Ameriquest Mortgage
Predatory lending unethical business practices and whats with this prepayment penalty

I just need a place to vent my frustration with Ameriquest Mortgage, and to see if anyone has any ideas on what to do with this prepayment penalty thing. My husband and I refinanced our house with Ameriquest in January we were already with Ameriquest anyway. Back then our pre-payment penalty expired at the same time as the fixed rate of our loan.

When we refinanced I asked if our pre-payment penalty fee would be waived, since we were refinancing with them, it was, but we were charged the equivalent of the pre-payment in closing costs. To add to our misery, the loan agent we talked to at Ameriquest assured me that our pre-payment penalty would be the same as if we did not re-finance. Our first pre-payment expired 2/04, and I was told that would not change.

Well, we signed loan docs and beleiving that the pre-pay would expire in 2/04. Well imagine my surprise when according to our new loan that our interest rate is fixed until 2/05, but our pre-payment won't expire until 1/06. I know I should have looked at the loan docs more carefully, but I trusted what Josh had told me. My mistake.

Now, we have a loan broker calling us who gets leads from Ameriquest of people like us who have a pre-payment penalty and a high interest rate that is fixed for a few years, he starts out by saying he use to work for Ameriquest and knows how sneaky they are and that he would like to help us escape Ameriquest.

I think it is a scam by Ameriquest to get their prepayment money. Does anybody have the same experience with this?

Company: Ameriquest Mortgage
Country: USA
State: California
City: Sacramento
Address: Howe Street

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