I have a closing on a refinance scheduled in 5 days. Great - except for the fact that in working with Ameriquest prior to my new lendor, Ameriquest held a fraudulent closing and closed out my mortgage even though I rescinded.
I was unsettle all along because the interest rate they were giving me was 6.5 when I now have 5.75. I now know their speed and responsiveness was deceipt to conduct another ripoff.
In CT an atty. Is required at a closing. The person that represented the law firm they use was not. CT also requires 2 witnesses; there were not. As soon as we started to review the loan, there was a pblm. I called the loan originator and reminded him I wanted a 15 year not 30 year. He disagreed but said he was trying to protect me w / a lower premium. I told him, the notary in my house and his manager that I was not sure now and needed time to think it over. One of their selling points is that Ameriquest gives you one week to rescing, not the standard 3 days.
The notary suggested I sign it while the papers were there; if I proceeded all would be done. If I decided not to go through with it, I'd just call them. The date was 1/21/04.
On 1/25, I left a vm for the loan originator and his mgr telling them I wanted to rescind, asking if I should send the papers back. No response. Day 6 and concerned I faxed the same information to them. No response.
On 1/28/and 29/04, I found a Fed Ex door note. If I signed the package would be delivered the next day. Fearing the worst I did not sign becasue I did not want my cash-out check, since I rescinded.
On 2/9/04, my new lender called with good news, that my appraisal came in very high; in fact $14,000 more than Ameriquest's computerized appraisal, thus lowering my Loan to Value ratio. However... When she called my bank to get the payoff amount, she was told the loan had been closed out!
All week I have been phoning, faxing, proving and getting information Ameriquest couldn't or wouldn't Yesterday the manager even tried to persuade me by saying I was being ripped off by the yeild spread. I sent him my settltement papers to prove otherwise. Last night I go a message he rec'd my settlement papers (must have been correct, no other comment about them) and said the process of rescinding had begun. Finally I could breathe.
Not for long though. This morning the branch manager called, asking me questions I had already provided answers and documentation for. He tried to tell me I had to the money back from my back. I reminded him I'd found his missing cash out money w / a 3 minute call to Fed Ex. He carried on and I told him to have the conversation with the manager I'd been working with, who said all was a go. Again tonight, he called, adamant that I answer questions. I told him that his lawyer used unethical and illegal practices in this closing and if fact, is not considered a closing in CT. I assured him he did not want to be part of any litigation and suggsted he think about it. Just fighting words on my part, I know. But I am in a mess with 5 days to fix it and the worst part is, I don't even know what I stand to lose - money, my home???
I've even called the state banking commission and Atty General's office. Very rude, abrupt "too bad" responses. If there is anything I can do, please tell me!
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