Filled a request to refi 2 loans into 1 online. Had a previous experience with Ameriquest which we cancelled by recision within appropriate time although they said they did not receive the recision (whole other story). Was contacted by a mortgage broker in Arlington Heights, Ill. We told them we wanted no business with Ameriquest and was told the company was Argent and not to worry. The loan was "approved" although there were delays. Arrived at the closing in Schaumburg and was told there that because of the delays they rate was higher than promised and if we didn't close we would be 60 days behind and in default on our 2 loans.
At the closing there were some papers assigning the loan to Ameriquest, the company that we absolutely, postively told the broker we didn't want anything to do with. The broker got his commission at the closing and we told him we felt screwed by his company, Ultimate Performance Mortgage Company, licensed to do business in Illinois.
I still have all the closing documents. I was told by someone very knowledgeable that we were supposed to receive countersigned documents which we never received and that the delays that forced a higher interest rate was a practice called "tabling".
I didn't work for 2½ months and we got behind on the mortgage upon which foreclosure proceedings were started which added $15,000 to the balance due on the mortgage. To save the equity of the house we filed Chap 13 BK which is a whole other problem. Only at the time of the foreclosure were we informed that Deutsche Bank was the actual holder of the mortgage and that Ameriquest was only the "Processor". Subsequent to the foreclosure AMC sold the processing to Litton Loan Processing LP, in Houston, Texas.
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