My wife & I got involved with Ameriquest Mortgage through a cold call. At the time we wanted to pay down our HELOC (Home Equity Line of Credit) and a few other credit cards. We needed to be assured that the HELOC would not be closed or cancelled since we had only had it open less than 5 months.
The Account Exec. John Khodov as well as the Branch Manager Enzo Sarrica and the closing attorney John Weber assured us that it is not the practice of Ameriquest to close accounts or go against thier word and that if it were to be the case, it would have to be brought out on the table and discussed prior to closing. I had already told them that if the HELOC is closing then we will not be going through with the refinance. We got rushed through the paperwork because this was Thanksgiving Day Eve and they needed to get the paperwork in. They wanted to cut our 7 days of recision. They screwed up the loan and it had to all be re-written. Now we had another recision period and we were told we did not that this was a continuation of the last closing and that we had exhausted that recision period. The loan which was supposed to fund November 26 did not fund until sometime in December. (Boy is there more to tell).
They used my wife's income which is less than mine to justify this loan. Which to this day I still don't understand, but was told it is only an internal thing not to worry. Her credit score was higher than mine. Needless to say when the dust settled our HELOC was closed we were out thousands of dollars and all they keep saying is it wasn't them.
After the closing I contacted their attorney who advised us that it was the branch managers responsibility to procure a subordination for the HELOC which he did not do. All he, the attorney John Weber, did, was follow through with what he was instructed to do by the Branch Manager Enzo Sarrica. When I confronted Enzo he denied any wrong doing and claims the fault lies with the bank which provided my wife and I with the HELOC.
After consulting two attorney's I find myself in the precarious position that although I have a case and a damned good one, it would require a sizeable retainer to hire a litigator to take on these legal criminals which hide behind the same laws set up to protect people like my wife and I from people like them.
Furthermore, the Government, the FTC and the Banking Industry all of which play a role in licensing and supposedly overseeing these alleged banking and lending institutions should do more than sit on their fannies and slapping these corporate giants on the wrists for taking advantage of the very people they have been licensed to assist. I love this country but dispise it's politics.
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