In May of I hooked up with Ameriquest to refinance my home and pay down some of my bills. I was under a lot of pressure at the time (due to inheriting most of the outstanding bills from my divorce) and I know the agent picked up on this. I didn't have any immediate issues with Ameriquest at the time. All I knew was that they were expediting my loan and I wanted to desperately get out of the situation I was in and keep my credit intact.
However, I found out later (through media and web information) that Ameriquest uses underhanded measures to close loans without giving the customer the benefit of knowing everything they are responsible on the loan.
For example: A notary closed my loan and could not answewr any of my questions, he had to keep running in to the agent and coming back to give me an answer. I was also under the impression that an escrow would be set up to pay for Home insurance and property taxes. This never happened.
I was also told that any dispersed funds would be received by check in a week or so (I had planned on paying down some of my debt) but a check never arrived and basically was told that the $10,250.00 was given directly to AMC for closing costs!!!
My interest rate jumped (from my old loan at 6%) to 8.5% on the AMC loan. My payments were more than my previous mortgage without the escrow for taxes and insurance.
The loan was an ARM for two years in which my interest rate will jump up to 11%!!!
I feel I was taken for the longest ride of my life, duped by AMC for huge profits at my expense. Suffice it to say. The bills were never paid down and I still have to pay these monthly payments on top of a huge monthly mortgage payment.
I am embarrassed to know that I was taken this way. Now I have to find out if there are any repercussions that AMC should be responsible for. This has caused me great grief and heartache for the past year.
I will never deal with this company again and learned that no matter what, is to plan ahead and investigate any deal prior to hooking up with thieves.
I also never received a copy of my appraisal (which I paid for) or the "signed" loan papers. What can I (the public) expect for all of this grief? What would have happened if I lost my house to fire or weather etc? I'd lose everything, thanks to AMC!!!
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