We got involved in a two year fixed rate mortgage with which we were not informed that the two year fixed had a prepayment penalty that lasts for three years. We have spoken to many lenders that have never heard of this type of a prepayment penalty. Our problem is, back ten months ago we called our current lender when rates were lower and the lending officer stated that the prepayment penalty would be waived but when we asked for a break down of payoff numbers the prepayment numbers were still showing up. After serveral calls with the lending officer we decieded not to go any further. Our mortgage date was 12/03 at 7.35 and as of 2/06 it is now 9.125. Our prepayment is almost 8K and when we called AMC mortgage, a customer service rep stated that if you fax a letter with account number and mortgage holders names this will not be a problem. However, we never got a response. After several phone calls we were rudely told the prepayment stays and will not be waived. We have never been late on a payment and pay bi-weekly to lower the principle. This supervisor we spoke to was extremely rude and obnoxious on the phone, stating we had made several calls and the calls can cease because the prepayment penalty will not be changed, period. Warning, never go into an agreement with ameriquest. They do not care about your well being, they prey on people and hope they lose their homes. It is a shame society has come to this.
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