Yet another Ameriquest Rip-Off. Wish I would have went to this site before signing. I was told from the day after my house was appraised that I would get $7400 cash back from my refinance. The Payoff on my house was $105,400 plus a prepayment penalty of $3500 and $2400 in taxes that I owed. = 111,300.
When I went to sign the paperwork I noticed that the paperwork said I would only get $3500 cash back. It was explained to me that because they didnt have the exact payoff on my old mortgage that they had to pad the payoff amount so that would make up the difference on my payout.
I asked specifically the day after signing, so I will be getting a check for $7400 in 7 days. Yes He says.
7 days pass, nothing. I call, they say it is delayed at the title company, they say this for 7 more days. 14 days later I get my money. $2500. Not only did I not get $7400 but ended up with $1000 less than the paperwork said. The padding was there but the prepayment penalty was not and they were well aware of it. Plus they bumped up the fees.
Now I owe $124,700 on my house. If you do the math between the $111,300 owed on the house and the $2500 I received that leaves $13,400 that went to them. Seems a little high doesnt it.
I do not suggest anyone do business with this company. If you feel they have the best deal for you have a real estate attorney look over your paperwork before signing and make sure everything they are telling you reflects in the paperwork.
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