Like many of you I fell for Ameriquest sales speech. When I got the mortgage with them, I thought their appraisel was a little high. I paid $66,000 for my place ten years ago, they appraised it at $90,000 four years ago.
I had an initial fixed rate which switched to adjustable after three years. They convinced me that the rate would not go up very fast if at all.
I talked to them several times trying to get a fixed rate and finally they told me that they don't do modular homes anymore. I recently was told that FHA is the only place you can get a loan on an older modular home.
The company I work for has been working us three weeks and laying us off one week every month.in April I was short of money because of working three weeks and I had to buy more heating than I planned. I talked to Ameriquest and they said that since I was late with my payment I would need to pay the late fees.
I told her that I didn't have the late fees but I would make the payment then send the late fees the following month. She said that was not acceptable, I needed to give them the full amount; she could not accept anything less.
So, by the time I got the money my next payment was due. I paid both months so I was back up to date. Then my interest rate went up again, it is now up to 11.75%.
I talked to another finance company and they said they could help me, they know Ameriquest track record. They told me to talk to Ameriquest and ask them if they could possibly take the 30 day late notice off my record. If they could then FHA would help me, FHA doesn't do loans that have 30 day late notices on them. At least that is what this company told me.
Anyway, I talked to Ameriquest and they told me to fax them a request and they would give me an answer within ten days.in the request I told them that if they couldn't help me they would get the house back, because I could not afford to heat the house this winter and make the rising house payments.
They sent me a letter telling me they reviewed my account and they must deny my request. They included a phone number for me to contact them if I had any questions.
I called and pleaded my case again, the lady told me there was nothing that she could do, but if it makes me feel better, my interest rate won't go up again until January. I said "feel better?" I live in Michigan, January is the middle of winter, guess you will get this place back because I can't afford to pay for heat plus make the house payment. Hope you have fun selling it.
The only thing she kept saying was, do you have the September payment? I never answered her. I do have it but they aren't getting it until it is due.
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