- Report: #229125
Report - Rebuttal - Arbitrate
Complaint Review: Ameriquest
Ameriquestameriquest.com Santa Ana, California U.S.A.
Ameriquest, AMC Mortgage Services New found hope for foreclosures with Ameriquest victims Santa Ana California
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Certain borrowers have challenged Ameriquest Mortgage Company's (Ameriquest") practices under the Truth in Lending Act. They claim that Ameriquest has not provided proper Notices of Right to cancel to its borrowers. Borrowers who did not receive a legally sufficient Notice of Right to Cancel have up to three years to cancel their mortgage transaction (four years in Massachusetts). The right to cancel ends if there is a completed foreclosure sale.
You have been identified as someone whose Ameriquest loan is subject to a foreclosure sale in the near future. You should review your transaction with an attorney or legal services organization to determine if you have an enforceable right to cancel and whether it is in your interest to cancel.
If you cancel, a court will need to determine if you cancellation is effective. If a court determines that your cancellation is effective, your mortgage will be void and you will not have to pay any finance charges. Instead, you will have to immediately repay any unpaid principal amount (for example, by refinancing your loan).
This Notice is being given to you pursuant to an order of the Court in "In re Ameriquest Mortgage Company Mortgaged Lending Practices Litigation," M.D.L No. 1715, Lead Case No. 05-cv 07097 (N.D.Ill.). Please do not call the court.
AMC Mortgage Services"
We looked through our loan documents and could not find a Right to Cancel form anywhere. I would question this no matter who you are and challenge the fact that you, yourself ever signed one or was given one. Even if you lost your home already, since you were not notified of this above letter, I would have an attorney challenge AMC on this to repay you somehow. This company is evil and I could make a huge list of how many things they have done to treat us with disrespect, rudeness and continually lie and lie and lie to try to cover up their wrongdoings.
Fortunately for us, I told one representative of the company way back in the beginning of our issues with them, that I was from here on out recording all conversations with myself and AMC and for them to document this, because this was legally advising them of my plans to do so. I have them on tape swearing at me, calling me names and ridiculing me. I am working with my state and also an attorney to bring charges against the company. In addition, the state of Maine was awarded a settlement of 250 million dollars last year from AMC for restitution for lack of Compliance in our state. You need to contact the Office of the Attorney General to become part of this for loans with this company dating between 1999 through December 31, 2005. I would urge others from other states to check with your Attorney Generals office to see if you had or have the same issues.
I will be more than happy to answer any and all questions so that I can help others avoid living the hell this company has caused me and my family. I truly hope this information I have provided helps many and I have appreciated reading posts on this site. It has helped me to not feel so alone in this and has sparked some ideas that have paid off in researching my rights.
Southern Area, Maine
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This report was posted on Ripoff Report on 01/06/2007 05:41 PM and is a permanent record located here: http://www.ripoffreport.com/r/Ameriquest/Santa-Ana-California-92711/Ameriquest-AMC-Mortgage-Services-New-found-hope-for-foreclosures-with-Ameriquest-victims-229125. 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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