I refinaced with Ameriquest 1 year ago this past November. They took out money to pay insurance and Taxes for the following year, this. I asked them to escrow and Casey said they don't escrow ever. When it came time to close the loan, The first time the man from the title company came over he had a huge interest rate and them taking $25,000.00 in closing costs. I told the man I couldn't sign those papers and that wasn't our agreement. He went outside to call Casey so I couldn't hear the phone call. He came back in and said he'd be here again the next day with new papers. When he came back with the new papers the rates were still higher but he had reduced some of the closing costs which were still high $10,000 with a discount fee of $6,447.00? I called Casey and he told me go ahead and take the loan even though it was high, he told me he would refince me in a year and wave the prepayment penalties as long as refineced with them. I told him then that I need that to be the case. A year went by to the day and I called Casey and asked to refinance and for them to keep their promise about refinance me in one year and waving the prepenatlty fees. Casey had been promoted and the man I spoke with said we never wave penalties and that he could not and would not refinance the loan at that time.
The rate is so high for me and I struggled to pay for the year and now my taxes are coming due this January. I tried several times to find casey hoping he would would make good but no one would tell me where he had tranferred. Strangley enough a month later and I still had the number for Casey stored in my phone, I got a call from I guess his old desk. The man was offering me a refinance and I told Casey's promise, he said he would honor it. I gave him my SS # he ran my credit and came back with an even worse rate and more closing costs and refused to wave the prepayment penalty fee. I was lied to by every one there right from the start. They make false promises to you to convince you to take their high interest loans then they don't make good on the promises later. Casey acted so trusting that I referred my Aunt and also a close friend and now I feel terrible beacuse they were ripped off and lied to also.
Anyway getting back to the story, Ameriquest would not refinance me so I called two other companies. They both did appraisals on the house and told me that the house was never worth what Ameriquest had it appraised for and would be for a many years. Now I'm stuck in a high adjustable mortgage I can't afford with a loan that no one will refinace beacause the property isn't worth what I owe on it. And it goes up $150 this November 11th. I was really taken and I'll be paying for their scam a long time. The last lie and deception is. I was told the prepayment was for 2 years but it's for 3 and they made me sign that paper the day after, the man came back over with it becasue I guess he forgot to have me sign it with the other scam papers. Is all this legal?
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