Our house burned 3/28/04. Ameriquest has been holding the insurance proceeds of $225,0000.00 like it was their own. They insist we do repairs before giving us any of OUR insurance money that is supposed to cover the repairs. It took a month to get an inspector to come see the progress, (which now 50%) and it has been two weeks since then and we still have not received a check. Our contractor is due a draw of $62,000.00 and I found out yesterday that Ameriquest is only sending $42,000.00!
At this point I am going to have to get a second mortgage to finish the rest of the repairs because Ameriquest said they are holding $80,000.00 until the house is finished. Our house, as is right now is worth twice what our mortgage is, OH but we have a prepayment penalty so there will be no refinancing.
I had a different lender after hurricane Andrew and they were great to work with. Today I am filing a complaint with the Dept. Of Financial Services in Florida. I spoke to someone there that said they were going to look into this.
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