I had a bit of tough sledding three years ago and needed to cash out some equity in my home to recover. I had trouble getting a conventional refinance and was actually referred to Ameriquest by Capital One (another company roasted here often).
I worked with the local branch office in Arden Hills, MN, a suburb of Minneapolis. I got a loan, was in no position to quibble about terms, but the fees ate up a good chunk of my equity and the new loan (at 10.4%) sent my payment from $600 to $950. Fortunately I was employed and could manage the payment, there was to be NO prepayment penalty, and I was assured that I could refinance early by the local office without problems.
I read through the paperwork carefully once I got completed copies and they weren't the same as the blank ones they had me sign to "speed" things along. In fact, there is a prepay penalty equaling a year's interest if I refinance before three years or if I pay off more than a small percentage of the original loan.
I figured I had to bite the bullet for three years though the interest rates going down the last two years have been hard to watch! So, 2 1/2 years into my loan, with perfect credit, nothing missed anywhere, I start getting in early April letters from Ameriquest asking if I was thinking about refinancing and telling me they had some great deals.
I ignored the letters because of the pre-pay penalty. Then the letters picked up, one every couple days, and phone calls started one a day or so (thank god for caller id!) until late May when I got a call from a woman named Wendy on a Saturday telling me she was from the portfolio retention division and really had some great bargains right now and that she could really lower my rate.
I called her back the next week and was told she had left the company - that in fact the day she called me was her last day. I thought what? Why would she be calling me the day she quit? So, I looked at the last letter I got, it was the only one that came with a business card and I sent a note off to the guy who sent it telling him I would be happy to refinance, if Ameriquest was willing to drop the penalty clause and come down to a rate I know I can get the conventional way now. Never heard back from him though the email didn't bounce.
So a week later I sent another note to him, this time copying customer service in case he had "left" the company too. Never heard back from him or the company. As I read through the posts here I saw other instances where Ameriquest had refused to waive penalty's and had lied about what would be in the final paperwork.
I just wanted to let folks know that even if you do everything you should and pay everything on time, they will not budge an inch, even though it will mean losing a good payor. Because I will refinance but the day after my penalty period expires because there is no way on earth I will let them steal the equity I've built up which is obviously the only reason they began contacting me in April - they thought they could force me into an early refinance and pocket my equity.
These are not trustworthy people, regardless how warm and cozy they look on their national ads, they are sleazes taking advantage of people in hard circumstances. In the animal kingdom animals who act like this are called scavengers and vultures - they are amongst humans too. And Ameriquest leads the pack.
Gene
Coon Rapids, Minnesota
U.S.A.