Per a telephone call from Ameriquest Mortgage Company asking if we would be interested in refinacing our home mortgage, we started the process of filing out an application. We were going to refinance our home, and they found out we had lake shore property in Minnesota, therefore we could re-finance the two properties. We did everything required.
What happened was, we did close on our residence on our home, but the lake shore property closing was held up. I called, because we were suppose to close on both places at the same time. All of a sudden, Ameriquest stated we could close on the lake shore property as soon as we installed an indoor bathroom. We have owned this property for 22 years. There are 56 cabins on this lake, which about 5 have indoor bathrooms. Needless to say, we were not prepared to install a bathroom, which with septic and everything, the cost would be about $10.000.00. We didn't have the money to do this. Nothing was said about this until closing.
So, after signing the papers for our home, we decided we didn't want to change banks and go with Ameriquest. Our exciting bank ofter us a great deal. I called Ameriquest, and they said our time had lapsed, therefore we could not recind our agreement.
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eedless to say, this has put us in a bad financial status with all of our creditors. Ameriquest was going to pay all our creditors, and we would have one payment to them. Two items of the puzzle is, our lake shore property is valued at more than our resident is. This blew our mind. The second scam was, the "Settlement Charges of $4,557.68". We assumed this was for both places, so we did not question it. Our problem was we believe Ameriquest was going to really help us out. It was an answer to our prayers. We are retired, with a good income, but we are helping raise two grandsons. I don't think companies like this should beable to "screw" people like they do. We are in the process to have to sell our lake shore property, because of Ameriquest. This was our dream for our 3 kids and grandkids. They have been brought up at this cabin. It was a family outing every summer and sometimes in the winter.
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