I can relate to all you unhappy victims of AMERIQUEST MORTGAGE COMAPNY. I to fell victim to their lies and unethical business practices. The one report I found to be very interesting is the one from the former employee who spelled out exactly how they do business. We were contacted by telephone early last year by an account manager from AMERIQUEST and ironically he lives near our home. He was very compassionate and really seemed to want to help. I have no idea how he found out we were interested in a loan and how he got our telephone number (it's unlisted).
At any rate he went on to ask me some questions and based on my answers he told me he could " get me into a loan at 7.5% with no prepayment penalty ". The interest rate was a little lower than we were paying at the time so we decided to proceed. He came to our home and my wife and I filled out the loan application. We filled it out using a ballpoint pen (this will be important once I explain further). A few days later he called and said our "medium credit score is in the mid 600s). He again confirmed that it would be no problem getting the 7.5% rate with no prepayment penalty. He didn't tell me, however, that we could qualify for an even better rate at a bank.
Well we proceeded and AMERIQUEST SENT AN APPRAISER TO OUR HOME. The first thing out of the guys mouth was " I need to appraise your home for 145k to make the loan work ". At that point I pretty much knew that our home wasn't going to be appraised for 145k. Surprise!!! I got a call the next day from AMERIQUEST telling me our home appraised for 145k. Reck appraisels did the appraisel and they are located near the Wexford, PA office of AMERIQUEST. After reading the exemployees statement I understand how they work together. It was now time to close the loan. The account manager called and said he would stop by our home to have us sign the papers. He said they had to adjust a couple minor things in our loan.
I immediately asked what and he said they had to adjust the interest rate and add a prepayment penalty because we were late on a mortgage payment in the past 12 months. That was not true and I told him we would provide them proof. I called our present mortgage company and told them what was being said and the man checked our history and said there has never been a late payment. He said he would fax a letter to the AMERIQUEST office and also send a hard copy via FED X. I immediately called AMERIQUEST and left a voice message. The next day I called AMERIQUEST and asked if they had received the letter and they said " yes, we received both copies. The branch manager was talking to me at this point and I told him I was appauled that the account basically called me a liar. The branch manager (who is no longer there) told me he would take care of the mistake and re do our paperwork. He told me that they would personally drive to my home for us to sign the final papers. GREAT CUSTOMER SERVICE!!!
At 6:30 in the evening during a pretty heavy snow the account manager arrived at our home. I invited him into our home so we could sit down and sign the papers. He told me " I will not come into your house because you called and started all kinds of shit, lies with my manager". I told him that I only expressed my displeasure with regard to him telling me that he had to adjust our loan. Well he became very confrontational and I decided rather then have my kids see or hear this I would sign the papers outside. I took them in so my wife could sign. After we signed and he left we sat down and started to review the paperwork and found that they gave us a 10% interest rate with a 3 year prepayment penalty. I immediately called and left a voicemail for the manager to call me.
I waited until about noon the next day and called him, well he wasn't available, so I told the person I would hold. I waited for at least 15 minutes. Finally I decided to use my cell phone to call and I used a different name and asked for the manager. He picked up the phone right away. He said hello John this is Ron. I said hello Ron this is tony. I said I have been on hold for at least 15 minutes. He asked what was going on, I told him I explained in detail in the voicemail. He immediately said that he has already started to correct what had happened. I ask how this could happen and he said the account manager took the wrong paperwork to our home. He said he was correcting everything including taking the prepayment away and giving us the 7.5% rate initially promised. I was satisfied with that.
We never found out that nothing had been done until I received my first statement. Now we were beyond the recision period and there was nothing we could do.
You see this exemployee is exactly right. Remember when I said we filled out the loan application using a ball point pen? We in the paperwork we could not find our original loan application. I called and called and asked that they provide me with our original loan application. Well almost a year went by and we finally received an application. The application we received was typed not hand written and had our signatures on it. It contained misleading information on it and I can assure you we never signed this typed application. They apparently traced our signatures on it. There were things on it that we couldn't believe.
I called an attorney because we thought they could have us for forging information. He aked us several questions and he decided to meet with us to go over everything. He took the case immediately and could not believe how they forged information to make the loan go through.
We had our home appraised again and it didn't appraise for 145k, it appraised for 90k. If anyone can follow up and provide any advice it would be greatly appreciated.
Stay away from these voltures!!!
God Bless!
John
CRANBERRY, Pennsylvania
U.S.A.
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