- Report: #278513
Report - Rebuttal - Arbitrate
Complaint Review: AMC Mortgage Services... AKA, Ameriquest (the Company In Severe Legal Trouble)
AMC Mortgage Services... AKA, Ameriquest (the Company In Severe Legal Trouble)505 City Parkway West, Orange County, CA St. Louis, Missouri U.S.A.
AMC Mortgage Services... AKA, Ameriquest (the Company In Severe Legal Trouble) Ameriquest was the seller and I was the buyer of a foreclosed home (probably one of you ripped off people, as well). I gave them a $1500 earnest deposit (should have been warning number 1), but then could not get approved for a loan (tried two lenders). Even though that was a contingency in our contract, Ameriquest said we backed out because of inspection, and kept the deposit. It's theft!!! St. Louis Missouri
I am a property investor, and started investing in St. Louis, MO about a year ago. We found a great property that was being sold, and put an offer on it. The offer was accepted, so we signed all documents, and entered escrow.
The contract could not be broken because of a poor inspection... but the contract COULD be terminated if (a) the appraisal did not come in high enough and (b) if the buyer could not obtain financing (... mortage, hard money lender, etc.).
Well, all this time, I was under the impression that the seller was Manasseh Ministries... but come to find out 3 days ago, Manaseh Ministries was actually a typical victim of Ameriquest foreclosure... and the ACTUAL seller was AMC Mortgage Services... or... drumroll please! Ameriquest!
After discovering this 3 days ago (mind you, my incident occurred 10 months ago... and no one would give me the seller's name until I explicitly asked "was the seller AMC Mortgage?")... I started hunting them down. But let's start at the beginning, and let you know why, even though they only stole $1500 from me... I am determined to get my money back, and not to let this one sit. This company is corrupt from the top down, and needs to be held responsible, regardless of the size of the claim.
Please help me find lawyers for Ameriquest lawsuits!
1/3/07. We made our initial offer (by the way... "we is my wife and I"). Closing date was to be 1/26/07.
1/8/07. We got the verbal report that the offer was accepted, so we requested that Ameriquest turn on the utilities so we could send an inspector through the property (to be done in the first 7 days).
Same day, we got $1500 in money orders and mailed them to Mokan Title Company in St. Louis (who also won't release the seller's contact information).
Same day, we got on the phone with several lenders trying to find someone that would lend $40,000 on a foreclosed home. Phone records can verify this.
1/10/07. Contacted Southwest bank and began applying for a loan with Robert Myrick (great guy... tried to really help us... I'd recommend him any day).
1/12/07. Ameriquest officially signed the contract, so we officially entered escrow (now giving us 14 days to close... that's tough without cash). At this point, we are still waiting for the utilities to be turned on so the inspector can go through the property.
1/20/07. Was verbally rejected by Southwest bank due to excessive financial obligations and investing from out of area. Started looking for other lenders.
1/21/07. Received inspection report back from inspector. There were several things wrong (as expected), but it did not deter us from buying the property. We continued to seek lenders in order to close on the property still saw great potential in the property.
Due to excessive time to get inspector through the property and to get rejected by the lender, we asked Ameriquest for an extension of closing date.
1/24/07. Contacted Southwest Bank again to verify there was nothing we could do to get financing. They confirmed that. I requested a written rejection statement.
1/24/07. Found a lender and finished application process with Westre investors. Began waiting for approval. Due to the delay in getting the inspector through and finding a lender, verbally requested an extension of closing dates. Seller agreed that they would extend the loan commitment date and closing date of 2/16/07.
1/26/07. Fax from sellers agent (via our agent) with an updated loan commitment date of 2/5/07 and a closing date of 2/7/07, with a $100 per diem fee after that. Fax was signed and sent back the same day, accepted by us (we believed we'd get financing through Westre Investments, since we had secured a loan with them before).
1/31/07. Loan was verbally rejected by Westre Investments due to poor property value. I was an approved borrower, but the lender would not lend on that property. Therefore, an inability to obtain financing for 8607 N Broadway.
In a final effort to obtain financing by bringing the loan amount down, I attempted one final counter-offer for $28,000, which would have been approved by Westre Investments, and would have solidified financing. Offer was immediately rejected by the seller over the phone (via Buyers agent).
1/31/07. I contacted my agent to explain that I was out of financing options, could not obtain financing for this property, and would unfortunately need to back out. (Phone records can verify this call.)
2/1/07. Received official rejection letter 2/1/07 from Westre Investments. Contact was Brad Westre.
2/1/07. After having been rejected formally by 2 banks, I drafted a letter to the sellers agent, with all applicable contracts, records, and notification 4 days prior to the loan commitment date of 2/5/07, allowing ample time to prevent title company from excessive efforts, and to give notification as early as possible to all parties. This was in direct compliance with the contract.
At this point, I awaited the signing of the mutual release of funds from Ameriquest, which would release my $1500 earnest deposit from Mokan Title Company.
I didn't doubt for a second that they wouldn't sign it, since all actions were in accordance with the signed contracts. Little did I know I was dealing with Ameriquest. And little did I know they are a corrupt company from the top down... down to whoever was selling 8607 N Broadway St, St. Louis, MO 63147.
I was appalled and shocked the day I heard this:
Ameriquest's agent informed my agent that the mutual release would not be signed because they claimed I was backing out due to the inspection. As one can see from the frequent and continued efforts to obtain financing and close on the property AFTER receiving the inspection report, this was not the case.
And it keeps going!
3/8/07. Not realizing I was dealing with corrupt Ameriquest at that point, I assumed there was a misunderstanding. So I re-typed a request for mutual release with clarifying information to alleviate the confusion about reasons for terminating the contract. Since the sellers information would not be released directly to me, I had to route this through Seller's Agent... Andrea.
3/14/07. I mailed, via Certified Mail, the 3/8/2007 package of information hoping for a signed mutual release. I requested a response by March 23rd. Although letter was verified received on March 20th, no response was ever made to me.
10/9/07. I found everyone's contact information, scanned all my records in with a nice time-line to again alleviate confusion... and received very cold, sharp replies. Through emails with Andrea Cameron (the sellers agent), I found that she actually represented AMC Mortgage Services as the seller (not Manasseh Ministry, Inc). I found out that AMC stands for Ameriquest, the company who was being sued by the nation for sub-prime lending practices and settled for $325 million dollars ($3.2 million to Missouri, plus $125,000 for their time). Andrea Cameron also informed me that I was advised to speak with a lawyer several months ago. This information never reached me... seems maybe their agents are a little shady as well. In an effort to protect the privacy of her contact at Ameriquest (with whom they still frequently conduct business), she could not give me any of AMC Mortgage Company's contact information.
I found Ameriquest of St. Louis through Google Maps (phone number only). Called them at 4:52 PST. I received the "Thank you for calling Ameriquest Mortgage Company. Your call is being transferred, please stay on the line" please wait'. Please wait' click.' I was disconnected all three times I attempted to call. I thought maybe that was too late, so I tried to call them again today... and got the same disconnect. I picture this empty office building with rats and a voicemail machine in the middle of the floor, where they packed up their illegal St. Louis operation and ran.
So now I'm stuck. I can't seem to talk to a person at Ameriquest' though I will try the California office again tomorrow (they were closed at 5pm today' must not have much work to do).
I'm angry, and I have never sued anyone before, and I don't know the first thing about finding a lawyer who is willing to stand up to Ameriquest. And being fairly educated, and still having no clue how to do this, I figured that there are thousands of others out there stuck in the same scenario. Hell ' www.RipOffReport.com had 692 reports alone' there has to be another 10,000 out there in need of some legal assistance!
So being of the computer age, I thought I'd buy a website name and try to help my cause and the cause of many others in worse tragedies than my own. Appropriately, I named it www.find-lawyers-for-ameriquest-lawsuits.com. I'm hoping lawyers will contact me and let me link to their websites so you can all find what you need, too.
It seems like a huge settlement has been reached, but there are still people like me trickling in with reports of crooked practices and victimization. Please help me find lawyers for Ameriquest lawsuits, and please help stop these thiefs!!!
Ameriquest ripped me off, too
San Diego, California
Click here to read other Rip Off Reports on Ameriquest Mortgage Company
This report was posted on Ripoff Report on 10/11/2007 06:58 PM and is a permanent record located here: http://www.ripoffreport.com/r/AMC-Mortgage-Services-AKA-Ameriquest-the-Company-In-Severe-Legal-Trouble/St-Louis-Missouri-63136/AMC-Mortgage-Services-AKA-Ameriquest-the-Company-In-Severe-Legal-Trouble-Ameriquest-278513. 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.
Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.
If you would like to see more Rip-off Reports on this company/individual, search here:Search Tips
In order to assure the best results in your search:
- Keep the name short & simple, and try different variations of the name.
- Do not include ".com", "S", "Inc.", "Corp", or "LLC" at the end of the Company name.
- Use only the first/main part of a name to get best results.
- Only search one name at a time if Company has many AKA's.
Advertisers above have met our
strict standards for business conduct.