- Report: #211107
Complaint Review: Ameriquest - California
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Ameriquest
Ameriquest.com California, U.S.A.
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Ameriquest lied and ripped us off ripoff San Jose California
We refinanced our home with a guy named Leon at the Ameriquest offices in the San Fernando Valley, California. He was fair and decent and helped us pay off some bills, and so on.
Several months later we got a call from another guy named Kevin also from Ameriquest. He told me that because we'd been paying on time we had become eligible for a very exclusive program so fabulous that only the most senior executives at Ameriquest could get it and all of them used it. This program offered a fixed payment interest only mortgage for, I think, ten years. This program would allow us to lower our payment by $1000 per month! I was thrilled! Kevin said that all we needed to do was have an appraisal done and sign some new loan documents---we'd have it done in a matter of a week or two.
Then Kevin called and said we were almost done but in checking our credit he'd found an outstanding home equity loan that we hadn't reported. When I told him it had been paid off he said it was too late to lower the loan amount- that we would have to accept the new loan that would include this non-existent home equity loan balance. But no worries, said Kevin, it wouldn't raise our monthly payment much at all. I was not happy but I didn't put a halt to the process because I so wanted that wonderful fixed payment interest only loan.
Then a notary came to our home on a Saturday afternoon with the loan documents. There were a lot of things to sign and I was a little concerned that none of them said what the Kevin loan disclosure statement said, namely that the loan was for a fixed payment. I asked the notary, but he said he really didn't have any information. I thought well, this has to be what Kevin promised so I signed and I had my husband sign, too.
Everything was fine for the first three months. Then we got a notice that our loan had been sold. Then the new lender notified us that our payment was going to go up because it was an adjustable, not a fixed rate mortgage. I called and talked to this new holder of our loan and they thought I was crazy! I said but this isn't the deal we had with Kevin. They pretty much said 'Kevin who?'.
I called Ameriquest and to ask what had happened and they pretty much stonewalled me. I couldn't get my old fixed payment loan back. I owed way more money because of the amount added to pay the phantom home equity loan. Home loan interest rates had gone up and as far as they were concerned I was just another potential lender-- they didn't think they owed me any special favors.
I talked to a lot of people about what to do. Our payments were going up every 6 months with no annual cap and an overall cap of 14%!!!! No one could help us. I talked to a very smart lawyer who said that the loan documents were controlling and we we were just out of luck...even though Kevin lied and cheated and made it impossible for us to undo the damage we were stuck.
Now our lovely home is up for sale because the payments will eventually overtake our income and we don't want to be on the street. I am so sick at heart over this. I thought I was pretty smart but I was really duped! I don't understand how this company can get away with such practices. If anyone has an idea about what to do or some novel legal theory for how to fix our situation, you'd have my eternal thanks and if we still have a house, you'll be welcome over for dinner any time!
Lynne
Moorpark, California
U.S.A.
Several months later we got a call from another guy named Kevin also from Ameriquest. He told me that because we'd been paying on time we had become eligible for a very exclusive program so fabulous that only the most senior executives at Ameriquest could get it and all of them used it. This program offered a fixed payment interest only mortgage for, I think, ten years. This program would allow us to lower our payment by $1000 per month! I was thrilled! Kevin said that all we needed to do was have an appraisal done and sign some new loan documents---we'd have it done in a matter of a week or two.
Then Kevin called and said we were almost done but in checking our credit he'd found an outstanding home equity loan that we hadn't reported. When I told him it had been paid off he said it was too late to lower the loan amount- that we would have to accept the new loan that would include this non-existent home equity loan balance. But no worries, said Kevin, it wouldn't raise our monthly payment much at all. I was not happy but I didn't put a halt to the process because I so wanted that wonderful fixed payment interest only loan.
Then a notary came to our home on a Saturday afternoon with the loan documents. There were a lot of things to sign and I was a little concerned that none of them said what the Kevin loan disclosure statement said, namely that the loan was for a fixed payment. I asked the notary, but he said he really didn't have any information. I thought well, this has to be what Kevin promised so I signed and I had my husband sign, too.
Everything was fine for the first three months. Then we got a notice that our loan had been sold. Then the new lender notified us that our payment was going to go up because it was an adjustable, not a fixed rate mortgage. I called and talked to this new holder of our loan and they thought I was crazy! I said but this isn't the deal we had with Kevin. They pretty much said 'Kevin who?'.
I called Ameriquest and to ask what had happened and they pretty much stonewalled me. I couldn't get my old fixed payment loan back. I owed way more money because of the amount added to pay the phantom home equity loan. Home loan interest rates had gone up and as far as they were concerned I was just another potential lender-- they didn't think they owed me any special favors.
I talked to a lot of people about what to do. Our payments were going up every 6 months with no annual cap and an overall cap of 14%!!!! No one could help us. I talked to a very smart lawyer who said that the loan documents were controlling and we we were just out of luck...even though Kevin lied and cheated and made it impossible for us to undo the damage we were stuck.
Now our lovely home is up for sale because the payments will eventually overtake our income and we don't want to be on the street. I am so sick at heart over this. I thought I was pretty smart but I was really duped! I don't understand how this company can get away with such practices. If anyone has an idea about what to do or some novel legal theory for how to fix our situation, you'd have my eternal thanks and if we still have a house, you'll be welcome over for dinner any time!
Lynne
Moorpark, California
U.S.A.
3 Updates & Rebuttals
Markanna
O'Brien,Florida,
U.S.A.
Good going Ken! Here's a few letter to Ameriquest and their attorneys
#2Consumer Comment
Sat, September 16, 2006
They don't like to reply if they can help it. Question: Hey Chris Orlando do you still stand by ameriquest and state they are doing the right thing? here is a few email to ameriquest and their attorneys. I just posted this on the MSF forum. I'm on there as Me 2. Me 2 Today at 06:11 AM To: Mr. Noto Today at 07:39 AM This is a letter I sent to Mr. Noto requesting Mr. Moors contact info. I still have not received it. [email protected] Mr. Noto, I am requesting that you provide contact info for Mr. Moore since I can't get the information or answers I have asked for time and time again. There is thousands of dollars missing from the closing, I would like to know where that money went? Thanks Markana September 11, 2006 Me 2 Today at 07:44 AM -------------------- I cant seem to find out how to get in contact with Mr. Moore? Gee's here is my request to the attorneys for ameriquest. ----------------- Forwarded Message: Subj: Fwd: Please provide contact info for Mr. Moore. Date: 9/7/2006 8:44:22 A.M. Eastern Standard Time From: Me To: [email protected] resent email failed ----------------- Forwarded Message: Subj: Please provide contact info for Mr. Moore. Date: 9/7/2006 8:37:21 A.M. Eastern Standard Time From: Me To: [email protected], jdavies@buchalter, [email protected], Shanna1016, [email protected], [email protected] Would you please provide contact information for Mr. Moore. Thanks Markana September 7, 2006 Me 2 Today at 07:52 AM ---------------- Re: Ameriquest To Joanne Davies CC: Tom Noto, Michael Zastoupil, Chris Orlando, Shanna Smith. Thank you for the documents regarding the closing and the canceled checks. Still, I have not received the information regarding the (insurance) that I've requested and have been requesting since 2004 after being hit by hurricanes. On August 10, 2006 you sent me an email requesting specificity that I identify the remaining documentation that I have been requesting. So on August 18, 2006 I sent you a 3 page letter containing a list of 14 questions that I have regarding the closing, mortgage, insurance and servicing of our mortgage, With that letter I included for your ease of reference 5 pages of letters to Ameriquest requesting this same information. Since it's Hurricane season again I would like a response as soon as possible, also since its been since 2004 we would like to get back to a normal life and have a home again for me and my family. How long do we have to struggle living without our home while Ameriquest avoids answering question's about the insurance? Thanks for your time. Markana August 29, 2006 Faxed to: Joanne Davies 949 - 224-6209 Tom Noto 714- 479- 0406 ~~~~~~~~~~~~~~~~~~ I still don't have answers!! I'm sending this and the link to this to Chris Orlando the PR guy for ameriquest. I have been in contact with him since last year. Good luck to everyone! and Fight Back HARD!
Ken
Holland,Michigan,
U.S.A.
He strikes again!!!!!!
#3Consumer Suggestion
Fri, September 15, 2006
I know this leon guy. He has lied to me several times and is the most crooked guy i know @ ameriquest. So dont trust him or anyone else @ ameriquest. They are out to try to get your money and your home. I still get calls from ameriquest and mail from them for me to do a refi with them! Know when i get mail from them i send it back with big letters on it that i have a lawsuit against them and to stop sending me crap!!!! Well GOD BLESS everyone!!!!!!
Stacie
Jackson,Michigan,
U.S.A.
DONT GIVE UP
#4REBUTTAL Individual responds
Fri, September 15, 2006
First thing you need to do is pick up your head and say i am not gonna give my home to ameriquest. 2nd thing you need to do is call attorneys thru out california and see who KNOWS about ameriquest you have to have someone who is dealing with them on a legal aspect. They are there. Also you need to keep going to this web sight every day twice aday. Some thing will come up that can help. I have been going thru heart break since 2004. Get it set in your head you will not give them your HOME. Be a fighter it is a long process. But this company has screwed thousands of people. We have to stick together and put them down. Go back and read holland mi reports it will lift your spirits. also read all california you can get some good info. GOOD LUCK YOU WILL MAKE IT !!! DONT GIVE UP!!! tHATS WHAT THEY WANT
