Complaint Review: Ameriquest Mortgage - Santa Ana California

To the customer who is paying for the loan in bankruptcy and then Ameriquest. Did you check with your bankruptcy attorney/court trustee to find out if was possible to get a reduction in payments before you even applied for the loan? That should have been the first thing you did. I wouldn't have even taken an application on you if the home was in bankruptcy with out knowing that information first. You might want to check and see if it was allowed by the bankruptcy courts to refinance the home at all while the collateral itself was filed in a CH 13 bankruptcy. And who did you check with after you already signed the loan to change the bankruptcy payments? You might want to get with your bankruptcy attorney and find out if there is a way to petition the courts for a lower payment to your trustee, otherwise where is the extra money being applied to if the mortgage with the previous company is paid off? Can they send the extra money for the paid off mortgage to Ameriquest instead to offset what you are paying in the bankruptcy so you don't lose your home? I work for Ameriquest, and my office DOES NOT engage in illegal lending practices. I offer my apologies to those of you who feel or have been ripped off. And this is not Ameriquest who is ripping you off, it is individuals who use the company's name to manipulate you that are. And any if you fell for it, well shame on you. Your blaming the company because you as the consumer didn't do your homework. Have you ever heard the saying, "if you want to get something done, you've got to do it yourself?" You have depended on a commissioned based loan officer to set you up with the "best deal". Then you're mad after it's all said & done because it was a bad deal. If you let them take advantage of you like that, they will. When you sign a loan knowing information is incorrect, you might as well have put the white out on the document itself. By signing the loan you are agreeing that everything is true to the best of your knowledge, that makes you just as guilty as the loan officer. If you say they know they were wrong, you also knew it was wrong. And this could also fall back on you as falsifying information, and it's still illegal. For those of you who TRULY didn't know, that's a whole different subject. And if your that unhappy about it and know you were right, contact an attorney. Get your justice. How often do you hear this topic come up? Buyer beware information is every where people!! On the internet where you found this website, you can pick up the phone & call a bank, lender, or a broker. Compare information. It's that simple. You can't tell me it is that difficult. It blows my mind the lack of common sense in consumers out there. As far as the woman with the bankruptcy problem, you could have also had your son apply for grants or scholarships. Look it up on the internet. You find thousands of websites from different organizations that offer help for college free, all you have to do is apply. And in this industry of mortgage lending, have any of you who are complaining that Ameriquest is the worst checked the stats on other lenders? Do you not think this is stuff that happens across the board with all of them? Wake up. It's all in the individual you deal with. I personally in my line of work stay away from scenarios listed here simply because I am not losing my job on one deal. No offense to consumers out there, but you dug yourself a hole, I am not lying to get you out. I was also once a debt collector. Some of you people are ridiculous and don't deserve a loan, you never learn anyway. What I will do for my customers though if you don't qualify is point you in the right direction so you can set yourself up to get on the road to recovery. That starts by learning how credit works, how it is being reported on your credit bureau, and what is being reported on your credit bureau. You may have accounts that are being duplicatley reported by the original creditor, then sold and re-reported under the new creditors name, and then the account sold again. Do you honestly expect the creditor you didn't pay to bother removing the trade off of your credit bureau report when they sold it to the other company as a courtesy for being a customer? I think not. I've said my peace. Hopefully some one will learn something off of this information. I can be blunt, but I'm honest. CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

I didn't mean that it is the LO's responsibility. I know I said that, but what I mean is more along the lines that if the LO knows for a FACT, that a borrower can not afford the loan...WHAT RIGHT DOES THE LO HAVE TO GIVE IT TO THEM ANYWAY? I know you said you don't condone Ameriquest, but why are you trying to make it seem like what they do is just an average everyday thing? If it is, IT SHOULD NOT BE! Why are there class actions popping up all over the country against Ameriquest? Because Ameriquest CHEATS it's borrowers, that's why. They overappraise houses and FLAT OUT LIE on income. There's one woman who was on social security pulling in about $600/month...and what did Ameriquest do?? Oh, they said she made about 2k. That's not a STATED income, that's a flat out lie! I am not saying that it is Ameriquest's, or any other lender's responsibility to know if someone can afford a loan, but when it is SO obvious that the LO has committed fraud, why is that my fault???

In regards to making a loan based on a "false" amount of income, many lenders do it. Mortgage companies can do "stated income" loans, where they base the loan on the income that you state, without getting verification. You could easily "falsify" your income to qualify for a mortgage that you wouldn't normally qualify for. People opt for these loans for that purpose because maybe they expect their income to increase soon, or maybe they earn an income that isn't verifiable. My point is, there is no law saying that someones income has to be verified in order to qualify for a loan. It all depends on the lending institution's policy and whether or not they are willing to assume the risk of not verifying the income.

In response to this comment... "It is YOUR job as the loan officer to determine if it is feasable! So, if I call and want to refi for 250k on a 200k house, it's my fault for not knowing I couldn't afford the extra $800/month? Or is it Ameriquest's fault for saying, OK, WE CAN DO THAT! There's nothing wrong with a person trying to get money for the house, what's wrong is that you think it is ok to lie for them to get them this money. " NO, it is YOUR job as a consumer to know how much you can (and can't) afford. Loan officers can make a loan look good on paper, but only you as the consumer know (or should know) how much you really can afford to spend. There are certain bills and expenses that loan officers just don't account for. I'm not talking about AE's at ameriquest either. I'm talking about any loan officer anywhere. Loan officers at any institution don't account for your living expenses such as groceries, gas, cable bill, cell phone bill, drinking money, tithes, money you give your kids for allowance, etc. It is your responsibility to know if the proposed loan payment is within your budget, not the loan officer. The only check that a loan officer / lending institution does is on items that are reported on your credit report and the items that you are legally obligated to have associated with home ownership (ie tax, insurance), and they typically won't allow these debts to exceed a certain percentage of your income. A subprime lender such as Amerquest will usually allow a higher debt to income ratio than a normal lender would. For the record, I am in no way condoning Amerquest's actions regarding making loans based on a false amount of income.

First, you said, "Illegal or not, unless you are a stock holder in the company (there arent any), a compliance officer or a competitor, why should the methods of getting a loan closed matter?" Why should the methods of getting a loan closed matter? Well first, because it's the LAW. So, if I were to go with your theory here, would it be ok for me to steal from a bank? It's illegal, but I need the money, so why should it matter how I get the money? See..now doesn't that just sound plain stupid? "Ultimately the only person that is getting screwed in a loan done is the lender..... AMERIQUEST. (granted as long as the borrower has not been lied to)" The people that are getting screwed here are the borrowers. Why?? Because AE's are putting them into mortgages they can't afford on houses that were overappraised. That causes bankruptcy, how is it that the lender is the only one getting screwed? "If I tell you that your payment will increase by $300 per month and will be adjustable after 2 years.. but I will give you the $75,000 you called me about, YOU need to evaluate your financial situation. You know better than me if this is going to be feasable." It is YOUR job as the loan officer to determine if it is feasable! So, if I call and want to refi for 250k on a 200k house, it's my fault for not knowing I couldn't afford the extra $800/month? Or is it Ameriquest's fault for saying, OK, WE CAN DO THAT! There's nothing wrong with a person trying to get money for the house, what's wrong is that you think it is ok to lie for them to get them this money. The problem is that Ameriquest over appraises homes, inflates income, things that you admitted yourself, things that are ILLEGAL. PLEASE tell me how you are helping anyone? You are NOT, don't fool yourself into thinking you are. You ruin people's lives, and you admit that the company does things illegally... I don't know what world you live in, but here in the REAL WORLD, what this company does is illegal, that means AGAINST THE LAW. You are not helping anybody by doing this except those of us who are just waiting patienty for this company to crash. So for that, I say THANK YOU for proving even more what a corrupt company this is and also GO TO HELL for staying there!

In seeing Calvin's responses "And so what if Ameriquest removes liens from the title, inflate your income and white out documents? No one in the company is doing it to steal your equity. " and "Illegal or not, unless you are a stock holder in the company (there arent any), a compliance officer or a competitor, why should the methods of getting a loan closed matter? Ultimately the only person that is getting screwed in a loan done is the lender..... AMERIQUEST" it is clear that Calvin, you should be brought up on charges and are part of this whole scam mentality of Ameriquest. By your attitude, you must be about 20 years old and have yet to be named as a defendant on someone's lawsuit. Be aware that the "So What" will put you personally liable for the loan that you knowingly gave under falst pretenses. Your job should be not to take out your greedy nature on your victims, but to deny them outright and maybe point them in the right direction. Every time I see people fall victim to Ameriquest...it sickens me. So what if they are dumb...you're job is not to make matters worse. A simple DENIED on their application would suffice along with maybe some advice on what the hell they should be doing (like - you need to rent instead of own a home)...or "let your son pay for his own college...you can barely afford to eat and heat your home".....instead you scam them and then blame them for their greed and stupidity. It is truly amazing to me that an army of angry Ameriquest borrowers haven't shown up at your door like the angry mob after Frankenstein....because you are the scarier of monsters. Go work for a reputable company and see the reward of actually making someone's condition better. I've turned down people and helped them by giving them ADVICE....and not only can I sleep at night, they give me referrals for telling them straight up what to do or not do. Many times they can get a loan later anyway. To go with Ameriquest...will be the last thing you do before bankruptcy...that's the AQ way. I can't wait to see your company doors shut in the very near future. You've already opted to change to AMC to try and avoid the spotlight that hell has reserved for you.

Illegal or not, unless you are a stock holder in the company (there arent any), a compliance officer or a competitor, why should the methods of getting a loan closed matter? Ultimately the only person that is getting screwed in a loan done is the lender..... AMERIQUEST. (granted as long as the borrower has not been lied to) If I tell you that your payment will increase by $300 per month and will be adjustable after 2 years.. but I will give you the $75,000 you called me about, YOU need to evaluate your financial situation. You know better than me if this is going to be feasable. Dont get me wrong, I am not an Ameriquest proponant, I am on my last wit with them myself. I just hate to see people blame thier problems on other people.

The biggest problem that Ameriquest (and virtually all other lender's, in my humble opinion) struggles with, is the ability ot discern between customer service and profit/production. As a company, they have income that must be met to satisfy Investors, LO's have to get "their numbers', that is plainly obvious. The problem is, typical of the mortgage business, is that LO's (and management) do not know when to concede that a "deal isn't always a deal", from the beneficial CONSUMER PERSPECTIVE. Too often in this business, due to incompetency, competition, lack of customer loyalty, shrinking margins, profit level requirements, LO's will do whatever it takes to close the loan. You as a consumer become secondary. Been there. Done that. Cannot STAND LO's, Brokers, none of 'em! You would be hard pressed to find 1 in 10 operating on a genuine "customer-first" basis.....After 18 years I have seen it all. Consumer's don't matter; profits and closing the deals do. Sorry, but that is the reality of the situation.

Your quote: "And so what if Ameriquest removes liens from the title, inflate your income and white out documents? No one in the company is doing it to steal your equity. I am an employee of Ameriquest, and I will tell you first hand that the only reason anyone will do any of that is because the borrower wants/needs the loan and we want to help (although I have never had to do it myself)." So are you saying that you know the AE's CHEAT people because they are trying to help (and the trying to help bullcrap, nice try....)? You have got to either be kidding, or you really are that stupid. YOU ADMITTED that you know Ameriquest employee's do these ILLEGAL things. THANK YOU!!!!!!!!! Ameriquest is not doing anything to help out borrower's. If they wanted to help, they would do things LEGALLY and not force the borrower into a loan they can not repay because their income was inflated. I'm sure Ameriquest is glad to have you working for them, admitting that as an employee of the company, you are aware of what the AE's do....

I have read a lot of "complaints" about what Ameriquest does and how they do it. Some are valid points, but most are just a reason to complain. This particular case was to no ones fault but the borrowers (you needed the money and obviously at all costs, was willing to get it). Common sense should tell you that if the balance of your loan increases.... so will your payment. Ameriquest did not pocket $45,000 dollars, you spent it and now you must pay for it. And so what if Ameriquest removes liens from the title, inflate your income and white out documents? No one in the company is doing it to steal your equity. I am an employee of Ameriquest, and I will tell you first hand that the only reason anyone will do any of that is because the borrower wants/needs the loan and we want to help (although I have never had to do it myself). If you have dug a hole for yourself by taking out a loan you cant afford, or agreed to a loan that has terms you dont particularly like, that is a personal probelm (dont blame your mortgage company if you dont make enough money). If Ameriquest steals your money or lies about the terms of your loan, that is a big problem. I'll also admit that most of the time our fees are somehwat excessive compared to what's out there, but unless you make the effort to find what is out there you wont knkow. Just like any other consumer product, unless you take the time to compare, you wont find the best deal. Calvin in Phoenix

Everyone who has had problems with Ameriquest should file an official complaint with the Department of Corporations. Let's shut them down!

This message is for Jon who gave a rebuttal on my report. Yea! I may have been greedy. I admit that. The fact is my husband handled everything. You know when you put your trust in your loved one you expect them to do the right thing. I had no clue at what was going on. When he said he would take care of everything, I trusted him. I didn't start my research until after we started getting behind on our payments. Thanks for your input. It has been of great help. I WILL be thinking smart from now on. You know the saying! You learn from your mistakes.

As you will see on this site, there are many of us who are victims of Ameriquest's fraud. Your best bet is to speak to an attorney - I'm sure that you could find someone to look at your information for free, and at least be able to give you some advice. Do NOT call ACORN, they are absolutely NO HELP when it comes to Ameriquest. Ameriquest as whole has NO HEART, they don't care that they are taking advantage of you, or breaking the law none the less. Their new slogan should be "If you don't catch it, it's not our fault!" They try to make you feel better saying they give you a 7 day rescind period, like they told me, but the paperwork they give you is completely different, we only got 3 days. Their AE's are slick and always have a way to explain the charges and why your income is overstated when it shouldn't be. There are class actions starting up all over the country, but I'm afraid that probably won't help you save your house. Like I said before, call an attorney and get some advice. I'm sure if you explain your situation, someone would be more then willing to help you out. I wish you the best of luck and hope that you can resolve this. Ameriquest and all of its employees are pure slime and will tell you this is your fault, but don't pay any attention to them. Most of their employees don't last long, at least the ones with a conscience don't.

Pamela....first of all I want to say that I am extremely sorry for the situation that you and your family are now in. My heart definately goes out to you. As an ex-employee I know the reality is that I most likely put more than a few customers in the same exact position that you are in now. It is all true, numbers are manipulated, income, 401K...spouses incomes are swapped in order to make the deal happen. Desperate AE's that are under the microscope and need a unit closed for the month in order to keep their jobs ( which is practically everyone in a typical branch) will do d**n near anything to see that it happens. And the managers are all too willing to help this get done by any means needed. Why? Because that means more money in their pocket at the end of the month. Its very simple. Ameriquest is a greed machine. Not only are they absolutely cold and heartless when it comes to filling their own pockets up at corporate, but they keep the whole scam running by feeding off of the greed of others as well. They keep the AE's ignorant and job scared and they feed them the Ameritheft B.S. dream of making $200K + a year (which a lot of the good ones do)and by doing this they keep that poor dumb loan officer coming back month after month, a trained instrument of deciet and lies, to do the evil bidding of the master by screwing every possible person that they can and writing one bad, crooked loan after another. The sad fact is also, along with the ignorance and overall lack of knowledge that most Ameriquest victims have when it comes to mortgages, Ameriquest also feeds off of the customers greed as well. I dont mean to come off as heartless and I mean no disrespect, but if you KNEW that you didnt make enough money to pay the mortgage note yet you let them use your husbands income to state something that it wasn't then you are at fault here as well. ALSO if you felt like you were getting way more cash out of the deal than you should be getting, why didn't a red flag go off in your head saying IM NOT GOING TO RISK MY FAMILIES WELL BEING BY SIGNING THIS WHEN THE NUMBERS DON'T ADD UP AND IT ALL DOESN'T SEEM QUITE RIGHT? I know why you did it, and I do not doubt that you had the best intentions what with helping your son in college and all, but you knew that you should not have been getting out that much cash in the transaction but you did it anyway. You blew your 7 days to rescind. Now the cash out is all spent and you owe $88K on a house that two months ago you only owed $42K on... Just know that if you are currently in bankruptcy and some company calls up saying they can get you this great deal and blah blah, that should always be a bad sign (YOU ARE IN BANKRUPTCY!! for crying out loud.) I understand that you needed the money, but if you are in the middle of a Ch 13, the last thing that you should be doing is refinancing. ALWAYS read fine print, all of it, especially when you are dealing with the most important investment of your life. Use your head, and if something sounds too good to be true, it always is. Be educated in all of your financial transactions, that way it isn't so easy for liars like Ameriquest to take advantage of you. My advice, get a good lawyer and find out what can be done to stop foreclosure. If you can, refinance with anyone who will help you do so and get away from these scum. They are not going to work with you or help you with the payments, they will simply take your house and put you in the street. Best of luck.

Ameriquest Mortgage company falsified information on my contract so I could get a loan. They used my spouse's job information on my documents when his name is not even on the contract. They need to be stopped for this. I hope someone can find a way to do so. If you receive any information, please feel free to inform me. I would be glad to help put a stop to people like this.