Ameriquest Mortgage - AM
C ripoff

Due to Hurricane Katrina, we received substantial damage to our home. We had 4 trees on our house and one came through my son's bedroom. We received water damage as well.

I received insurance proceeds and was required to send the check to Ameriquest where they indicated they would release in thirds. They had the check a week before I had to track and prove that they had it.

It took two weeks for them to send an inspector out to inspect property. I indicated that I wanted the 1st third released in our names because we were not going to use the same person for all the work done. Our roof needed to be replaced because and we were still receiving water damage. They said they needed an estimate sent to them. I told them that I was receiving more damage while waiting for the 1st release of funds and cost of supplies continued to climb. They indicated that I would just have to get in touch with my insurance company and request more funds. It took three weeks for them to release the 1st third and it was written in our name and the contractor. We weren't planning to use that contractor to do all the work. I called and indicated this to AMC and they said I would have to send the check back if I wasn't going to use that particular contractor and it would take appx. 6 weeks for them to reissue another check.

We used that contractor and replaced our roof and called them to send out the inspector once again. 50% of the work had to be completed before they would release the 2nd third. It took inspector 3 weeks to come out and inspect property. He indicated that 75% of the work was completed. I asked them to release the 2nd third and they only released 1/2 of the 2nd third which was again written out to us and the same contractor (even though he had completed all the work). I told them that I wasn't using that contractor and they indicated again that I would have to send the check back and would have to wait 6 weeks for another check. I asked why they didn't release the whole third and they said that I would have to send in estimates and receipts. I would have to go to a retailer and have them print out an estimate for supplies and they would release the other half to that retailer, i.E., Home Depot, Lowes. Both Home Depot and Lowes indicated that they would not print up an estimate because the cost of supplies continue to rise. We have done a lot of the work ourselves. For instance we removed 4 trees off our house ourself and did debris removal ourself.

I don't understand why they will not release the funds so we can do the repairs. I don't feel they have a right to hold OUR money. Everytime we finish a repair, we have to call their inspector to come out and check to see if the work has been done. Since 75% of the work is completed, I don't understand what right they have to hold onto the money.

Company: Ameriquest Mortgage - AM
Country: USA
State: Illinois
City: Carol Stream
Address: P.O. Box 11000
Phone: 8004305262

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