I too am a victim of Ameriquest Mortgage and their lies. I have been reading this site lately and am kicking myself for not checking this before I refinanced my home with Ameriquest. I was pretty happy with my mortgage company prior to changing to Ameriquest. So why did I change? The promise of bigger and better things through Ameriquest (or so they promised.)
At the time I had only been a home owner for my first time for only 1 1/2 years. My monthly payment was reasonable, my interest rate was 5.5%. It was getting close to Christmas and my credit card bills were getting up there and I really needed to pay some of them off and still have money for Christmas. Mind you the most I owed on one credit card was $1100.00 so I was not in crazy debt. I also wanted to do some work on my house that we had started but had not had the money to finish.
We kept getting things in the mail, emails and even phone calls from Ameriquest that I decided to see what they had to offer and called them back. That was my very first mistake.
Everyone thing after that happened so FAST! I had only talked to the guy on the phone one time and he was ready to refinance then. Wanted to close on the refinance in one to two weeks. I became leary and said that it took 30 days to buy my house and that was stressful so I didn't understand why this was happening so fast. Aaron said "why we are the bank that is how we can make this happen so fast." He went on to say that is what they were famous for (not in the way that I had hoped. Didn't do my homework) and not to worry. I believed him. He just kept saying "we are good to go" anytime I started to question anything.
He spoke to me in terms that I did not understand and when I asked him to explain he stated it was more for him to know I "need not worry about" and he kept saying how much money I would save each month and was so very excited about it and wanted to close really fast.
Long long story short. Aaron called and quoted me the interest rate and monthly payment. He said it would be 8% interest and my payment would be 1231.00 with taxes and insurance included. I told him I did not understand why both the interest rate and payment was much higher than what I was currently paying. He stated that was because they were paying off my cards and some of my husband's past due support.
Well I never met Aaron. He called several times to give me good news but it was all lies. My interest rate is 10.664, my house payment is $1450.00 with taxes and insurance. A courier was sent to my house for us to sign at 8pm at night when we had to get up at 4am to go to work. Only time she could be there. She came originally at 4 but she said she noticed she had the wrong papers (after being on her phone) and had to go back to the office.
When we were signing the papers we were informed she could not answer any loan specific questions. Me and my husband were nervous and did not know what to do. There were things on the report that I didnt understand. She told us we had seven days to resind.
The next day i called Aaron to discuss the things I had noticed. He quickly went over them and I said I still didnt understand but he said everything was what we had already discussed.
I just found out last night what a loan discount fee was! I was charged $5500.00 to lower my interest rate to 8.85%??? I didnt remember ever discussing that. I paid $700.00 for an appraisal that I have no idea who did it since their name is no where on my papers. Aaron and the Oregon office is no longer there and I am stuck with a mortgage from hell going into deeper and deeper debt everyday.
Now I know some of you reading this may say if you were worried then you could have resinded, not signed the papers, ran as fast as you could, stupid that you are crying about being so stupid. I know if I wasn't in this situation I could very well be saying the same thing... But you do not know how these people are... They act like they are your best friends and tell you just how much money you are going to save and oh just how happy you will be just wait and see.
Well I am still waiting and all I can see is how sad and angry I really am. My life is in a tailspin and all I wanted to do was live "the dream' of owning my own home. We are young and have two children to support but age doesnt really matter in this case since it has happened to people of all ages with the exact same dream.
My question is how do they get away with this??? All the employees I see on this site saying how wrong this is and what they were trained to do and how many people they were forced to rip off and ruin their lives why dont you stand up for us and say something... ALL OF YOU? Say to the Mayor, the Governor, even George W if that will get you anywhere. Something has got to change or happen.
Ken and Kathleen you are my inspiration and your stories help me everyday. Hang in there and thank you for letting me know your stories.
Thank you!
Teri
portland, Oregon
U.S.A.
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