We heard on the radio about ameriqust loans and thought it sounded like a good deal. I called and talked to a person about our finances and he suggested we do an arm since we had less than perfect credit.
I wasn't very keen on the idea of any kind of arm because of the increase in interest over time. He told me a story and convinced us to do the loan. As a result of this we got our money we needed and got the interest rate we needed. Ok thatwas good.
Now it turns bad we after 4years decided we needed to refinance because what had been promised went by by big time our rate went from 6.35% to 11.5% and has a cap at 12%.
I contacted another loan company not wanting to use ameriquest becase of what they did to us. We filled out all the paper work for a new mortgage and it really looked good. We had set a closing date subject to appraisal coming back at the rate we figured our house was valued at 4 years ago. Our house should have gone up invalue since then.
The mortgage company called me and told me we had a problem. Our house was appraised at $35,000.00 to much on the original documents I gave them. The appraiser redid the figures and found our houses market price had been doctored to get our loan.
If there is anyway I can sue these people for this I'd really like to do it. We now find ourselves in the predicament of high interest and no equity to refinance.
Ihope someone out there can help us get these people to fix this problem.
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