Ameriquest Mortgage Company
Ripoff deceptive sales practices, bilked out of $12,000 in point fees, never divulged to me

A sales rep called me from Ameriquest, looking to do business with me to refinance my mortgage. After going thru all the details of what I was looking for; no points and low closing costs, he promised me he could match any offer given to me by any other lending institution, bank, mortgage company, etc.

I told him I had already gone thru two different mortgage companies and that they had violated my trust and I wasn't up to any more playing games tactics. He said he was honest and would deliver what he promised. Well, lo and behold, when the closing date arrived, I never got a good faith estimate of all the fees I would pay prior to closing date. When the attorney arrived at our home to close on the paperwork with Ameriquest, I was slapped in the pocket with 3.682 points amounting to $12,261.06 plus closing fees in excess of $3200.00. A whopping
$15,573.92 total closing costs, which totally floored me emotionally, physically and psychologically. Talk about deceit!!! The sales rep knew I needed cash out, and had great FICO scores, great credit, etc. Yet he took advantage of my emotional state at the time of his sales pitch and lured me into believing he would deliver what he promised. Lo & behold, a year later, sales reps from the Ameriquest California office, called me to offer me a better deal, low closing costs, blah, blah blah. I wanted to see what kind of paperwork they would send me. Two weeks later, two sets of documents arrived, one showing a fixed rate, the other a variable 5 yr. Arm rate.
They both had excessive closing fees attached, not the low closing fees again promised. I called their office to have them explain this nosense and the answer was: "Oh, ignore those fees, they are only showing high fees because the computer automatically generates those figures, blah, blah, blah. More lies! Just some bit of information for those of you who don't have the update, A lawsuit against Ameriquest Mortgage Company was settled thruout the U.S.A. I spoke to the Attorney General's office this morning and Rhode Island is in the process of finalizing that end of it. All present and former customers will be notified in the mail concerning any monies due back to us. If anyone knows of a lawyer in Rhode Island who is filing a class action suit, feel free to contact me.

Company: Ameriquest Mortgage Company
Country: USA
State: Rhode Island
City: Warwick
Address: 300 Centerville Rd

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