Ameriquest Mortgage Co. ripoff bait and switch last minute revelation of pre pay penalty Orange California

In August 2004 I was involved in extensive negotiations with several mortgage companies in an effort to secure re-financing on a rental property that I own. Needless to say Ameriquest came up with an exceptional offer in an attempt to hold on to me as a customer. The financing that was in place at the time was through Ameriquest so I was somewhat familiar with some of their tactics. One of which was the pre-payment penalty that they attached to my loan previously. As part of the agreement with Ameriquest they were to waive the prepayment penalty on the existing loan, which was for two years, and apply it to the new loan.

Well I was ok with that as well as the negotiated interest rate and felt that we had a deal. What Ameriquest did at the time of the signing was unbelievable! They added another year to prepayment clause which amounted to a total pre-payment penalty for 3 years.

Ameriquest and it's agents are so deceitful is un-real! What I would like is the total elimination of that prepayment penalty all together because of their unfair practices.

Today I received a letter from Ameriquest stating that they have sold my loan to Countrywide Home Loans, LLC effective December 21, 2004.

I don't plan to let them get away this. Please let me know how to file suit with the District Attorney.

Patricia
Downey, California
U.S.A.