Ameriquest Mortgage Co. inflate home appraisals, fraudulent figures, mislead homeowners, when they trust Ameriquest Ripoff Orange California

Sherry, all borrowers want to hear that their house is worth more than it is. So of course you were delighted to hear that. HOWEVER, you can go on realtor.com and look at houses in your area that are COMPARABLE to yours and see what they are going for. The loan officer says "I'll get the appraisal to come in high" and you say "oh great!" instead of "won't that hurt me if I go to sell"?

Most borrowers have an idea of what their houses are REALLY worth, but deep down most of you WANT to hear the latter - the lie. I've been in the mortgage industry for over 5 years - I know borrowers and I know they will hear 8% from 10 different lenders, and Ameriquest will call and say 6% and they will go with them all day long. Common sense will tell you that 6% is too good to be true when 10 out of 11 lenders are saying 8% but they go with the 6% all day long, pay $12,000 in closing costs and get 7.99% AND STILL CLOSE ON THE LOAN instead of walk away. Why? Because the 22-year old twirp who rents told you not to pay your mortgage, that's why. And you spend the money on other things. So you close anyway.

You SHOULD walk away, spend another $300 on a REAL appraisal and go with a REAL company who is going to tell you something resembling the truth (which you don't want to hear but have no choice at this poing) but the appraisal is always the big problem. "What, another $300? I'm not paying for another appraisal!" Well ok then - pay $12,000 in closing fees. That's a bargain. I've lost borrowers to Ameriquest and companies like the, and I've stolen borrowers from Ameriquest and companies like them. They promise you cash-in-hand that is unrealistic (house is worth 200k, you owe 190k, and they promise you 10k at the closing - where are the closing costs coming from? How about your escrows?) but borrowers don't ask those questions!

They hope it becomes a reality by way of magic - and this 22-year old twirp is going to make it happen.
I had a borrower, did her purchase. She came back to refi over and over and I turned her away because there was no loan she could qualify for that would benefit her. Ameriquest got her - 3 times in a year. Increased her mortgage by $80k and she only got $5k cash out. Now her house is on the market and is not selling because she owes more than she can get for it. Had she listened to me, she would not be in this predicament to begin with. Please, I could go on all night. On the appraisal - real estate appraisers are licensed by the states they are allowed to work in. That appraiser's name and license number should be on that appraisal report you have a copy of.

Find out what state/government agencies are responsible for their licensing and report the appraiser to them. Most of Ameriquest's appraisers are employed by Ameriquest. If an underwriter for a REAL lender (not a criminal organization) gets an appraisal and feels it's fraudulent, that lender will no longer accept work from that appraiser and that can really hurt the appraisal company and appraiser him/herself if that lender is a major one At Ameriquest there is no one to blow the whistle on a phoney/fraudulent appraisal. They all get paid on VOLUME.

From the twirp 22-year old who shows up at your door in a $100 suit with phoney loan docs, to the underwriters, to the branch managers. They all have a hand in it! GOING FORWARD, the best thing you can do as a consumer is SPREAD THE WORD. And the next time you want to refinance or purchase a home, ask friends, family, neighbors, etc. for a recommendation on who to use for a broker. Word-of-mouth works - everybody wins! An honest broker (like myself) who deserves a referral, and a borrower who deserves to be treated with dignity and respect. So many of you get tricked by these companies that RUSH to your house, send an appraiser there in 2 hours, etc. Tell me - when's the last time you've seen quality work done in such a hurry? And as the old saying goes "if it seems too good to be true, it usually is"! Best of luck to you, if you find an honest broker you should stick with him/her. . Beth in R.I.