First off, we were told in a good faith estimate our percentage rate was to be 9.25 when at closing it was actually 10.5. While we were waiting to receive our cash out check we received a mortgage statement from Country Wide stating we were due for our April payment, now this surprised us because AMERIQUEST was to have this paid off alread.
In this time we are still waiting for our cash out check. My husband contacts ameriquest and asks what's going on. They tell us the money has been sent to the closing company and they were to issue us the check. Two days later we receive another motgage statement this time from AMERIQUEST... We were floored. We were now owing for two mortages being charged for two mortgages.
Well we got back on the phone with AMERIQUEST and find they sent the money to the wrong closing company. Finally after a month we received our cash out check. But some things on the good faith estimate were not paid off.
Next comes the upsetting part - my husband and I are now wealthy people with a take home income of 1800 a month our mortgage payment is now 1036 a month and we cannot afford it. We are going into foreclosure and some people have told us that they have done alot of illegal things. Does anyone know if there is a law about giving someone a loan in which they know they cannot afford.
Any usefull information would be greatly appreciated. Also they have had some one (an ameriquest affiliate) try helping us get our loan on track so they dont have to foreclose. We are now almost 1year (yes 1year) behing on our mortgage and they are giving us a chance. My husband and I are wondering why they havent foreclosed yet and the only thing we can come up with is they have done something illegal and dont want to go to court or it will come out... Anyone with any other ideas about this?
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