Report: Ameriquest Mortgage Company
Category: Mortgage Companies
Ameriquest Mortgage Company 11 Days after closing on a Refi and still haven't got my money while all their managers party in Vegas Concord California
*UPDATE *UPDATE ..You guys were right.... I was so very wrong.
Ameriquest Mortgage Company
Fax:
Concord, California, 94520
U.S.A.
Submitted: 6/3/2005 6:32:14 PM
Modified: 7/22/2007 10:12:21 PM
Caren
Concord, CaliforniaPlease help me!
I closed on a loan with Ameriquest on 5/18/05 and as of today 6/03/05, I still haven't received my cash out. Why you may wonder?
Under the new loan Ameriquest will be listed 2nd on the title under the terms of my first time buyers program.
They had the information stated they would be listed 2nd and now their saying they don't want to be second they want to be first before they will wire the funds.
This is all 10 business days after closing!!!!!!!!!!!
I keep getting put off when I call to ask when I'll be getting the wire transfer.
They told me the Title Company denied my loan and unless I convince the first time buyers program to take a second position on the loan their not going to fund.
Can they change their mind after closing?
I've been told they made a mistake and the underwriter overlooked that information when he pulled the title.
How is this my fault? Any advise or contact information would be greatly appreciated.
Caren
Concord, California
U.S.A.
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Updates & Rebuttals:
- Ameriquest Sucks!!! - take your home and RUN! Markanna [6/5/2005 2:41:13 PM]
- Call the Department of Real Estate Former [6/6/2005 11:48:34 PM]
- The loan isn't over until it funds Tom [6/8/2005 3:15:51 AM]
- DON'T BACK DOWN KEEP FIGHTINH THEM YOU WILL WIN !! Terri [7/10/2005 12:47:39 AM]
- Don't give up Maria [7/13/2005 1:18:59 AM]
- Thanx for your suggestions Caren [7/29/2005 8:13:41 PM]
- laughing my ass off Tom [8/3/2005 10:51:40 PM]
- Why oh WHY would you continue with them? Joe [8/5/2005 12:55:34 PM]
- What a crock! poor customer service is a significant reason why we capture a lot of business from them Chris [8/16/2005 2:10:37 PM]
- You guys were right.... I was so very wrong. Caren [7/22/2007 7:37:02 PM]
Ameriquest Sucks!!! - take your home and RUN!
Do yourself a favor and let them back out, take your home and RUN!
Read more about this nightmare of a company, and you'll know why, Ameriquest Sucks!
Good luck! From Florida, :o) USA?
Call the Department of Real Estate
Caren,
Was this loan a purchase or a refi? I believe California law requires the contract to be honored.
I am sure the loan officer, branch manager and processor all knew about the lien on title, I bet they were planning an 'art project' on the title, and planned to record Ameriquest in 2nd position anyways....but most likely the loan processor or loan officer...tried this and it was caught by corporate office.
What Branch Office did you do the loan in?
The website for the DRE is below;
www.dre.ca.gov
this will provide you with the contact info you will need to get someone on the phone to find out what the law is for sure, and ask the DRE what you should do, and what your rights/options are.
Good Luck. If you are in a position where you can afford to not take the loan from Ameriquest, I would follow the other responder's advice, and let Ameriquest back out, and then you should find a new lender. But if you are in a situation where you need to stick with the loan you signed, then fight them, at the very least I would say that this is an excellent case of
'bait and switch'
My advice is to contact the DRE before you do anything, don't even talk to ameriquest until you have found out from the DRE what to do.
Good Luck I hope this helps, You will NEVER get a straight answer from ameriquest, not now, and not ever. There a few people at the company who know real estate law, and those folks are the ones always looking for loop holes.
The loan isn't over until it funds
The term loan closing is used very loosly here I can tell. Here is the thing, until a loan funds there can be an array of things that can come up. Liens that are not on credit sometimes don't show themselved until the loan goes to fund then the title company realizes oops... there is a lien here. You have a lien on your house there is no way around it unless you have a letter of release. Pay the lien and finish the refinance. There is no executed contract until the loan records which even comes after the funding. What would happen if this flew would be that the title company would have an insurance claim to request payment of the lien and the title company would then put a lien on the property again for the next time you refinance or sell. Your loan wasn't completed and there is no executed contract even though you did sign loan documents.
Submitted: 7/10/2005 12:47:39 AM
Modified: 7/10/2005 12:47:39 AM
Terri
Culver City, CaliforniaU.S.A.
DON'T BACK DOWN KEEP FIGHTINH THEM YOU WILL WIN !!
Hi, I had the same trouble with them, I called every attorney I could just to get advise, what ever you do DO NOT cancal the loan yourself - Make them cancel it on you -Then they have to pay 3 months of your morg. payments by law. If you cancel it yourself It may put you behind on your payments and they will forclose on you -- They are Monsters!! Belive me the broker knew what he was doing the title co. told him this before you even signed your loan doc. try and get that email, I trick my broker into sending it to me. Try to get on the brokers good side act like it was the Co fault and he was forced into lieing to you, it may help you get him to talk in the emails, MINE DID!! also call Acorn in your area they may be able to help you! Also call GERMANY in the Office of the Pres. He will get the job done!! do not let them scare you ---Keep fighting --It is months of hell- but it will pay off, also try to get emails from your broker he may slip up and email you something he is not allow to- Mine did!! also tape record all phone calls and tell them you are doing so. Good Luck! I lived this nightmare and wish you the best- I'm selling my home and may still sue them for all they put me though! They did pay 3 months of my morg. and put my loan back to the way it was before the new loan!!and I have enough equity to sue them and may do it! check with the lawyer doing the class action suit against them he knows a lot and will talk to you.
Good luck again, TW
Don't give up
Your loan should not have been closed until all conditions were cleared on the title. Have you contacted the head honcho of the title company that ameriquest used? I would make sure I contacted the right people, how about the newspaper? Tell the company if this is not corrected you will go to the tv news with your problem, this should get them moving along, talk to all top people in the company not just the branch manager, call and ask for Mary Jo's direct number, or Mariano, and the boss of the title company employees.
Thanx for your suggestions
Thank you all for your comments and suggestions. I was contacted by the branch manager who resolve the situation in a manner that exceeded my expectations.
-Caren
laughing my ass off
dear dude :
my name is tom and i am a state licensed mortgage broker. i am crackin up at this idea that anyone can sign a contract -wait the recession period out without written renouncement to the borrower -and simply REFUSE to fund because of something at the title company.
the loan has NOTHING TO DO WITH the title company. the LENDER wants to be first lein. Its not up to the TITLE COMPANY TO DEMAND THIS OR THAT where the lien position sits. ULTIMATELY whatever problem there is witht title -it does what the lender tells it to. The title company may refuse to do this or that with first lein -but thats only because the LENDER INSISTS ON THE STIPULATION. thats the lenders call. not the title company. they can position the loan first second third fourth fifth or 100th position for all they care. THE LENDER CARES.
so the lender made a mistake trying to fry up their lein position. it aint the first. nor last time a LO has tried to slip shit by .
however, none of this has anything to do with the consumer, who has a written contract and now is beyond recession and thus has to be honored.
this passing the buck bullshit is really a tug of war between the lender and title for position and the lender has going to have to eat 2nd position and accept terms as they are.
but they dont wanna . instead they are trying to stick it up the poor consumers ass -like they had ANYTHING to do with the foul up.
SELFISH BASTARDS
BE MEN -EAT YOUR MISTAKE
Why oh WHY would you continue with them?
Why o why would you not back out of this thing if you had a shade of a chance to do so?! Go ahead...stay with them...you will totally regret that decision.
If they want you to back out - BY ALL MEANS DO SO!!! RUN LIKE HELL!!!!!!!!!!!!!!
Can't blame you for falling for these con artists in the first place...smooth-talking as a republican senator they are...but just as much a liar.
If you have a chance yet-get out!!! You are going to lose your house if you go with them!
What a crock! poor customer service is a significant reason why we capture a lot of business from them
I'm also in the lending business. To hear the blame laid at the feet of the title company is ludicrous!!!! Title has no say in the loan, though often they do overlook things and slow the process down. Passing the buck doesn't sit well, and using your ignorance of the roles of the lender and title companies is untenable.
Now, lenders do make mistakes, luckily not often, but it does happen. However, the reason the underwriters are there is to ensure that ALL stips are met. They also can overlook something, but in my experience, the company I work for has eaten the mistake those rare instances this has happened.
In your situation, a promise made (and then signed in agreement to with all relevant and binding legal documents) should be a promise kept. Such poor customer service is a significant reason why we capture a lot of business from them (and ex-employees for that matter, who claim they're often treated just like you!).
I'm sorry to hear of your problems, things are definitely NOT like this in the majority of the lending business. I hope you find a resolution, and find a way out of your dealings with them.
You guys were right.... I was so very wrong.
Every bad/negative thing I read about Ameriquest happen during my dealings with this loan company. I actually took their managers sad personal apology for delaying my loan funding during their vacation for a sign of good customer service. WRONG
Please take seriously the warnings you read about Ameriquest Mortgage Company as you may very well lose your home to their faulty leading practices.
The ONE thing I did get right with Ameriquest Mortgage Company:
I denied their request to re-sign the closing documents after they delayed the funding of my loan.
Now I will be participating in a class action lawsuit which includes Delays in completion of the underwriting or delays in the funding of a loan as one this companies many offenses.
Its not worth it. Dont do business with this company. I went from a proud 26 year old homeowner to a bankrupt disgraced 28 year old.
You told me so.
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