• Report: #201162

Complaint Review: AMC - Ameriquest Mortgage

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  • Submitted: Fri, July 14, 2006
  • Updated: Fri, July 14, 2006

  • Reported By:Houston Texas
AMC - Ameriquest Mortgage
P. O. Box 11000 Santa Ana, California U.S.A.

AMC - Ameriquest Mortgage ripoff One tough lesson!! Santa Ana California

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I refinanced my home with Ameriquest in 2004 through the North Houston office. At that time my home was worth about 160K and I owed about 134K. I got cash out of the refinance and thought everything was great. Low and behold about about 22 months later (2 months before my rate was to begin to adjust) I got a call from a representative in the Portfolio Retention office in California asking me if I was interested in refinancing. She slipped to me that my home appraised for 230K in 2004 and asked me if I thought it was now appraising for 247K now so I could qualify for the refinance.

I immediately told her that appraiser was extremely wrong and super inflated. She pretended to care and assured me she would research it and get back with me in 2 days with further information. I knew that was BS and she was sorry she had shared the appraisal info with me because I was pissed as ever. She never called back. I started calling her about 5 days later and after she had avoided me long enough she got on the phone and offered me a refinance with an 8% rate on a 2 year ARM. She told me she had no fixed options for me. I asked about fees and she pretended not to know off hand. She told me that the fees would be outlined in my good faith estimate. I got the estimate and the fees were damn near 8500.00.

I told AMC thanks but no thanks and determined to get away from them. I started shopping around to refinance and I was turned down several times due to the fact that I have a 181,000 loan for a home that is worth 148K. I am stuck in this loan (So AMC thinks) I applied for a short sale (AMC's version of a short sale)just to unload the home and move on with my life. I have to get 155,000 for the home per AMC. It doesnt matter that upgraded models of the same home I have have sold for 147k and 145k. I am not hopeful that the home is going to sale at that price and at this point I have developed the attitude that I cannot let that worry me. I have learned one hard and costly lesson. I am contemplating just packing it up and taking the credit destruction. I do not have much credit just the home that is now consuming about 65% of my income. What a tough lesson to learn.

Renikia
Houston, Texas
U.S.A.

This report was posted on Ripoff Report on 07/14/2006 09:52 PM and is a permanent record located here: http://www.ripoffreport.com/r/AMC-Ameriquest-Mortgage/Santa-Ana-California-92711/AMC-Ameriquest-Mortgage-ripoff-One-tough-lesson-Santa-Ana-California-201162. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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