threatened me over the phone so that would close asap. Then there was no advance notice of when we were going to sign. They just called to say they were going to be there in 1/2 an hour. They didn't tell us about our rate being variable after 3years or a prepayment penalty or points to pay until we had started signing. Then the variable rate on record on their web site is higher than what I was told. I too was told that I could refinance within 6 months with a lower rate and that I could have an escrow put in and that I would be okay when taxes were due. Well, I just tried to refinance and they are quoting me over 2% higher with 2.5 points more!! Forget refinancing with them, now we are going to have to come up with $4000 in taxes due at the end of the year. And if we get out of this loan, we will have to pay over $7000 in prepayment penalty!!
I understand nothing is clearly illegal in this, but these are just very unethical business practices.
Is there anything we can do?? Anyone out there with a lawsuit against Ameriquest that we could join??
Isabelle
Plympton, Massachusetts
U.S.A.
2 Updates & Rebuttals
Carol
Petersburg,Virginia,
U.S.A.
Rebuttal Ameriquest Mortgage
#2Consumer Suggestion
Sat, April 15, 2006
Did you report what you say was an inflated appraisal to anyone? Massachusetts is clamping down and prosecuting appraisers who inflate values for the banks they work for. Refer to the huge LAND FLIPPING TRIAL IN SPRINGFIELD where appraisers, mortgage brokers, and an attorney were all charged. If this appraiser loses his license, maybe other appraisers won't be so hasty to provide phony appraisals for Ameriquest. If Ameriquest is a predatory lender, anyone helping them to ripoff off homeowners should be prosecuted too!
J
Brockton,Massachusetts,
U.S.A.
When did you refinance?
#3Consumer Suggestion
Sat, April 15, 2006
As of November 2005 it is illegal to have a prepay penalty in the Commonwealth of Massachusetts. If you refinanced after that, the loan has an illegal component.
