• Report: #141264

Complaint Review: Ameriquest

  • Submitted: Mon, May 02, 2005
  • Updated: Sat, July 30, 2005

  • Reported By:hatley Wisconsin
Ameriquest
505 City Parkway Los Angeles, California U.S.A.

Ameriquest ripoff, fraud, dihonest, over appraisal, bad businees practices, scam Los Angeles California

*Consumer Comment: Address is not a fake address

*UPDATE Employee: Suspicous?or is it just me?

*Consumer Suggestion: HUD-1

*UPDATE Employee: Read and understand what you sign -- or don't sign.

*Consumer Comment: Do me a favor

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I refinanced my home last july. I used this comapny because my credit was bad.

They over appraised my home value by over 20k. They first promised me to pay off one of my motgages ( i had a split) and most of my credit cards, I then signed papers, 2 weeks later I recieved a call stating that my other mortgage company wanted to be paid off, so i again signed papers. they then gave me a 30 day no payment deal.

But due to the papers having to be re signed it gave us 3 weeks. When we recieved the first bill I noticed the interest rate was more that I had been quoted. I sent them a partial payment, they then sold my mortgage off to another company. By the time i had gotten all my information for the new mortgage company I was 3 months behind. All the money I sent to the new comapnay had been used towards late fees. Due to this I am facing forclosure.

Miranda
hatley, Wisconsin
U.S.A.

This report was posted on Ripoff Report on 05/02/2005 02:34 PM and is a permanent record located here: http://www.ripoffreport.com/r/Ameriquest/Los-Angeles-California/Ameriquest-ripoff-fraud-dihonest-over-appraisal-bad-businees-practices-scam-Los-Angel-141264. 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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REBUTTALS & REPLIES:
0Author 5Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Address is not a fake address

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

It sure looks like a good address to me. I pulled a Google on Ameriquest and this address and got the following:

Ameriquest Mortgage: Current Customers: Customer FAQ ...
... Please note that claim settlement checks include Ameriquest Mortgage Company as
a ... Our servicing office is located at 505 City Parkway West, Suite 100, Orange ...
customers.ameriquest.com/customers/ customer_faq_misc.html?srv=srv2 - 25k - Supplemental Result - Cached - Similar pages

Ameriquest Mortgage: Current Customers: Payment Methods
... For overnight delivery, send to: Ameriquest Mortgage Company 505 City Parkway
West, Ste 100 Orange, CA 92868-2912. The Ameriquest ...
customers.ameriquest.com/ customers/pymt_methods.html?srv=srv1 - 26k - Supplemental Result - Cached - Similar pages
[ More results from customers.ameriquest.com ]


Maybe more Ameriquest Lies??? Makes me suspicious.
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#2 UPDATE Employee

Suspicous?or is it just me?

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

Ameriquest ripoff, fraud, dihonest, over appraisal, bad businees practices, scam Los Angeles California *Consumer Comment ..Do me a favor

Company
Ameriquest
Address:
505 City Parkway
Los Angeles California
U.S.A.
Phone Number:
Fax:

I refinanced my home last july. I used this comapny because my credit was bad.

They over appraised my home value by over 20k. They first promised me to pay off one of my motgages ( i had a split) and most of my credit cards, I then signed papers, 2 weeks later I recieved a call stating that my other mortgage company wanted to be paid off, so i again signed papers. they then gave me a 30 day no payment deal.

But due to the papers having to be re signed it gave us 3 weeks. When we recieved the first bill I noticed the interest rate was more that I had been quoted. I sent them a partial payment, they then sold my mortgage off to another company. By the time i had gotten all my information for the new mortgage company I was 3 months behind. All the money I sent to the new comapnay had been used towards late fees. Due to this I am facing forclosure.

This "Miranda" is in Wisconsin. What does that have to do with Los Angeles? What's the Ameriquest address she put in above? Definately not one of the company's addresses (fake address).

If she's in Wisconsin, she would've dealt with a branch in that state. Doesn't all of this seem suspicious or is it just me?
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#3 Consumer Suggestion

HUD-1

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

The HUD-1 also shows disbursement details. You should review your copy of the HUD-1 that you signed and verify whether or not that the mortgage in question is on there.
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#4 UPDATE Employee

Read and understand what you sign -- or don't sign.

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

At settlement you signed a mortgage -- that shows the interest rate, the payment amount, and the terms.

You signed a HUD-1, which shows all the fees. You signed a Truth in Lending (TIL) -- which shows the APR and the payment structure, along with the interest rate and any prepayment penalities.

How is it possible that you only found out the interest rate was different from what you were quoted when you received a payment coupon? Everyone must take the time to read what they sign, ask for an explanation for what they do not understand, or don't sign anything unless they do understand.

Ameriquest is one a many lenders who sells their paper on the secondary market. The documents you sign at settlement (the TIL) says right on it that the loan is likely to be sold. Once it is sold, it no longer belongs to Ameriquest -- and the new servicer is obligated to the terms of the original loan.

The only thing that changes is the payee on your check. Often times loans are sold three or four times in the first year. It's common practice. My own mortgage with WAMU was sold every month for the first four months -- it was a pain in the a** to keep track of -- but I received a change of servicing notice each and every time -- and I simply write my check to whomever has it now.

All that matters is that it's paid as agreed -- and that I follow the terms of the documents I signed at closing. If I don't follow them -- then they have the recourse to take my home -- because that's what those papers mean.
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#5 Consumer Comment

Do me a favor

AUTHOR: Kim And Teresa - (U.S.A.)

All I would like to say to you is get someone invovled some.Contact your Attorney General and Dept of Commerence. Let then know your issues. The more people that put in complaints the better off we will all be.
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