Complaint Review: Amerquest Mortgage - AMC Mortgage - Santa Ana California
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- Author Confirmed
- Amerquest Mortgage - AMC Mortgage P.O. Box 11000 Santa Ana, California U.S.A.
- Phone: 800-430-5262
- Web:
- Category: Mortgage Companies
Amerquest Mortgage - AMC Mortgage Ripoff Inflated Appraisal not willing to help Santa Ana California
*Consumer Suggestion: FIRST STEP TO A POSSIBLE SOLUTION
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I had my home refinanced in 2004 with Ameriquest with a 2/28 mortgage at a rate of 8.65%. The appraisal came in at $107,000 although according to the County Appraiser's office, it was worth $75,000. At the end of that year, I got a second mortgage with another company who went on my word on the appraisal from Ameriquest. My 2 year fixed just ended this month, and my interest rate jumped up 2 points to 10/65%, and it will go up again 1% in six months. In trying to refinance again with Ameriquest, they told me that I was "upside down" on my mortgage, owing more than it was worth, which of course, was their fault, but didn't admit to it. In phones calls to the Office of the President, I had them investigate it, and they did admit that the appraisal was inflated some, but fell in line with their mortgage. They laid blame with the second mortgage holder, which I do understand. At that point, I was told that they would resubmit my information to see if they can get me a fixed rate, but of course, there was nothing they could or would do to help me. Now I am pretty much screwed because no company will loan more money than what my home is worth. I really wish there was some legal action I or we could take against Ameriquest or AMC so they won't do this to anyone else.
Karen
Haysville, Kansas
U.S.A.
This report was posted on Ripoff Report on 10/13/2006 08:57 AM and is a permanent record located here: https://www.ripoffreport.com/reports/amerquest-mortgage-amc-mortgage/santa-ana-california-92711/amerquest-mortgage-amc-mortgage-ripoff-inflated-appraisal-not-willing-to-help-santa-ana-215562. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Suggestion
FIRST STEP TO A POSSIBLE SOLUTION
AUTHOR: Mad - (U.S.A.)
SUBMITTED: Friday, October 13, 2006
You need to contact the Office of Banks and Real Estate in your state and report an over-inflated appraisal. The appraiser's name should be on the appraisal. If it was a mistake, then they have insurance to cover it. It is possible the state could take legal action against the appraiser. This government department can fill you in.
This is a very common problem with some sleezeball mortgage brokers.
M.A.D.
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