In November I called Ameriquest to refinance my home. Our credit score was over 600. On the same day I received via fax an approval and a good faith estimate for our loan. I also was told to get into contact with two "credit companies" affiliated with Ameriquest to raise our scores even higher for a better interest rate at closing. I did so and was told by both companies they too had received an approval letter from Ameriquest for my loan showing what debts were to be paid off in refinance.
At that time I was told not to make any payments on these accounts as it would change the payoff amounts for the loan. We received this in writing and we didn't pay any of our debts including our mortgage.
We were told we could have this loan closed within 7 days all we needed was our appraisel. That is when the trouble started. I paid up front $325.00 for a total of three appraisels because we were being told we were not getting the value needed to close the loan.
This all took place not within 7 days but 2 1/2 months. We were reassured in writing and over the phone that everything was okay we were still going to be able to close the loan but just had to adjust the appraisel a bit. We were sent copies of letters that were supposedly sent to our creditors explaining the refinance and told nothing was being reported as past due.
As calls started to come in and letters demanding payment we again spoke to our loan rep and was told he would contact them and explain the situation. Not to worry!!!
Finally three months into this disaster we were told by Ameriquest that we could not qualify for our loan because our credit scores were now too low and we did not have enough income. Our credit scores dropped from over 600 to under 400 because of no payments being made. At that point I received foreclosure notice from my mortgage company and repossession letters for my vehicles. When I called for payment arrangements they were less than understanding. It is now June and we are still behind on everything, unable to obtain any kind of credit because of our new scores, and my phone rings with collection calls constantly.
We were naive to believe Ameriquest through all this and not pay our debts. This was all new to us and we learned one heck of a lesson from it.
This company is a ripoff. They are not out to help you in any way. We are military and currently have a claim filed with our JAG office and I also filed a report with the better business bureau.
To make matters worse (very ironic), the loan rep we dealt with quit Ameriquest 2 days before I filed with JAG and off course Ameriquest has no record of ever speaking to us about a loan.
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