I am one of the rest of you that got ripped off by Ameriquest aka AMC mortgage. We first got our original refinance from Ameriquest mortgage in July and believe me the so called person who helped us fill out everything rushed us through and had us signed befoe we could think. We didn't know we were new to home ownership and refinace. We ended up getting 11 3/4 % and were told because our credit was not perfect thats what we would have to live with (there wasn't enough money left for an escrow) Between the high interest and the prepayment penalty we were strapped. They bugged us just 1 year later to re-fi and get a lower rate, we finally gave in and were promised a rate of 8.5% but our pre payment penalty would be added in and because of that we didn't have any money left for an escrow again.
By the way they over inflated the worth of our house to get the loan through. We had our lower rate but nothing else, but unknown to us we signed for an fixed rate for the first 2 years the turning into an adjustable rate.in the first 2 years my job got slow and we got way behind in the mortgage. (believe me they do handsprings to sign you and are very nice but get behind and they are like wild dogs, calls everyday letters every week and threats with attornies) We finally got help to get caught up and all of a sudden our loan turns into an adjustable rate and goes from 8.5 % to 9 3/4% then to 10 3/4 % and another increase promised for September. I try to keep the mortgage current but with me just working and the payment going from 560 a month to 723 in just over a year its hard. I feel for anybody who has gone through what we did and look forward to getting a share of the states lawsuit against Ameriquest. Finally a little bit of justice. Lastly I can't wait to get away from AMC aka Ameriquest our prepayment penalty is over.
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