Like I have read in other reports, I too was taken by Ameriquest. It was my own fault by taking the loan officer 'at her word' that if I did re-fi within 3 years that there would be no pre-payment penalty. Well there was.

The loan officer gave me the paperwork to read over for the 3 day cancellation period which I did, as I always do, very carefully. NO PLACE was there any information that would lead me to the belief that I had signed up for such an agreement.

Upon Re-fi'ing 2 yrs later (July 2001) I went with a different mortage company at the advice of a friend. When it came time to pay off the Ameriquest mortgage, the new loan provider was informed by Ameriquest of the $3500.00 pre-penalty fee. After much go-around between Ameriquest and myself over the phone, I demanded that Ameriquest fax me a copy of the agreement that they stated I had signed agreeing to such a fee.

The representative did, and as I had told him it is interesting that I did NOT recieve a copy of this @ the time of closing; as I did not see it in the signed papers given to me for the 3 day review; and I had gone over the paperwork (again) given to me at closing and I still did not find it.

To make a long story short, I did my re-fi and paid those con-artists (Ameriquest) their $3500.00 ransom. I re-fied as I did not feel comfortable about allowing them to possess my mortgage any longer after I had discovered this. I have contacted/filled out a complaint with the State of Michigan attorney general. She had contacted Ameriquest and they produced the 'signed agreement' to the pre-payment penalty, so there is little the attorney general can do.

I cite the following:

1) Ameriquest conducted fraud by having an agent of their company lie directly to me - when I asked if there were any pre-payment penalties and she responded - absolutely not.

2) Ameriquest knowingly conducted fraud through their agent have me sign a document agreeing to the pre-payment penalty, then not providing it to me for the 3-day review period along with all the other documents I had signed for the mortgage. Also, with the amount of paper work they (or any mortgage) company has you sign, it is passed in front of you very quickly. You do not have time to really review anything. The agent for Ameriquest knew this and knew I would not catch it at signing, and if left out of the signed copies I recieved, I would not know until it was too late - months or years later!

3) Ameriquest should be ashmed of themselves. If this had just happened to one person, I could see it could be their fault. But I see there are NUMEROUS stories just like mine on this site! AMERIQUEST IS DELIBERATE IN THEIR ACTION & KNOWS IT!!!

TIME FOR A CLASS ACTION SUIT!!!!

LETS GET WHATS OWED TO US BACK!!!

Karl
white lake, Michigan
U.S.A.

Click here to read other Rip Off Reports on Ameriquest Mortgage Company