Ameriquest Mortgage Company has broken many laws in seven loans I am aware of thus far, and am investigating further. One of which was a mortgage loan application my fiance applied for. Five of these loans were to purchase, but the documentation given the mortgagor reads "refinance".in doing so, the buyer is forced to pay ALL the closing costs, the seller pays nothing and the seller was present at each closing!
Further, there was no pre-disclosure of any fees other than a verbal comment that there would be an appraisal fee and no loan application fee. After reading the settlement statement (after the closing as the closing was about 25 minutes long) there were a multitude of fees including bogus fees such as a document fee, courier fee, various application fees, a large "discount" fee, etc. We were forced to pay for fire insurance at a higher cost than previously quoted and we HAD to use Five Brothers Insurance, their "approved" agency. The Turnkey Title Company had many separate charges on the settlement sheet.
At the closing each mortgagor was asked to complete a small statement "verifying" an imagined income the loan officer created to enable approval of the loan. Illegal, as it is falsifying the income. Each had a false, "puffed" appraised value — one appraisal was made two weeks after the closing (figure that out). Also, each closing resulted in a higher than quoted interest rate.
I have filed a suit, along with my fiance, in Tampa against Ameriquest Mortgage Company, Turnkey Title Corporation and Right On Time Appraisals. I personally feel Five Brothers Insurance is in on it too. I am sure someone is getting a "kickback" if every mortgage is required to get insurance from Five Brothers and if every closing has a higher than quoted insurance amount.
The suit is Circuit Case No 04 00571, Division K filed in the Circuit Court of the 13th Judicial Circuit in Hillsborough County with the following 15 counts:
Breach of Contract - Lender Liability, Directed a Fraudulent Appraisal - "Puffing", Conspiracy to Steal - Grand Theft from the State of Florida, Department of Revenue Theft from a Mortgagor, Insurance Coercion, Fraudulent Inducement, Red Lining, Mortgage Fraud, Abusive and Predatory Lending Practices, Clouding the Title, False Documentation - Sales Transfer Tax Fraud (theft of sales tax funds as the documentary transfer tax on the deed was intentionally under-paid by stating a much lower sales price than what the property sold for), Mortgage Fraud in the Secondary Market, Theft of Sales Proceeds, Failure To Pre-Disclose, Fraudulent Loan Documentation, Refusal To Use A HUD 1 Settlement and Knowingly Falsifying A Sale As A Refinance.
Of one of the loans I mentioned previously - the mortgagor also filed a suit a few days ago, Circuit Case No. 04 01901, Division E in Tampa, Florida.
Do any of you know of other similar cases? If you want more information or you have information to offer, please contact Robert E. Hughes, Sr.By clicking on the rebuttal button. I am considering a class action.
In essense, no pre-disclosures, jacked up interest, a multitude of unverified and ridiculous fees, they wouldn't provide a copy of the appraisal, falsified income and inflated appraisals, sales tax liabilities to the mortgagor and more. How many people don't thoroughly read through or question the paperwork they are given after the closing? How many people have paid thousands of dollars they shouldn't have had to pay? Four of these closings were reported to Florida's Department Of Revenue on forms that department provided as the mortgage company and title company defrauded the state on taxes paid.
Where are the government agencies that are suppose to be watching out for this type of predatory lending and illegal activities? Please help put Ameriquest Mortgage Company out of business! We expect criminal complaints to be issued against those companies.
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