Well, I think help may be on the way for all us Ameriquest consumers. The other day in the mail, we received a Class Action Notice against Ameriquest. We too were victims of their unethical lending practices.
We refinanced with them last year. Not only did they raise our interest rate, but since we were with Ameriquest before the refinance, they extended our pre-payment penalty phase by 3 more years, we were told that it would only be a year. Also, the interest rate changes one year before the pre-payment ends, we are hoping that the interest rates will stay steady come this time next year, if they do, the rate should go down.
After reading the loan docs, we had 7 days to rescind the loan. I called several times, but nobody returned my calls, and once I mentioned I wanted to rescind, I was hung up on. Ironically, someone did call me after the 7 days were over. As for inflating our appraisal, that was really not an issue. We live in California, so property values go up every five minutes. However, my husband does not have any verifiable income, and I suspect that they inflated that.
As I think back, I am not sure we even received a copy of the loan application, so it should be interesting to see what Ameriquest changed to push this loan through. All I am saying to you beleagured Ameriquest borrowers is that what goes around comes around, and I know Ameriquest will get what is due them. If this class action pans out, I don't care if I get money back from Ameriquest, I want to see them run out of business and my loan turned over to a reputable lender. Good luck everyone!
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