I refinanced my mortage 3 years ago with Ameriquest Mortage. I was promised by the agent I was dealing with and by other individuals that they would definately refince to a lower interest rate after 2 years of mortgage payments, as long as I was never late. My home is only worth about $20,000, but at the time they insisted it was worth more. They loaned me approx. $42,000. At an 11.65 interest rate.
After 2 years of excellent payment history, Ameriquest contacted me to refinance for a lower interest rate. They actually made me go through the whole process again just to tell me they couldn't refinance a loan less than $70,000. I realized then that I had made a huge mistake in doing business with them.
I tried to refinance with another bank, but because my house was not worth what I owed to Ameriquest and the fact that I no longer had any equity they couldn't do anything for me. It was suggested that I start making additional payments to the principal that would help me in the future.
About two months after I started sending an additional payment towards my principal, Ameriquest decided to add an escrow to my account, without my knowledge. Because my real estate taxes were late (mind you not in defaul) Ameriquest decided they were going to pay them and also add over $2000 to an escrow account for my future taxes. They didnt even bother to ask me when I planned to pay the taxes. I have lived in my house for 13 years so I know when the final date is to pay my taxes. All of this was done without my knowledge, without my consent and without consulting me.
I was sent a notice from them that my payments will increase from $426.00 a month to over $700 per month starting in March '04 of this year. Ameriquest doubled my mortage without even asking if I could afford it.
Needless to say after several phone calls to Ameriquest, no help and indifference of my situation, I have decided that I will probably relinquish my little home. It is not worth a $700 mortage, and I can not afford to pay it. My mortgate payments were never late in the 3 1/2 years with Ameriquest but it is apparent that means nothing to them when they are ready screw you.
To any one that is considering doing business with this company, please don't! You will regret it in the end.
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