We refinaced with Ameriquest 2 years ago. We were promised we would get refinanced after 1 year. They put us on a ARM interest rate, but with the refinance we would not have to worry about it. After 1 year, I find out from them they could not do it because our place was appraised at to high a price and it was not worth it. I know nothing about real estate. During my investigation of what was going on, I found out when we signed all our papers we were supposed to have papers in with the rest of them on the appraisal, telling what it appraised for and where he got his information. Needless to say, they were not in there and we did not know any better.
I was told by a lawyer there was nothing I could do because I should have known what was going on. I called Ameriquest and got them to mail me all the papers on the appraisal. When I recieved them I was really shocked at what I seen. They had appraised my house at 97,000.00 Now my house is a wood frame house, on blocks and pads. It has 1144 sq. Ft. 3 bedrooms and 2 baths. There is a brick house right next door to me sq ft. It only appraised at 92,000.00 So, what's wrong with this picture. I called them back and told them they were the ones that put the house at that price. They said, sorry.
So, for 1 year and a half I have tried to find someone to refinance it and no one will touch it. I can't get anything done about it. About 1 month ago, we had it reappraised. It appraised for 68,000.00. We owe 70,000.00 on it. July 1st, out interest goes up to 13% and our payments from 677.00 to 830.00.
I was informed my interest would go up until it hit 18% and I didn't even want to know what the payments would be. We now have it on the market and have had no luck in trying to sell it. We can't even make enough out of it if we do to do anything with. Our credit is not good because of some things that happened a couple of years ago. So, no one will give us a loan to buy a house, to build a house, to buy a trailer, new or used.
So we are just out of luck all the way around with no help. If something don't happen before July or a little after we may have to let the house go, and it makes me sick to think they will get it and probably resell it, and maybe put someone in the same position we are in.
I don't understand how someone could get away with this kind of thing. To see people lose their houses. It's a sad thing. And to be told by attorneys and appraisers there is nothing I can do.
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