In Oct. 2000 my fiance signed with Ameriquest to refinance his current mortgage. I was present at the signing of the papers. It was going to be a 2 year fixed, and then the 3rd year would begin an adjustable rate. He specifically asked the representative if he could refinance before the 3rd year when the rate would become adjustable. The rep. Told him he could, however neglected to tell my fiance that if he pre-paid the loan before the 3rd year, he would have to pay a pre-payment penalty. Now 2 years later, while trying to refinance my fiance learns he owes the company about 3500.00 for a pre-payment penalty.
And to make this situation even more of a joke, the papers that he supposedly signed that had this pre-payment penalty stipulation on it wasn't included in his signed copies that the mortgage rep. Gave to him. They have done nothing to help us with this. And to make this even more ironic, the branch that the mortgage rep. Came out is now suddenly closed and anyone who was working for that branch is no longer employed by Ameriquest. They are a joke and we are refinancing with someone else, and they can go to hell!!!
Melissa
Lakewood, New Jersey
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