- Report: #86369
Complaint Review: Ameriquest Mortgage - Nationwide
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Ameriquest Mortgage
www.ameriquest.com Nationwide, U.S.A.
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Ameriquest Mortgage RIP-OFF! They're liars! BEWARE! Internet
First off, we were told in a good faith estimate our percentage rate was to be 9.25 when at closing it was actually 10.5. While we were waiting to receive our cash out check we received a mortgage statement from Country Wide stating we were due for our April payment, now this surprised us because AMERIQUEST was to have this paid off alread.
In this time we are still waiting for our cash out check. My husband contacts ameriquest and asks what's going on. They tell us the money has been sent to the closing company and they were to issue us the check. Two days later we receive another motgage statement this time from AMERIQUEST... we were floored. We were now owing for two mortages being charged for two mortgages.
Well we got back on the phone with AMERIQUEST and find they sent the money to the wrong closing company. Finally after a month we received our cash out check. But some things on the good faith estimate were not paid off.
Next comes the upsetting part - my husband and I are now wealthy people with a take home income of 1800 a month our mortgage payment is now 1036 a month and we cannot afford it. We are going into foreclosure and some people have told us that they have done alot of illegal things. Does anyone know if there is a law about giving someone a loan in which they know they cannot afford.
Any usefull information would be greatly appreciated. Also they have had some one (an ameriquest affiliate) try helping us get our loan on track so they dont have to foreclose. we are now almost 1year(yes 1year) behing on our mortgage and they are giving us a chance. My husband and I are wondering why they havent foreclosed yet and the only thing we can come up with is they have done something illegal and dont want to go to court or it will come out... anyone with any other ideas about this?
Valerie
Glidden, Wisconsin
U.S.A.
In this time we are still waiting for our cash out check. My husband contacts ameriquest and asks what's going on. They tell us the money has been sent to the closing company and they were to issue us the check. Two days later we receive another motgage statement this time from AMERIQUEST... we were floored. We were now owing for two mortages being charged for two mortgages.
Well we got back on the phone with AMERIQUEST and find they sent the money to the wrong closing company. Finally after a month we received our cash out check. But some things on the good faith estimate were not paid off.
Next comes the upsetting part - my husband and I are now wealthy people with a take home income of 1800 a month our mortgage payment is now 1036 a month and we cannot afford it. We are going into foreclosure and some people have told us that they have done alot of illegal things. Does anyone know if there is a law about giving someone a loan in which they know they cannot afford.
Any usefull information would be greatly appreciated. Also they have had some one (an ameriquest affiliate) try helping us get our loan on track so they dont have to foreclose. we are now almost 1year(yes 1year) behing on our mortgage and they are giving us a chance. My husband and I are wondering why they havent foreclosed yet and the only thing we can come up with is they have done something illegal and dont want to go to court or it will come out... anyone with any other ideas about this?
Valerie
Glidden, Wisconsin
U.S.A.
2 Updates & Rebuttals
Terry
Duluth,Minnesota,
U.S.A.
Your not alone, Predatory lending IS Against the law.
#2Consumer Comment
Wed, April 21, 2004
There are many of us who are going through the same things as you are with Ameriquest. I have reported them to the federal board and the attorney generals office. You should do the same. EVERYONE WHO GOES THROUGH THIS SHOULD. Predatory lending IS Against the law. I am in the process of getting a lawyer to take legal action before they take my home. Go on a search engine and type Ameriquest lawsuits and you will see. Good luck to you.
E
Oklahoma City,Oklahoma,
U.S.A.
mortgage companies usually can get around the income situation, because they can either gross up your income, or calculate it different ways to get the income desired
#3Consumer Comment
Mon, April 19, 2004
Valerie, I am very familiar with Ameriquest Mortgage. I am in the mortgage industry and they are 1 of 2 companies, we will not do 2nd mortgages behind. I believe there is a law to giving someone a loan, that they can't afford. It probably would be under "Predatory Lending". The thing is mortgage companies usually can get around the income situation, because they can either gross up your income, or calculate it different ways to get the income desired. Another thing about Ameriquest, is we will not except any appraisal done by that company. They over inflate customers home's putting them in a position to being upside down in there home, or just stretching them over and beyond the consumers means. A typical mortgage company can finance someone at 50% of the gross income. That includes, the new mortgage payment, taxes and insurance, and any other consumer debt. I really wish the best of luck to you and too anyone else that has refinanced with this company. To conclude this conversation I would look into your "Predatory Lending Laws" in your state.
