It all started last spring, while I was going to school.in March of I was late with my payment to Ameriquest, I called the 800 number on my billing statement to make a payment over the phone. I was told at that time, that I could Not make the one month payment for March, I had to make a two month payment for both March and April, but at that time, I was only working part time, and going to school part time. I couldn't make both payments at the same time, only one.
After that, I was contacted by an Ameriquest loan officer in April Mr. Bell said that my file had come across his desk and that I was a candidate for an internal refinance. I listened as he talked about lowering my debt to income ratio, lowering my interest rate at the same time, and working on getting all my payments up to date, and paying off my property taxes. He brought up my credit report, which at the time was still pretty good, He took my employment information over the phone also at that time, and requested that my employer fax him a letter stating the same, (which she did, the next day). So far, so good.
On Tuesday May 4th, an appraiser showed up at my house for the appraisal. I thought everything went well. Mr. Bell said that we should be signing closing papers around the 21st. Still OK. The 21st came and went, the 22nd came and went, no closing, and no word from Mr. Bell, I called several times, until I finally caught him at his office. He said that the appraisal had come in too low to refinance my loan, and that he was going to order a second appraisal. I encouraged him to use a local appraiser, who had appraised my home just two years ago, gave him her name, address, phone number, and fax number. I called my appraiser the next day to see if she had received the order from Ameriquest and she said that he had called and left her a voice message, but she had not received a fax from him, which she needs in order to come out and actually do it.
Later that day, I got a call, Mr. Bell said that he was sending an Ameriquest Approved appraiser out to my house for a second appraisal. "Why didn't you call 'L.L.'" I asked, he said it was because she was not on our list of approved appraisers.
So Ameriquest scheduled the second appraiser to come out May 25th at 10am. I sat at home all morning waiting, and no appraiser showed up. I called the Ameriquest office and was told that Mr. Bell had gone to lunch, so I asked to speak to the manager. The manager said that he would look into the matter and have someone from the scheduling office call me back, perhaps there was a simple mix up. The person I spoke with from the scheduling office said that Mr. Bell had cancelled the second appraisal.
Well, why would he do that, and Not Call Me??? I called Mr. Bell's office back and wanted to speak with his manager again, this time I reached Mr. Bell, I asked why the appraiser had been cancelled, and why he didn't call me. He was some what lost for words, said something to the effect that it wouldn't be worth it, and that he was thinking about leaving his job at Ameriquest. Then said that he would reschedule again for the next following week. Again, an appraiser came and went, and when I finally heard back from Mr. Bell, he said that the second appraisal came in lower than the first! *What? *
Now I think that there is something fishy going on here, not only can I not refinance through Ameriquest, but my credit report has taken a nose dive right into the dumpster. As of the end of May, I'm 3 months behind. And Ameriquest has started foreclosure. Talk about mental cruelty, Mr. Bell assured me on several occasions that I was not to worry about the payments (said "go have a bowl of ice cream and watch t.V.") and that the new refinance would take care of all my arrearages, and I would have money left over to put towards my home repairs and other things.
As of June I sought help from another Mortgage broker in my home town, and told him the entire story of what had just taken place. He ordered an appraisal from 'L.L.' and just as I had thought, the value was not only good, it was better than I expected! My house was appraised for 20K more than that in but I had so many Ameriquest late fees, and an early pay off penalty, arrearages etc. Etc. Plus property taxes due, that the loan officer could not make a new loan for me due to the limit I could refinance through their office.
Now I feel that I am really stuck, the last thing I want to do is file bankruptcy, but that seems to be the only thing that might save my home. I suffer now almost every day from panic attacks and I wake up in the middle of the night and can't get back to sleep. I have contacted other mortgage brokers, but as my credit stands now, no one will touch a refinance for me.
This whole thing would have never started if I had not been contacted by the Ameriquest office in Rancho Cordova, and been offered an internal refinance. I could have worked out a different refinance, with a home town mortgage company.
The Ameriquest Company as I have read through out this web sight is one of the worst mortgage lenders in this nation, and I hope there will be a class action suit filed against them for all their malpractice in every state. Some one needs to be a whistle blower. State by state, and Every Day, there are more and more complaints registered here on the complaint. Today, I am glad that I did not refinance at Ameriquest, but what can I do to keep my home? Anybody out there have a suggestion, or advice?
Elisabeth
Janesville, Wisconsin
U.S.A.
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