I had my home refinanced in 2004 with Ameriquest with a 2/28 mortgage at a rate of 8.65%. The appraisal came in at $107,000 although according to the County Appraiser's office, it was worth $75,000. At the end of that year, I got a second mortgage with another company who went on my word on the appraisal from Ameriquest. My 2 year fixed just ended this month, and my interest rate jumped up 2 points to 10/65%, and it will go up again 1% in six months.in trying to refinance again with Ameriquest, they told me that I was "upside down" on my mortgage, owing more than it was worth, which of course, was their fault, but didn't admit to it.in phones calls to the Office of the President, I had them investigate it, and they did admit that the appraisal was inflated some, but fell in line with their mortgage. They laid blame with the second mortgage holder, which I do understand. At that point, I was told that they would resubmit my information to see if they can get me a fixed rate, but of course, there was nothing they could or would do to help me. Now I am pretty much screwed because no company will loan more money than what my home is worth. I really wish there was some legal action I or we could take against Ameriquest or AMC so they won't do this to anyone else.
0 comments