• Report: #179038

Complaint Review: Argent-Ameriquest-AMC Mortgage

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  • Submitted: Thu, March 02, 2006
  • Updated: Mon, March 13, 2006

  • Reported By:Largo Florida
Argent-Ameriquest-AMC Mortgage
1100 Town and Country Rd Orange, California U.S.A.

Argent-Ameriquest-AMC Mortgage ripoff - We too got screwed by Ameriquest Mortgage with a prepayment penalty that was for 3 years on a 2 yr Fixed ARM Orange California

*Consumer Suggestion: 3 year prepay

*Consumer Suggestion: 3 year prepay

*Consumer Suggestion: 3 year prepay

*Consumer Suggestion: 3 year prepay

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We got involved in a two year fixed rate mortgage with which we were not informed that the two year fixed had a prepayment penalty that lasts for three years.We have spoken to many lenders that have never heard of this type of a prepayment penalty.Our problem is,back ten months ago we called our current lender when rates were lower and the lending officer stated that the prepayment penalty would be waived but when we asked for a break down of payoff numbers the prepayment numbers were still showing up. After serveral calls with the lending officer we decieded not to go any further. Our mortgage date was 12/03 at 7.35 and as of 2/06 it is now 9.125.Our prepayment is almost 8K and when we called AMC mortgage, a customer service rep stated that if you fax a letter with account number and mortgage holders names this will not be a problem. However, we never got a response. After several phone calls we were rudely told the prepayment stays and will not be waived. We have never been late on a payment and pay bi-weekly to lower the principle. This supervisor we spoke to was extremely rude and obnoxious on the phone, stating we had made several calls and the calls can cease because the prepayment penalty will not be changed, period. WARNING, NEVER GO INTO AN AGREEMENT WITH AMERIQUEST. They do not care about your well being, they prey on people and hope they lose their homes. It is a shame society has come to this.

LaTanya
Largo, Florida
U.S.A.

This report was posted on Ripoff Report on 03/02/2006 07:33 PM and is a permanent record located here: http://www.ripoffreport.com/r/Argent-Ameriquest-AMC-Mortgage/Orange-California-92868/Argent-Ameriquest-AMC-Mortgage-ripoff-We-too-got-screwed-by-Ameriquest-Mortgage-with-a-p-179038. 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 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

3 year prepay

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

I'm sorry that this happened to you as well. The truth is that many lenders have prepayment penalties longer than the fixed term on a Adjustable rate mortgage. Yes, several companies you call will not have heard of that or say that it doesn't exist...but in reality, the bigger the company, the more they can get away with. The purpose of a 3 yr prepay on a 2 year fixed ARM is so they may recoup some of the money lost on people not going to refinance with that company. Just be lucky that you don't have a 5 year prepay with a three year loan. Ameriquest does it as well as several other large companies. The higher risk clients primarily get these programs as a way of locking the consumer in...so to speak. It is not illegal to do what they are doing, just unethical.
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#2 Consumer Suggestion

3 year prepay

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

I'm sorry that this happened to you as well. The truth is that many lenders have prepayment penalties longer than the fixed term on a Adjustable rate mortgage. Yes, several companies you call will not have heard of that or say that it doesn't exist...but in reality, the bigger the company, the more they can get away with. The purpose of a 3 yr prepay on a 2 year fixed ARM is so they may recoup some of the money lost on people not going to refinance with that company. Just be lucky that you don't have a 5 year prepay with a three year loan. Ameriquest does it as well as several other large companies. The higher risk clients primarily get these programs as a way of locking the consumer in...so to speak. It is not illegal to do what they are doing, just unethical.
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#3 Consumer Suggestion

3 year prepay

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

I'm sorry that this happened to you as well. The truth is that many lenders have prepayment penalties longer than the fixed term on a Adjustable rate mortgage. Yes, several companies you call will not have heard of that or say that it doesn't exist...but in reality, the bigger the company, the more they can get away with. The purpose of a 3 yr prepay on a 2 year fixed ARM is so they may recoup some of the money lost on people not going to refinance with that company. Just be lucky that you don't have a 5 year prepay with a three year loan. Ameriquest does it as well as several other large companies. The higher risk clients primarily get these programs as a way of locking the consumer in...so to speak. It is not illegal to do what they are doing, just unethical.
Respond to this report!
What's this?

#4 Consumer Suggestion

3 year prepay

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

I'm sorry that this happened to you as well. The truth is that many lenders have prepayment penalties longer than the fixed term on a Adjustable rate mortgage. Yes, several companies you call will not have heard of that or say that it doesn't exist...but in reality, the bigger the company, the more they can get away with. The purpose of a 3 yr prepay on a 2 year fixed ARM is so they may recoup some of the money lost on people not going to refinance with that company. Just be lucky that you don't have a 5 year prepay with a three year loan. Ameriquest does it as well as several other large companies. The higher risk clients primarily get these programs as a way of locking the consumer in...so to speak. It is not illegal to do what they are doing, just unethical.
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