• Report: #172097

Complaint Review: Amc Mortgage - Ameriquest

  • Submitted: Tue, January 17, 2006
  • Updated: Tue, January 24, 2006

  • Reported By:southbridge Massachusetts
Amc Mortgage - Ameriquest
Po Box 5926 Carol Streams, Illinois U.S.A.

Amc Mortgage - Ameriquest ripoff Carol Streams Illinois

*Consumer Comment: You went back?????

*Consumer Suggestion: The 325 million dollar settlement is between the states and ACC Capital Holding Corporation, along with its subsidiaries Ameriquest Mortgage Company,

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i had to pay twice for and appraisal 350.00 and 450.00 amc said they would gladley refund the 450.00 back in july of 05 as of today i still havent see a dime . and also i had to pay 6500.00 to leave ameriquest the pre payment penilty well wouldent you know a few months later they called me back with such a sweet deal i went back . right now all i want is my 450.00 and in the future my 6500.00

Donna
southbridge, Massachusetts
U.S.A.

This report was posted on Ripoff Report on 01/17/2006 04:37 PM and is a permanent record located here: http://www.ripoffreport.com/r/Amc-Mortgage-Ameriquest/Carol-Streams-Illinois-60198-5926/Amc-Mortgage-Ameriquest-ripoff-Carol-Streams-Illinois-172097. 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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#1 Consumer Comment

You went back?????

AUTHOR: Kathleen - (U.S.A.)

I can't believe you went back to Ameriquest, especially after paying the penalty of $6,500!! I was going to pay the penalty myself but Ameriquest has raped me enough so I will wait until November of this year when my bogus contract is up. As soon as the very first day of November arrives, I will be free of this corrupt company with a reputable company waiting to take it's place.

They could offer me a deal of 1% interest and I would say hell no. No matter what deal they offer, they are going to make a customer pay somewhere down the line. I'm looking at thousands of dollars for THEIR lawyer fees, late charges I didn't earn and their infamous "suspense balance", whatever that is. I still have not received an explanation that makes sense of any of these charges.

Ameriquest is gearing up to pay the ripped off residents of Alabama 4.15 million. I'm looking so forward to a phone call from the state telling me what my share will be! Hopefully, with all the millions of dollars they have to pay to customers they ripped off in four states, they will be forced to shut down. That is really what should happen so they cannot prey on more innocent hard working people out there.

What I find interesting is ... I researched Ameriquest when I needed to refinance and saw no mention whatsoever about a "sub prime" lending company. I saw nothing of "loans for people with bad credit who couldn't get a loan anywhere else". I had excellent credit at the time and could have financed anywhere. I have beat myself up many times for becoming an Ameriquest customer. It was the biggest mistake I've ever made. I had a loan with SunTrust with a 4% fixed interest rate and a monthly payment of $545.00. Well, my fault for marrying an idiot who ran up so much debt, I would have drowned in it if I didn't refinance the home I had before meeting him.

Anyway, I'm sorry you went back to Ameriquest but you knew how they screw people. You got screwed yourself! You might as well kiss the appraisal and penalty fees goodbye. They will never refund that to you. They have no time to compensate the customers they have ripped off because they are too busy looking for more people to defraud. I mean, it takes time to kick people out on the street then resale a home they stole.
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#2 Consumer Suggestion

The 325 million dollar settlement is between the states and ACC Capital Holding Corporation, along with its subsidiaries Ameriquest Mortgage Company,

AUTHOR: Bill & Ted - (U.S.A.)

Ameriquest Mortgage Agrees To Settle Predatory Lending Claim

TALLAHASSEE - Florida and 48 states plus the District of Columbia have signed the second largest consumer protection settlement ever with Ameriquest Mortgage Company and its parent company, ACC Capital Holding Corporation. Among the states that signed the $325-million agreement, Florida has the second largest pool of Ameriquest consumers eligible for compensation.

The California-based company has agreed to refund $295 million to consumers and make sweeping reforms of practices that the states alleged amounted to predatory lending. Ameriquest also will pay a total of $30 million to the states for costs of the investigation and consumer education and enforcement.

Ameriquest is the nation's largest lender specializing in sub-prime loans, which are loans to individuals with marginal credit histories. The settlement resolves allegations of predatory practices by the company, including claims of inflated appraisals, unjustified fees and penalties, and high-pressure and deceptive tactics against prospective borrowers. Today's agreement culminates two years of investigation by the Attorneys General, state banking regulators and local prosecutors, followed by a year of settlement negotiations.

"This landmark agreement sets high standards that we expect other mortgage lenders to follow,"Florida Attorney General Charlie Crist said. "Floridians and other consumers should be protected from predatory business practices. This is a good result for everyone seeking to pay off their home loan or get out of debt."

Floridians are expected to receive approximately $19 million of the $295-million settlement fund. Florida's share of the settlement was negotiated by the Office of Financial Regulation and the Attorney General's Office. Ameriquest has approximately 62,000 borrowers in Florida. Consumers do not need to take any action at this point to pursue recoveries - they will be contacted later by the states in the months ahead as specific recovery terms and plans are determined.

Under the agreement, Ameriquest must exceed current requirements in the law to protect prospective borrowers. The new requirements include provisions for full disclosure of loan terms, including specific language be included in loan documents. Potential borrowers must be told what kind of loan they will be getting and whether the loan includes a prepayment penalty. Appraisals cannot be inflated, and there will be restrictions on refinancing offers and prepayment penalties. No refinancings may be made that do not benefit the borrower. Independent third parties will now handle closings, at which borrowers are asked to review and sign final loan documents. The courts must approve the settlement before it becomes final.

The settlement is between the states and ACC Capital Holding Corporation, along with its subsidiaries Ameriquest Mortgage Company, Town & Country Credit Corporation and AMC Mortgage Services, Inc., formerly known as Bedford Home Loans.

A copy of the multi-state setllement agreed is available at: http://myfloridalegal.com/webfiles.nsf/WF/MRAY-6LBLJZ/$file/AmeriquestSettlement.pdf
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