Complaint Review: Ameriquest Mortgage Services Inc. Aka AMC Mortgage - Orange California

I shared this information on another string, but if you file a Schedule A and itemize your deductions, you can claim close to 100% of your pre-payment penalty IF you refinanced with a different lender. The penalty is considered interest and AmeriQuest "should" include the total, for example, $3,000, in the TOTAL interest you paid on your mortgage with them in 2005, as part of the 1098 form they are required to send to you for tax purposes. A good tax return program will help you to figure the exact deductible amount. Good luck -- and good for you for getting away from these bloodsuckers! They contacted us a few times too, but we didn't take their bait.

I truly appreciate the comments following my recent report and would like to make one additional comment. I forgot to mention that when they offered me the new refinance fixed rate of 8.75% they also mentioned that for me to qualify for a better rate I would now have to be discharged from the bankruptcy for 3 yrs. No longer the 2 yrs. they originally said and like most other mortgage companies do. I said to the rep. isn't it like moving the goal post every time one gets close to getting out of bad debt.Next time I want to get a better rate won't it be 4yrs? That's what made me so upset and conclusive to the fact that they are predator lenders. I knew what I was signing when I did the original loan, I thought I would take the pinch for a short time, build a strong record(paid online ALWAYS before the 1st. of the month) with them and refinance to a more favorable rate at the earliest possible time. But moving the qualification time back only left me at thier mercy for longer. The large fees, the high rates, the prepayment penalty that now could not be waved, eventhough I had an impecable record of ontime payment and the extended time for qualification all fits together to reveal that they want to keep you on that revolving wheel of bad debt and they will take all they can get. I'm still staggering after jumpimg off the spinning wheel but I'll be standing straight soon. I also would like to thank the broker at Dream to a Reality who got us refinanced with Providence mortgage for the consumer who wanted to hear some good news for a change. Dream to a Reality is in Orlando a wonderful group.

Steve, I was hoping you'd share the new company you're with now as so many of us are looking to get out from hell! I appreciated hearing there's are still some good mortgage lenders out there. If anyone else has a good lender, please share it with us. Thanks,

I somewhat agree with Eric. You knew going into it that you signed a 2 year arm with a 3 year prepay, which by the way is about the worst program you could ever buy into. But, my advice about the prepay is that it IS a tax deduction. Being self employed I am sure you love any and all deductions. It is considered prepaid interest, the same as any "points" on a mortgage. They are prepaid finance charges and in the eyes of the IRS, that is considered mortgage interest, which of course is a tax deduction. I don't think that AMC did anything here but offer you a bad rate and program. They aren't going to be competitive with stated programs. You're best idea is to go to a broker who has multiple stated income lenders they work with. Unless of course you can prove your income is enough through your tax returns. Then I would go to any bank. After your Bk was discharded you are pretty much all set, it shouldn't hamper your mortgage program too much.

I don't work for Ameriquest, and i know there reputation which is the reason I don't work for them. That company is a sham and they do need to be shut down, BUT: Based on your email there was nothing really predatory about it. You knew about the prepayment penalty, hell you signed the contract. Being self employed you would think that you know you have to read what you sign for. AMC is a corrupt company in every aspect, but instead of blaming them for the Prepayment penalty why don't u look to yourself, because your the one that signed the documents. If anyone wants to sign a document without reading it, and just take some one's word what it is, thats there own d**n fault and I have some ocean front property in Arizona they can buy. I appoligize if it seems like I am attacking you in anyway, I log on occassionally and try to help people who have financed with AMC and other known predatory lenders, if there was something illegally done or there may be away out for them. But it can't be somethign on the lines of signing a document without reading it.