My battle started in June when we refinanced our home with Ameriquest. My husband and I did not have the best credit at the time (or so we thought, now we realize we did not have bad credit at all, just lack of credit) and after being turned down by a couple other lenders we decided to call the number on the TV.
If I could go back in time and NOT have made that call I would. I even went so far as to call my past mortgage co and offer them cash to simply take me back... To late.
I have 3 HUD-1 forms... All 3 are different and to be honest I have no clue which pertains to us. The intrest rate was changed AT CLOSING from 7% to 10.9%. (not sure what the exact points are without the papers in front of me but their over 4)
Up until after we closed we had no idea what the final number would even be on the amount now owed. Our previous ballence was 63K and we were told that closing costs would be aprox 5K. At closing we were told we would get copies of the papers to review... Guess what... Several pages were missing (and still are!). From what we can tell though there seems to be 18,000 dollars missing (raising our mortgage to 84K).
A bit about the closing I have to add... There was never an attorney present. Our final papers were signed in Popeyes chicken, the red haired lady (I don't even think she was a notery as claimed) met us there and RUSHED us thru the signing saying we could look the papers over but she was late to catch a plane... The papers had to be signed NOW. My name was spelled incorrectly on ALL documents and we had to draw a line thru every page and correct them. As stated though... To this day Ameriquest refuses to give me a complete set of my documents.
We also had 4 apraisels done. 3 of them did'nt go as high as desired so our *contact* sent out one final one... They apraised the house @ 107,000. Now... That does'nt seem high but knowing I had bought the house 2 yrs before at 70K and the fact that the house is in a town of 1,300 people PLUS we were in the middle of a MAJOR remodel (as in walls and floors down) I'm sure anyone can see the problem here (can you say equity stripping?)
So as the year goes on I contact Ameriquest several times about the missing 18K. Finally I contact the title company trying to find the missing money. On my first call to them they laugh. (true quote) "Ameriquest does this to all their loans" (she seriously thought this was funny!). The title company sends me a check for a small portion of this amount (under $200.00) along with a letter admitting to their *mistake* and ANOTHER HUD-1 FORM! After a bit of searching I find out this title co handles all Ameriquests deals in this area... I also find 3 other people who have the same fees packed in their HUD-1 papers proving that Yes, Ameriquest does in fact do this to all their loans.
I contact Ameriquest again to inquire about the missing funds as well as copies of my paperwork.
I also contact another company trying to re-finance away from Ameriquest.
They inform me I have a late payment on my credit from Ameriquest.
I'm puzzled. I have never been late.
I contact Ameriquest and ask them if I have ever been late... Nope. They refuse to send a letter clearing the late off my credit report.
A couple months later another late shows up (oddly enough again after applying for credit).
I dispute the lates several times, the credit reporting agencies start calling my disputes frivilous and refuse to investigate anymore.
I go thru my records and sure enough I have all the paperwork from Ameriquest stating the dates the funds will be removed from my checking account. My bank statments show the funds being auto-drafted from my account on the proper date AND my statments from Ameriquest show the last payment recieved as the proper date!
Ameriquest STILL refuses to fix the lates (they instead changed them to new months!)
I have recently been offered a once in a lifetime chance to buy my neighbor's home (we're in essence *trading homes*). Back in August I began the process of getting a new mortgage for this new house... I have been turned down several times (thus lowering my score due to inquiries). No mortgage company in their right mind will loan to me with 2 late payments on a less then 2yr old mortgage! I can prove beyond a shadow of a doubt I WAS NOT late but Ameriquest continues to verify it thru the CRA's! (I have only 1 extreamly minor, older mark on my credit. Ameriquest's lates are the only bad marks on there).
After Ameriquest again refused to correct the lates I contacted my Attorney GEneral to see if they could help. I was told that their hands were tied since Ameriquest crossed state lines to do my mortgage. I was ask to call an agent with the FBI concerning this problem. The agent took down all my info and told me they were involved because state lines were crossed... I have'nt heard anything else from them yet.
I spoke with an attorney concerning the lates but the fees to hire him on are more than I can afford at this time... It seems I'm stuck.
I'm open to any ideas if anyone has them. Keep in mind my funds are limited (I'm going to have to pay a huge downpayment if I want any chance of getting this other house!). There is so much more to this but this is the brief summery...
I wish you all the best dealing with this company and bed anyone considering AAmeriquest to run as far and fast from them as possible!
Shannon
small town, Mississippi
U.S.A.
0 comments