Two years ago I had excellent credit, except for one late credit card payment. I got married, and my wife wanted to get rid of the credit card. She got really excited when "Jeff" at Ameriquest Mortgage co, in Modesto Ca called and told her he could refinance our house, and get us money to do upgrades to the house, and pay off the pesky credit card. My wife thought it sounded great, and told "Jeff" to call when I got home. "Jeff" called when I got home, and I told him I wasn't really interested. My current loan was only 1 year old, and I wanted to stay with my old lender. "Jeff" told me that with my late credit card payment, I would have a bad credit rating, and I should go with Ameriquest, and by paying off the credit card I would have a spotless credit report. He sent a truth in lending statement and I just about fell over when it listed the interest rate at 12.5 percent! My current loan was 7.5."Jeff" called back and I told him that 12.5 percent was rediculous! He told me that the actual rates are never that high, and that 12.5 percent was just a number on a meaningless form. I told him that I would not be interested in refinancing with Ameriquest. "Jeff" put his manager on the line, and he explained that my wife was very interested, and that my credit was shot, and that he could be certain that he could get the appraisal to come in high, which would mean more money in my pocket. My wife begged me to check it out, so to shut her up I let "jeff" work on a refi. I wish the phone system would have blown up, knowing what I know now! He called several times and happily reported that our refi was approved! He even got us 26,000 dollars to fix up the place and pay off the credit card. We went to Ameriquest office in Modesto and signed the papers. When I noticed the interest rate was 9.5 percent I pointed it out to "jeff". He said that this was just a figure, and that wasn't what was really charged. And he gave me the good news that if I paid on time for 2 years, he would refi again at as low as 3 percent! We signed the papers, and I asked "jeff" when do we get the 26,000. He told me I had to go to a title company and sign some other papers. I went and signed a raft of papers, and got a check for 26,000. The papers were for a second mortgage with that bastion of ethical (yeah right) business, Beneficial finance. The interest on the second mortgage was 19.5 percent! My old house payment of 975 per month was now 1600 per month. My first mortgage went from 7.5 percent to 9.5 percent with Ameriquest, and cost me 2 thousand in fees to increase the rate. And I was blessed with a second mortgage with Beneficial at 19.5 percent. At this point all my overtime at work quit, and my finances suffered for it. I was late! I started calling refi brokers, but with the late and the 5 year 8,000 dollar prepayment penalty (never saw that coming, wasn't told about that!), i wouldn't be able to qualify for a refi. Next thing I know, I can't afford the payments. I got late and got a notice of foreclosure. A refi broker suggested Chapter 13 bankruptcy, and now my credit is a total loss. It saved the house, but ruined my reputation, my credit score, my marriage, and lots of other bad things. Thanks "jeff". Write me when you get to hell, and tell me how much it was worth to rip off decent folks. If you deal with Ameriquest or Beneficial Finance, you are dealing with the most dishonest, despicable, liars in the world. Please avoid Ameriquest like the plague.
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