Ameriquest - CitiResidential Update to Jan2009 post. A Forbearance Agreement saved my forclosure but 4x as much in monthly payments Santa Ana California Internet

Overnight back in Dec. 2007, Ameriquest sold my load to CitiResidential and my payments of $538 a month jumped to $2300 a month with no warning and they also, as they have with others, started an escrow account and paid my taxes even though I have signed legal documents from the original loan that I would be responsible for my own taxes and insurance and I was completley up to date on everything. The only thing that saved my forclosure was signing a forbearance agreement and even with that there is no way to ever get out from under this. My house is valued about $250,000 it was just a $60,000 loan to pay off the debt my dad left after he passed on and the estate didn't cover. My home had been payed for for almost ten yrs too and this $60,000 loan never gets below $65,000 and I have been paying on it for 3 years the worse part is I never received the money for this loan because Ameriquest shut it's three offices overnight here in San Antonio the day after I signed. The title company that was to issue the funds to me was trying to give me checks for companies I never heard of that were to be paid with this loan. I was able to prove it to the Title co. but now they have gone under and I never got the cash I am still paying on.

Oh well, can't afford an attorney so I guess I am stuck. But if you are threatned by forclosure try to get a forbearance agrement in place, it does stop the forclosure process but you cannot be late or short on any payment for 6 months. Hope this helps.

Anna
Helotes, Texas
U.S.A.