Joe
Albany,#2Consumer Suggestion
Sat, January 08, 2005
You poor guy...I work for a legit lender and see these guys rip people off constantly. Seems to me you have a basis for a he11 of a lawsuit...but get in line. First, if they changed terms on you, they must (by law) disclose 24 hours prior to closing as per RESPA laws. Second, if they "inflate" value on an appraiser, you should go to both www.asc.gov and file a complaint and get the appraiser's license yanked. Third, if they inflate the value, you need to also go to the banking commission in your state and file complaints on that and everything else you think was wrong. GET A VERY GOOD LAWYER....one that deals specifically with mortgage fraud. Make sure you complain to the banking commission!!!!! Likely, Ameriquest will settle out of court and refund your fees entirely as a quick fix since they know they're guilty...or you will at least win that amount in damages plus punitive damages...get your loan possibly refunded (YEAH..FULLY) through your lawsuit and then get the lawyer to get Ameriquest to write to the major credit bureaus to help get your credit re-established however unlikely that may be. If they failed to follow through with their good-faith estimate and truth-in-lending disclosures, and did not provide you one 24 hours prior when terms changed...they violated the law, plain and simple. It's called bait & switch...courts frown on that...but Ameriquest doesn't care until you sue them...they figure you won't. Whether or not you were not bright enough to walk away...you still have options. They will try to say "we sent the disclosures" but they will need to produce documents that show that they did...and they will find a way to fake that too...so beware. Again...get yourself a good attorney...it will be well worth it. Then go to www.ecreditgroup.com and get them to get your credit fixed...their the cheapest and best ones around. Good luck.
Joe
Sacramento,#3Consumer Comment
Fri, January 07, 2005
The bottom line is that when you sat down with the notary to sign the papers as every other person in America does for a mortgage...you signed the dotted line. Who put the gun to your head and made you sign. You made the choice, live up to it.