Ameriquest got involved in my case when the original lender who offered to refinance backed out... Even with the refinance and cashout they saw there would still be about $100,000 equity remaining in the house, so they approved a loan that I thought was going to be difficult to pay. (Looking over the paperwork now, they overstated my income in order to fall within acceptable percentages.)
Shortly after refi, my wife became ill and nearly died. We fell behind a couple of months, and I was able to get a payment out just before the 90 days past due period that leads into foreclosure. To my horror, they sent the check back uncashed with a letter stating only the full three months due would be accepted: meanwhile foreclosure proceedings had started. I filed Chapter 13 to try to save the house: the sneaks waited until the deadline to file claims and filed a counterclaim saying the arrearages were several thousands of dollars higher than my attorney had stated in the original claim. This drove up payments to the trustee considerably, retroactive to the filing date... They apparently figured I couldn't afford the huge lump sum payment on such short notice, therefore the bankruptcy wouldn't be confirmed and the sherrif's sale would be back on.
They assumed correctly - the confirmation hearing is December 15 and I'm not going to make it. A boon for them and a bargain for whover wins the auction (although when my attorney had the house appraised it ended up just less than the amount of the loan: is this another case of Ameriquest inflating the appraisal?). Pack your stuff, kids, we're about to join the ranks of the homeless. Merry Christmas.
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