In the beginning of the year both partner and myself was laid off of work. We decided to contact Ameriquest to refinance our home because we were becoming delinquent on our mortgage for the first time in 14 years. Ameriquest made it seem very easy and told us that they will payoff or lease vehicles and that we would have the titles and all outstanding debts, plus give us extra cash to put aside in the event we could not find work, we would be able to draw from those funds to pay our mortgage payment if needed. As we were in desperate need to get our mortgage current we agreed that would be in our best interest. However, that was not the case at the closing of our refinancing.
They told us that they paid off our vehicles (meaning that they paid only the term of the lease which still balances remained on both vehicles, needless to say we never seen the titles.
They also stated that because we were both out of work, they could not provide the cash sum of $10,000.00 because of our employment status, however they gave us a check close to $900.00 dollars.
We were never told about the outrageous closing fees until we were signing the terms, which came to $9,936.00. Our original house balance was $225,000.00 and our payments were $1,500.00.
Now we are facing a principle balance of $291,981.02 with a mortgage payment of $2,500.00. Through out this loan, Ameriquest has posted our mortgage a week after we walk them into their office and has posted several late fee's to our account.
When we address these issues, they want to know why it took so long to post to the account and been told that when we make a payment at the office, we must tell them to send it LOCKBOXS. I have not seen any of the late charges being reversed plus interest on our account. We were told that after a year we would be able to refinance with out a prepayment penalty. But what they failed to say is that we would need to refinance only through Ameriquest for a better interest rate. As I attempted to leave, I was told that I had to maintain the loan for 3 years or that I would need to pay 20% of the original note and will be charged 6 months of interest at the interest rate of the note.
They are liars, they mislead the consumers and take every opportunity to Kick the consumer while they are down. I am still facing this as of today and I am sick to my stomach with them. Don't let this happen to you, as they will take you for everything you worked for. They are deceiving company and should be brought to justices. Any one has any advice they can share?
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