Ameriquest Mortgage Company - Argent
1110 South Avenue, Suite 404
Staten Island New York 10314
U.S.A.
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Ameriquest Mortgage Company - Argent Ripoff Artists, Dishonest, Bait & Switch, Banking Fraud, RESPA Violators, FTC Violators Staten Island New York
1Author
1Consumer
1Employee/Owner
My wife & I got involved with Ameriquest Mortgage through a cold call. At the time we wanted to pay down our HELOC (Home Equity Line of Credit)and a few other credit cards. We needed to be assured that the HELOC would not be closed or cancelled since we had only had it open less than 5 months.
The Account Exec. John Khodov as well as the Branch Manager Enzo Sarrica and the closing attorney John Weber assured us that it is not the practice of Ameriquest to close accounts or go against thier word and that if it were to be the case, it would have to be brought out on the table and discussed prior to closing. I had already told them that if the HELOC is closing then we will not be going through with the refinance. We got rushed through the paperwork because this was Thanksgiving Day Eve and they needed to get the paperwork in. They wanted to cut our 7 days of recision. They screwed up the loan and it had to all be re-written. Now we had another recision period and we were told we did not that this was a continuation of the last closing and that we had exhausted that recision period. The loan which was supposed to fund November 26,2004 did not fund until sometime in December.(Boy is there more to tell).
They used my wife's income which is less than mine to justify this loan. Which to this day I still don't understand, but was told it is only an internal thing not to worry. Her credit score was higher than mine. Needless to say when the dust settled our HELOC was closed we were out thousands of dollars and all they keep saying is it wasn't them.
After the closing I contacted their attorney who advised us that it was the branch managers responsibility to procure a subordination for the HELOC which he did not do. All he, the attorney John Weber, did, was follow through with what he was instructed to do by the Branch Manager Enzo Sarrica. When I confronted Enzo he denied any wrong doing and claims the fault lies with the bank which provided my wife and I with the HELOC.
After consulting two attorney's I find myself in the precarious position that although I have a case and a damned good one, it would require a sizeable retainer to hire a litigator to take on these legal criminals which hide behind the same laws set up to protect people like my wife and I from people like them.
Furthermore, the Government, the FTC and the Banking Industry all of which play a role in licensing and supposedly overseeing these alleged banking and lending institutions should do more than sit on their fannies and slapping these corporate giants on the wrists for taking advantage of the very people they have been licensed to assist. I love this country but dispise it's politics.
Jose
Staten Island, New York
U.S.A.
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REBUTTALS & REPLIES:
1Author
1Consumer
1Employee/Owner
Updates & Rebuttals
#1 Consumer Comment
AUTHOR: Thomas - Bossier (U.S.A.)
SUBMITTED: Tuesday, January 18, 2005
POSTED: Tuesday, January 18, 2005
Find a real estate attorney, someone who knows the real estate laws and ask him who he would reccomend to handle this for you. I am sure there are real estate attorneys who handle litigation law suits like this. Good luck
#2 Ex-Employee
AUTHOR: Mike - San Antonio (U.S.A.)
SUBMITTED: Friday, February 18, 2005
POSTED: Friday, February 18, 2005
the reason your heloc did not get subordinated is because 2nd lien holders will not subordinate if the first lien is a cash out refinace, which yours was.
I have tried many times as an ex-ameriquest branch manager to get second liens subordinated, but all but one would not agree because on every loan, we were giving cash out to pay off credit cards and other things.
If you wanted to do a straight rate and term, then the branch manager would have been able to subordinate, but that probably wouldn't have been of any benefit to you.
Secondly, you can always re-apply for a new HELOC with the same lender. But in this case, it sounds like your credit score has dropped and you probably wouldn't qualify, otherwise, you wouldn't be making so much of a fuss about this.
Also, you can't always have your cake and eat it, too. It sounds like you got a good deal.
First, you paid off a HELOC that probably has a higher ADJUSTABLE interest rate than the one you got from ameriquest.
And second, you paid off some credit cards that i know have much higher interest rates than ameriquest's rate because credit card rates are averaging at about 17%.
And you're probably saving hundreds of dollars a month, but thats not good enough because you want your HELOC back, even though the HELOC is probably what got you in this mess in the first place.
My advice, along with many other mortgage professionals, would be to stay away from HELOCs in the future because the rates will be skyrocketing into the double digits, if they already haven't due to increasing market interest rates.
Its like have a giant credit card tied to your home. If you charge too much, and become deliquent due to higher interest payments, they can takeover your first mortgage and foreclose on your home. Its a very scary thought. Can you imagine a credit card company foreclosing on your home because you missed a couple of payments?
I'm sorry the branch manager misled you, but I'm sure he hoped he could get your HELOC subordinated before funding, but was most likely unsuccessful, but still saved you thousands of dollars in future interest payments.
And finally, if you are going to speak to an attorney, talk to one that has experience the mortgage industry.
If you would have, they would have told you right away that the majority of 2nd lien holders will not subordinate if the first lien is a cash out refinance. I hope you did not pay any thing for the consultation. If you think you have such a strong case against one of the largest mortgage companies in the united states, than maybe you should use those credit cards you paid off to pay the attorney.
I must warn you that their legal department is no joke. They would constantly make examples of people, even if it cost them more than what it is really worth. You would probably end up spending a lot of money on attorneys and you wouldn't get anything in return.
People have tried in the past for similar situations. Don't forget that your attorney wants you to file a suit, becuase they get paid whether you win or lose.
If it was such a strong case, I would imagine they probably wouldn't ask you for a retainer.
