We have been victimized by salesmen tactics in acquiring a loan tied to the London Inter Bank Offering Rate for our current mortgage:
1. As the loan has been adjusted every six months, always higher,
2. The appraisal was under stated by $100,000,
3. The escrow instructions clearly denote that earthquake insurance is required which Ameriquest initially funded then decided unilaterally to remove from the impounds without notification (almost cost us the insurance policy) etc.
4. When the LIPOR rate was quoted to us a year ago, the sales staff and closing manager both stated this rate had remained constant at 1.00% and they were adding 2.25% above that rate for an adjustable loan of 3.25%, within a year it is at 5% with a max ceiling of 12% which at the present rate should be reached within two years given past increases.
5. Impound account funding is always late which impacts our credit rating.
We are filing a criminal complaint with the California Attorney General on the basis of mortgage fraud as the practices at Ameriquest are carbon copies of the Capital One mortgage practices which resulted in their conviction on lending fraud. They are prohibited from mortgage lending. Since there are 150 complaints filed on this website, maybe others will also consider that our closing costs were $14,000 and that they too may very well feel it necessary to file a criminal complaint and contact:
Attorney General Bill Lockyer
California Department of Justice
Consumer Fraud Division
P.O. Box 944255
Sacramento, CA 94244-2550
We now are forced to re-finance and incur additional lending fees predicated upon Ameriquest's misconduct. If anyone desires to file a class action lawsuit against this lender, please contact us by using the rebuttal box below as we wish to participate in such legal action.
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