In Oct. I was contacted by Ameriquest for a possible Int. Rate reduction and Consolidate bills. Got a loan for $171.900. I thought WOW. Didnt think my house was worth that much. Got a good interset rate, 6.15%for 20 yrs. Even better, so i thought. Its a ARM rate and my rate will be 8,15 starting with Dec. Payment.
I called AMC and asked if i refinance at a lower rate. Was told sure. Your credit is GOOD and that in Oct my Apprasial was $191,00. I Thought NO WAY. Most comprable homes in my Area sell for $105,000 to $130,000 AMC sent an appraser to the house, this Apprasial was for $112,000.in two yrs. My home has lost $79,000 apprased Value. No Way again. Then the man from AMc says he cant do anything for me as i owe$163,400 on my house. Well i figure they Got me into this mess, they can help me OUT of it. Have called other Mortgage comanies and they say, Buddy you Got TOOK.
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