• Report: #127435

Complaint Review: Ameriquest Mortgage

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  • Submitted: Fri, January 14, 2005
  • Updated: Thu, November 16, 2006

  • Reported By:Westerville Ohio
Ameriquest Mortgage
2760 Airport Drive Columbus, Ohio U.S.A.

Ameriquest Mortgage misleading, deceptive and callous RIPOFF Columbus Ohio & California

*Consumer Suggestion: Look Carefully

*Consumer Suggestion: Look Carefully

*Consumer Suggestion: Look Carefully

*Consumer Suggestion: Look Carefully

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When my husband and I went to Ameriquest Mortgage we were told that we could get a loan even though we had declared bankruptcy five years previously. Our interest would be 9.8% at first, but it was a variable and the going interest rate was 5% or less. My husband and I decided that we could suck up a larger payment for six months. We requested that our new loan have the same set up as our previous loan which would include an automatic escrow for our property taxes.

The Ameriquest spokesperson came in with files and papers in a stack of about one foot. As we signed the papers we were assured that we would have five days to review the papers and cancel the agreement within that time frame. Our meeting was on a Thursday, this gave us until Monday to respond or the loan agreement would be final.

I am diabetic and on Saturday I was put into the hospital with ketoacidosis. This made it hard for my husband and I to do much insight into the document. On Monday I put a call into the loan office to put a stop on the loan, but I didn't leave that message on the machine, I just asked for our loan officer to call me back. I received a return call on Tuesday.

I explained that we wanted to cancel the loan until we could research it more and was told that cancelling was no longer an option since our five days had passed. I spoke with her supervisor and was told that the manager was on vacation, but once they returned the situation would be researched and they would get back with me.

A few weeks passed and I was contacted to tell me again that too much time has gone by and the loan could not be reversed. However, the employee responsible for not returning my call had been let go. I then went up the chain of command until I spoke with a President in the California office and was told that they would speak with the local office. I was in contact with both offices during this time. One of the times that I contacted the local office, the phone was answered by the loan officer who had handled our loan and had apparently never been "let go". They still would not reverse the loan.

Six months later our payment did not change and upon calling the company we were informed that although our loan had a variable interest rate, it could never go below the 9.8% rate. It was meanwhile becoming harder and harder to meet that payment. We were running behind in other bills as a result.

At the end of the year we received a property tax bill for $2000. Again I contacted the company to inquire as to what had happened to our escrow payments. I was told that there wasn't an escrow on this loan.

End of the story, after two years of unsuccessfully sell the home with enough of a profit to break even, we were forced to declare bankruptcy again in order to get out from under the house.

Please do research on the companies you use and although it is hard not to sign on the dotted line when you seem to be getting what you need, please take the time to allow legal advice.

Jennifer
Westerville, Ohio
U.S.A.

This report was posted on Ripoff Report on 01/14/2005 08:13 PM and is a permanent record located here: http://www.ripoffreport.com/r/Ameriquest-Mortgage/Columbus-Ohio-43219/Ameriquest-Mortgage-misleading-deceptive-and-callous-RIPOFF-Columbus-Ohio-California-127435. 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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Updates & Rebuttals

#1 Consumer Suggestion

Look Carefully

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

I really feel bad about your situation. I am sure that you are happy to hear at this point that Ameriquest Mortgage has since closed their doors because of many things that you mentioned in your story and many, many other fraud issues that the company was involved in. I would however like to offer some advice...

When you are doing a mortgage it is absolutely vital that you ask questions and listen closely to your loan officer. I am a loan officer myself and I cannot count the numerous clients that come into my office, sitting with eyes glazed over thinking that they are not involved in this transaction. Throughout my meetings with my clients I am constantly asking them, "Do you understand?" "Would you like me to explain this further"? "Am I explaining the terms of your loan to you well?" "Is there anything else that you would like me to work up for you"? These are questions that ALL loan officers should be asking their clients. If they are not asking you these questions, then you should be asking them for yourself.

Now, something that I cannot say is that this situation was completely Ameriquest's fault though. When you are at your closing, your closer will go through everything very well. They will especially go over the 3 DAY RECISSION PERIOD with you. I think that the reason you had five days was because your loan closed on a Thursday, thus giving you ONE extra day, although your 3 day right to cancel did not start until midnight of the next day, giving you 5 days. Now, the process for this DOES NOT INCLUDE A PHONE CALL. You closer would have given you documents that you would then sign and fax to the number that was provided to you. Trust me when I say that as soon as those papers are signed, your loan is cancelled. A phone call WILL NOT cancel your loan. It is unfortunate that the Loan Officer did not call back, but sometimes, really, we are very busy and cannot call back immediately.

Again, I am sorry that you had to go through such a horrible thing with that company, and I too am happy that they are gone out of our market, but some of the blame does in fact fall on you and your husband. i would very highly recommend that the next time you do a mortgage, that you listen very closely adn ask many questions. Write the questions down and then write the answers down when you receive them. I wish yu the best of luck and I hope that you will re-establish yourself in the future.
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#2 Consumer Suggestion

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

I really feel bad about your situation. I am sure that you are happy to hear at this point that Ameriquest Mortgage has since closed their doors because of many things that you mentioned in your story and many, many other fraud issues that the company was involved in. I would however like to offer some advice...

When you are doing a mortgage it is absolutely vital that you ask questions and listen closely to your loan officer. I am a loan officer myself and I cannot count the numerous clients that come into my office, sitting with eyes glazed over thinking that they are not involved in this transaction. Throughout my meetings with my clients I am constantly asking them, "Do you understand?" "Would you like me to explain this further"? "Am I explaining the terms of your loan to you well?" "Is there anything else that you would like me to work up for you"? These are questions that ALL loan officers should be asking their clients. If they are not asking you these questions, then you should be asking them for yourself.

Now, something that I cannot say is that this situation was completely Ameriquest's fault though. When you are at your closing, your closer will go through everything very well. They will especially go over the 3 DAY RECISSION PERIOD with you. I think that the reason you had five days was because your loan closed on a Thursday, thus giving you ONE extra day, although your 3 day right to cancel did not start until midnight of the next day, giving you 5 days. Now, the process for this DOES NOT INCLUDE A PHONE CALL. You closer would have given you documents that you would then sign and fax to the number that was provided to you. Trust me when I say that as soon as those papers are signed, your loan is cancelled. A phone call WILL NOT cancel your loan. It is unfortunate that the Loan Officer did not call back, but sometimes, really, we are very busy and cannot call back immediately.

Again, I am sorry that you had to go through such a horrible thing with that company, and I too am happy that they are gone out of our market, but some of the blame does in fact fall on you and your husband. i would very highly recommend that the next time you do a mortgage, that you listen very closely adn ask many questions. Write the questions down and then write the answers down when you receive them. I wish yu the best of luck and I hope that you will re-establish yourself in the future.
Respond to this report!
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#3 Consumer Suggestion

Look Carefully

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

I really feel bad about your situation. I am sure that you are happy to hear at this point that Ameriquest Mortgage has since closed their doors because of many things that you mentioned in your story and many, many other fraud issues that the company was involved in. I would however like to offer some advice...

When you are doing a mortgage it is absolutely vital that you ask questions and listen closely to your loan officer. I am a loan officer myself and I cannot count the numerous clients that come into my office, sitting with eyes glazed over thinking that they are not involved in this transaction. Throughout my meetings with my clients I am constantly asking them, "Do you understand?" "Would you like me to explain this further"? "Am I explaining the terms of your loan to you well?" "Is there anything else that you would like me to work up for you"? These are questions that ALL loan officers should be asking their clients. If they are not asking you these questions, then you should be asking them for yourself.

Now, something that I cannot say is that this situation was completely Ameriquest's fault though. When you are at your closing, your closer will go through everything very well. They will especially go over the 3 DAY RECISSION PERIOD with you. I think that the reason you had five days was because your loan closed on a Thursday, thus giving you ONE extra day, although your 3 day right to cancel did not start until midnight of the next day, giving you 5 days. Now, the process for this DOES NOT INCLUDE A PHONE CALL. You closer would have given you documents that you would then sign and fax to the number that was provided to you. Trust me when I say that as soon as those papers are signed, your loan is cancelled. A phone call WILL NOT cancel your loan. It is unfortunate that the Loan Officer did not call back, but sometimes, really, we are very busy and cannot call back immediately.

Again, I am sorry that you had to go through such a horrible thing with that company, and I too am happy that they are gone out of our market, but some of the blame does in fact fall on you and your husband. i would very highly recommend that the next time you do a mortgage, that you listen very closely adn ask many questions. Write the questions down and then write the answers down when you receive them. I wish yu the best of luck and I hope that you will re-establish yourself in the future.
Respond to this report!
What's this?

#4 Consumer Suggestion

Look Carefully

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

I really feel bad about your situation. I am sure that you are happy to hear at this point that Ameriquest Mortgage has since closed their doors because of many things that you mentioned in your story and many, many other fraud issues that the company was involved in. I would however like to offer some advice...

When you are doing a mortgage it is absolutely vital that you ask questions and listen closely to your loan officer. I am a loan officer myself and I cannot count the numerous clients that come into my office, sitting with eyes glazed over thinking that they are not involved in this transaction. Throughout my meetings with my clients I am constantly asking them, "Do you understand?" "Would you like me to explain this further"? "Am I explaining the terms of your loan to you well?" "Is there anything else that you would like me to work up for you"? These are questions that ALL loan officers should be asking their clients. If they are not asking you these questions, then you should be asking them for yourself.

Now, something that I cannot say is that this situation was completely Ameriquest's fault though. When you are at your closing, your closer will go through everything very well. They will especially go over the 3 DAY RECISSION PERIOD with you. I think that the reason you had five days was because your loan closed on a Thursday, thus giving you ONE extra day, although your 3 day right to cancel did not start until midnight of the next day, giving you 5 days. Now, the process for this DOES NOT INCLUDE A PHONE CALL. You closer would have given you documents that you would then sign and fax to the number that was provided to you. Trust me when I say that as soon as those papers are signed, your loan is cancelled. A phone call WILL NOT cancel your loan. It is unfortunate that the Loan Officer did not call back, but sometimes, really, we are very busy and cannot call back immediately.

Again, I am sorry that you had to go through such a horrible thing with that company, and I too am happy that they are gone out of our market, but some of the blame does in fact fall on you and your husband. i would very highly recommend that the next time you do a mortgage, that you listen very closely adn ask many questions. Write the questions down and then write the answers down when you receive them. I wish yu the best of luck and I hope that you will re-establish yourself in the future.
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