Ameriquest Mortgage Company is a ripoff. They tell you nice things when you're desperate for money and "are your friends". The closing is the day you start down the road to Hell.
First, our at-home closing was delayed, putting our credit situation in worse shape. Second, the primary was supposed to be my husband. The loan was supposed to be a no-doc loan but came at closing as a HUD loan, with me as primary and I had the worst credit scores but the documented income. The rates and the closing fees were only provided at closing and were different from disclosure on the phone.
My husband and I are around 50 years old and both are disabled. Next, instead of rental property, the mortgage came as primary residence. Then, there was the pre-payment penalty not disclosed before but with the closing documents. The Good Faith Estimate came with the closing papers. Calling the office was a three-hour merry-go-round. Everyone is always at lunch, on break, or in a meeting.
The funds were not released at the closing and a seven-day rescision paper was included. This was without notice. I was so angry I was in tears. If we weren't desperate, I would have told them to put the mortgage in a safe place where "the Sun doesn't shine". Because my Credit Union holds funds over a certain amount, we still didn't have our funds to make payoffs, after we got the funds. Our credit trots on down to the toilet.
Flood insurance documents were in the closing documents even though the home was not in a flood zone. The closer failed to advise us to get flood insurance. It would have cost us about $200, instead of over $1000, which raised our payments.
In October, without any notice, they assigned flood insurance, claiming the flood zones had changed, not allowing us to get our own insurance. There is no way to flood the inside of a mobile home in Miami, Florida, without flooding all of Miami. We did not have escrows for insurance.
They took a year's Hazard Insurance for rental property at closing in August of $1101, but did not pay my insurance company. As best as I and my insurance carrier can figure out, they pocketed my $1101 in insurance money because they didn't use the $1101 to pay my insurance when it was due in October.
My carrier requested payment in October and sent me cancellation notices. Ameriquest added $1101 to my escrows to pay, even though they had the year's payment in August and were also taking escrows. My payments went up again so they were now over $100 more a month than the renter was paying.
Paying for two homes, I asked the renter for more money. She could barely pay the rent, due to illness and loss of work. We had to sell. That's the summer of the four hurricanes in Florida.
We finally closed in August, but Ameriquest either pocketed our escrows for the insurance or paid it in advance to keep us from getting the money. We finally got that $1101 back but never got the original $1101 back.
If the payment was one day late, Ameriquest called all phone numbers, including work, every day until you paid, even as early as 6: oo A.M. And as late as 11:30 P.M. They threatened me and harrased me until I was losing my mind, especially once they knew we were selling the mobile home.
I have pre-paid legal insurance so I began threatening them with a lawsuit, notified by my banker that there were class-action lawsuits. They also hold your payments, asessing you late fees. Obviously, our credit scores are now really in the toilet.
I want to sue for my $1101 damages, fraud, mental pain and suffering and fear that my husband would kill himself over the harrassing phone calls, telling him he was a dead-beat and much worse, calling 10 times a day on some days. Help...
Lorraine
HOMESTEAD, Florida
U.S.A.
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