Unfortunately, I refinanced with Ameriquest for a 2 yr. ARM.
My home was built and purchased in 2001. I refinanced with Ameriquest in August. Ameriquest appraised my home at $240,000 and Mr. Jeffrey McCllough assured me that if I made my payments on time (which I have) I would be able to get a "streamline" loan to refinance before the ARM was due without a pre-payment penalty and low closing costs.
I attempted to contact Mr. McCllough about 3 weeks ago and found he was no longer at Ameriquest and that the Dearborn office was now closed.
I called the 800 number for Ameriquest and spoke to Euan and told him what Mr. McCllough had promised and applied to refinance.
About a week later I received a letter from Ameriquest denying my request. I was surprised and called Euan and asked why. Euan informed me they no longer do "streamline" loans and in addition they had appraised my home and it was only valued at $178,000 - $62,000 less then what Ameriquest had appraised my home less than 1 1/2 years ago. Euan also informed me that based on the appraisal they would not be able to refinance me. I asked what the pre-payment penalty would be and he informed me it would be $1,600.
My ARM is not due until August this year and I found out it will increase every 6 months. At that rate I will not be able to pay the mortgage.
I have contacted the Attorney General here in Michigan but have only received a file number.
I am fearful that I will not be able to obtain a new mortgage from an honest company. If I cannot get refinanced I will be forced into foreclosure.
Does anyone know of an honest company that will be willing to refinance a person who has an Ameriquest loan?
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