Complaint Review: Ameriquest - Nationwide

Dear Frank from Fresno I dont think you read my rebuttal correctly. I said I was told by Ameriquest that they did NOT offer home equity lines of credit but I could refinance at a lower rate, which I did. My credit has gotten much better because I had paid all my debts off and have not incurred any new debt. I have now refinanced twice with Ameriquest and I am pleased both times. I hate to sound satisfied on this site, but such is the case.

UNFORTUNATELY, THE KID THAT RAN YOUR CREDIT, KNEW HE COULD NOT HELP YOU, BEFORE HE EVEN CALLED YOU. YOU ASKED FOR A HELOC (HOME EQUITY LINE OF CREDIT) I WORK FOR AMERIQUEST AND WE DO NOT OFFER THAT PROGRAM. IN ANY STATE. NO 2ND MTGs,....SO NOW, YOUR CREDIT HAS ANOTHER INQUIRY ON IT, AND THAT WILL NOT HELP YOUR CREDIT IMPROVE EITHER. CALL THE OFFICE OF THE PRESIDENT. WAYNE LEE AT 714 541 9960 PRESS "0" AND ASK TO SPEAK WITH THE OFFICE OF THE PRESIDENT.

In July 2003 after being riddled with credit card debt and having collections and liens against me and three months behind on my mortgage with Wells Fargo and not being able to come to a compromise with Wells Fargo, I decided to turn to lendingtree.com to see if I could get rescued by a comsumer credit company. I filled out my profile and was contacted by a couple of debt counseling companies first and then I was contacted by Ameriquest in Tacoma, Washington. I knew I had bad credit. I not only had bad credit, I had horrible credit. It was so bad, I would not loan myself money. I had gotten into this problem all by myself. I was very surprised when Ameriquest contacted me and said they could help me. I decided to give them a try. They came to my house and had my house appraised. It appraised for $150k. The other houses in my neighborhood were being appraised for $140k to $160k so my house was not over-appraised. Actually, I thought it was under-appraised as I had landscaping and additions that my neighbors did not have. Ameriquest told me they could help me out. They did. At an interest rate of 9.25 (it was 6.75 before with Wells Fargo) which I gladly took as I made more than enough money, I was just very bad at managing it, they paid off ALL my debts. My car, all my credit cards, all my collections, everything and I still got $3000 cash! Of course, I had a lot of equity. I had owned the home for 15 years and had never refinanced and I had paid $78,000 for it originally. When all was done, I still had $50k in equity left. The figures that were offered to me over the phone was the same ones that were on the first loan breakdown that they sent to me and it was the same figures at closing. I was told about my variable mortgage, I was told about prepayment penalty, and I didnt have to pay anything out of pocket. My loan officer did not bait and switch, he took the call everytime that I called, and he answered all my questions. When I went to pick up the checks, he went over all of them with me and I signed for them. I paid my loan on time every month for one year and I was even refunded some money from escrow in the middle of the loan because my escrow account had been too large. In July I contacted Ameriquest about a home equity line of credit and was told that I could refinance for a lower rate because my credit score had improved. Once again, they were true to me, all the interst rate figures were the same on the phone as it was at closing, and actually, at closing it was better because my cash out was $11000 instead of $8000 quoted on the phone. My house appraised for the same amount as last year ($150k), but my interest rate was lowered to 8.0%. I was able to pay off back taxes that had haunted me for several years, go on vacation, buy new furniture and replace the doors in my home and still have money left. Better yet, the $11000 was WIRED into my bank account and I spoke to the title company personally to verify my banking information. This time I had worked with a California office of Ameriquest. And when my loan officer went on vacation, another loan officer took over my loan and handled the funding professionally. My loan was funded via wire transfer August 4, 2004. I think the employees at Ameriquest deserve to make the inflated salaries they make. They helped me get out of hell. I would have lost my home and filed for bankruptcy if not for them. But because of them, I can now breathe freely and sleep well at nights. No. I do not work for Ameriquest. I was not paid by Ameriquest to write this rebuttal. I had read all the negatives before I went with them and I was very worried that I would be ripped off. I am very happy that I have a good experience to write about. I was not trying to live above my means so I did not need the value of my home over-inflated. I had gotten myself in a mess and thank goodness they helped me out. I cant expect a low interest rate with the credit I had. No other bank or mortgage company was willing to help me. Thank you Ameriquest.

I am not sure where the person who posted the rebuttal gets his figures from. What I do KNOW is what happened to me. Ameriquest advertises that they provide loans to people with less than perfect credit. Yet they balked at providing my husband and I that service simply because we have had some late late credit payments in the past. My experience speaks for itself. And judging by the reports here and on other internet review/complaint sites, my experience with Ameriquest is far from unique. Only 184 complaints? That's laughable. They are guilty of false advertising at best.

I've heard that Ameriquest funds over $2 Billion dollars of NEW business on a monthly basis. There have been 185 negative reports in the past year. Where are the responses from the 99.995% of the customers who are pleased with their loan programs??