A year ago I re-financed my home with Ameriquest Mortgage company. Like any typical re-finance I was looking to pay off some minor debt and do some home improvement projects.
Ameriqest approved the loan and did the appraisal using an AVM report which they stated was a general comp of all the homes in my area. I was told that an AVM is something like an estimated guess and that an actual appraisal would more then likely be higher in value.
Well to make a long story short, the loan was approved leaving me with over 40 thousand in equity on the home, so I thought.
Well do to a misfortunate tragedy that happend about six months ago, I was looking into another re-fiance as a possible option. After having several people look into this and paying for 2 actual appriasals, I was told that the my home was not worth what Ameriquest had said it was and that it was 100 thousand off.
I called Ameriquest to talk to a representative to try to get some answers and was told that "they don't control the market just like I don't and that my home could have depreciated in value by a 100 thousand in a years time.
Last but not least, I was approved for the re-finance through Argent Mortage, Ameriquest sister company. Ameriquest funds the loans of this company. Although Argent Mortgage approved me, they decided they wanted to suspend the loan due to a question about the appraisal.
I am not trying to put down anyone, all I want is some answers. I honestly trusted this company and I live in a really nice suburban area that is currently being re-developed so I had no reason not to believe the information they told me.
What puzzels me, is that why would an affiliate company question the appriasal of the company that funds thier loans?
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