Amc Mortgage, Ameriquest Mortgage deceptive practices, inflated appraisals, harrasment, rude customer service threatened to foreclose keep raising our payments RIPOFF Santa Ana California

You know what? I don't have to explain anything to you. That would only bring me down to your level. Which is pretty low. I know about AMQ loans and that is what I stated dumba$$. Did you read that I knew all about ANY mortgage loan? But if you work at AMQ, you probably don't read too well. Go back and read my posting again and maybe I'll feel it may be worthwhile to read.

I know how AMQ operates and that's all I need to know. They screw people daily and the loan officers are all a bunch of liars. I do believe I could place you in that category as well.

Don't respond to me anymore ... it only makes you look like the arrogant, ignorant a$$ you are.

Meglio, are you sure you want to ask for an explanation of something so common? Is this a declaration of where your level of knowledge tops out? Next, you'll be quizzing AMC victims on the Rule of 72 --- as if that is a statement of your expertise.

Why pick a fight with somebody posting here that obviously needs help in their mortgage and in their life? At some point, you might begin to understand that some people are so wrapped up in their troubles that denigrating them online is zero help for them.

If you had it inside of you, you might give them more lenience than the rest of the population. I'm not certain that you have it in you.

Again, you represent the character of Ameriquest very well.

"My Ameriquest agent told me upfront that he was going to inflate the appraisal to get the loan."

Why are you trying to pursue a law suit? Kathleen claims that all AMQ employees are guilty because they knew what they were getting themselves in to. SO TELL ME KATHLEEN: Why isn't this guy guilty if he KNEW what he was getting in to? AND ALSO, WHY AREN'T YOU HELD ACCOUNTABLE? YOU HAD A RECISSION PERIOD, DID YOU NOT? YOU WERE GIVEN LOAN DOCS WHICH READ IN HUGE LETTERS, "ADJUSTABLE RATE MORTGAGE," DID YOU NOT?

I am amazed at some of these people on here. They are expected to be taken seriously, yet they incriminate themselves, and THEN COMPLAIN????

And Kathleen, you said, "Like I said before, I have researched and learned so much that I could become a mortgage specialist and a much better one than any Ameriquest employee could claim to be."

Do you care to back that up? I'll tell you what. Lets take a very basic concept like a negative am loan. Why dont you tell me how they work. Since you know as much as any mortgage specialist from AMQ - and since I am a MS from AMQ - you can teach me then, right?

So, in laymens terms, please explain what a negative am loan is. Tell me how payments are made, and how those payments are applied. Tell me what happens to the loan over time. Now PLEASE, explain this in plain terms. Dont cut and paste dictionary definitions. I have heard your ghetto-speak on here, so Im sure I wont be the only one who will be able to tell if you plagiarize.

This is a basic term, so I fully expect you to be able to educate us.

The truth is, you didn't READ ANYTHING until AFTER you signed for your loan. You didn't read the loan docs, you didn't do your research, and you STILL dont understand what you are doing.

I have read other posts in which people beat you up pretty good. I have to say you deserved every shot you took, because YOUR IGNORANCE is why you are in this mess.

I believe there are so many versions of the same story because each branch operated nearly autonomously and each branch manager had their own style of training employees.

The printed training was, correct above, full of all the legal disclosures and info that would be expected from a company that truly wanted proper training of its materials (and that wanted documented evidence of this "intention").

We never had any classroom courses in "borrower deception training". We had teams within the branch of 13 or 15 employees. We had private team meetings to discuss quotas, status of quotas, status of files that needed to be closed to meet quotas. I never heard anybody teach anybody how to do anything except deal with the high, high, HIGH stress and quota pressure and the lying nature of our managers.

Working at AMC yearrrs ago, I heard of tales of things that were done in other branches months or years before my arrival. Things that got people fired. "Best Practices" changed some of the branch operations. Lawsuits were responsible for some of the others.

Just as loan documents were simpler in your home state 10 years ago - compared to today's loan documents, changes throughout the industry can be tracked alongside changes within AMC.

While I was employed there: in the beginning, we could do Stated Income loans w/o a business license. Halfway through my stay at AMC, we were required to provide a business license and business card with every Stated Income loan.

When I was there, borrowers were qualified for the loan using the fully indexed rate and subsequent payment. For Debt To Income Ratios, this is the higher of the two payments suggested above and this dollar amount is what was used by the software.

I know of no way that it was possible to override this in the software we used, called SNAP!. Not saying it wasn't possible at a later date, but that software was being revised constantly to prevent hijinx in the branches.


_____CORRECTIONS_____

Mary Jo was not "VP of Sales". She was Director of Branch Operations. VP of Sales was Kirk Langs.

_____CORRECTIONS_____

"Say your index rate is 4.5% your margin is 7% your fully indexed rate would then be 11.4%."

Eleven point five. Not point four.
_____________________

"I know the loan officers in many of the branches alter these documents so review them carefully."

This is, sadly, being proven true from all the stories that I have read on this site. I keep coming back (A) to help clarify info and (B) because I continue to be astonished by the tricks that were being played at many branches. I never saw these tricks. I am nowhere near naive. We just didn't do them.

I do know that there were lies and deception from the top down & at every level. That's only one reason I left on my own terms. My experience at Ameriquest reminded me of the military in some aspects. Primarily the mushroom education they provide. You know about mushroom education, right? They keep you in the dark and feed you nothing but bullshit.

Once I figured out that there were power struggles and career-limiting games being played by managers, I jumped ship.

Samatha, I am a broker working out of Maryland and know that FHA will underwrite refinances up to 90% plus (based on your credit and ratios) on Mobile/Manufactured properties; as long as it is on a permanent foundation and you own the land that it rests on (no trailer parks). In addition, many Fannie Mae lenders will lend on manufactured properties up to 65% of their value. I am currently refinancing two mobile homes in maryland (one a single-wide going through Countrywide FHA wholesale, and a double wide going through Wells Fargo VA), so I know that there are lenders that do them.

Coming towards the end of this year (2006), I hear that Greenpoint mortgage wholesale will start to offer sub-prime manufactured refinancing.

I would reccomend that you contact a reputable broker in your area and see if they can qualify you for an FHA refinance. If income is tight and either of you served in the Military, reserves, or National Guard; then you should consider a VA loan (which allows for more lienent income ratios).

Your posting was very informative. Thank you. It is very refreshing to read of facts and information that an honest sounding individual has posted here. I have commented many times of the so-called training process of Ameriquest and have been shot down time and time again with individuals stating I know nothing of the deceitful, lying tactics Ameriquest uses. Your comments only verify Ameriquest's training process is what I have learned from more than just a few sources.

You also verify the other fraudulent practices of Ameritheft. Thank you again.

Then, after reading your truthful statements, we must be forced to see another ignorant comment from Sarah. The same Sarah who attempted to slam me in another posting with comments of no value whatsoever.

She has seen the training manuals. And? She has seen the manuals but has she read them? Actually she probably has not. She attended a class with the so-called manual before her and listened to the many ways to deceive and defraud a customer. A fraudulent company would never allow training of this nature to be put in writing! But, it would not stop them from conducting classes with instructors verbally teaching the new employees the many ways to mislead and trick customers into signing a contract full of falsified and fraudulent information.

So no one would even aspire to obtain a copy of Ameriquest's so-called training manual. What good would that do? A recording of an actual training class would be much more helpful and probably entertaining. Maybe Ms. Sarah could provide us with one?

Correction - the VP of Sales (Mary Jo Shelton) was never located in the Corporate Office in California. She was in Minnesota. As I've stated before, Corporate had very little to do with the field and the training manuals (yes, I've seen them) were different for Corporate than for field. Corporate training manuals were no different than the training manuals I've seen at Disney, Toyota, Microsoft, Qualcomm, etc.

If any of you think that getting your hands on a training manual is going to prove anything - it won't.

I am all to familiar with AMC practices. Not that I am or was an employee of Ameriquest but I had to deal with them in the past as a vendor. I actually worked with the people at the branch level as well as the corporate level. I have been in the mortgage industry business in excess of 10 years. Ameriquest is the most uneducated company (from the corporate level all the way down to the people in the branches) that I have ever seen. I have seen their training manual and since it is in writing they are very careful to make sure that it has all of the federal compliance information in it. The special training as I will call it is done in the branches by not only the manager but all the way up to the VP of sales in the corporate office. This is how they are taught to deceive the customer.

If anyone has ever walked into one of their offices you can see how young their employees are including the managers. This is how they hire. They are instructed to hire young so called agressive people who have no experience in the industry. Most of these people have never even owned their own home nor do they have any real idea of how a mortgage works. I have never seen so much pressure put on people. The work environment in the offices is extremely hostile to say the least. These kids as I will call them are literally brain washed to believe that Ameriquest is the best company in the world and they are so lucky to be working for them. They are under extreme pressure to close loans at any cost!

At other mortgage lenders a loan where a borrower states their income must truly be self employed and this must be supported by a current business license. Ameriquest has no such requirement. Therefore when a borrower doesn't show enough income to afford the new monthly mortgage payment the loan officer will just state their monthly income so that it fits the loan. Unfortunately when a borrower signs their loan documents they also sign the application which just above where they sign it states that the borrower has reviewed the information on the application and agrees that all of the information is correct. This includes their monthly income. This is where Ameriquest coporate office gets you...they say well you signed the papers stating that you are making enough money to repay the loan. Now, here is some industry inside information for you.

As far as an adjustable mortgage qualification. I guarantee that the loan officers don't explain to the borrower how the monthly payments work. Once your 2 year fixed rate is up the new interest rate is calculated based on the index rate. Say your index rate is 4.5% your margin is 7% your fully indexed rate would then be 11.4%. You can find this information on your mortgage note. The index rate adjusts depending on the market but your fully indexed rate has your margin added to it. This is something for your attorney to take a look at. When you applied for your loan you were qualified for the limited fixed rate not the fully indexed adjustable rate of the mortgage. Therefore it is a no wonder why borrower's can't make their monthly mortgage payments.

Now for the all too many overstated appraisals. I read in this thread that the title company was contacted to provide a borrower with a copy of the appraisal. The title company doesn't get a copy of the appraisal. The only thing the title company gets is the invoice for the appraisal instructing them on the amount owed, who to make the check payable to and where to send the check. You are required to receive a copy of the appraisal because you paid for it. The only time that you would not be entitled to a copy is if Ameriquest paid for the appraisal.

Look closely at your HUD 1 statement from your closing package if it shows the borrower paying for it than you are entitled to it. The person who performed the appraisal in most cases will not give it to you because their client who ordered the appraisal is Ameriquest not the homeowner. Send a request in writing to Ameriquest...they have a paper that you would have signed in the closing package stating that if you have paid for an appraisal you can obtain a copy by sending a written request to the address on the document. If you find that your appraisal has been overstated for the value you start by going after the company who performed the appraisal. You can make a complaint to the state to investigate the appraisal. Once you have done that and it is determined that the appraisal for your property is false you can then go after the mortgage company if you can show that they were in on the fraud. The way that this can be determined is a audit of the appraisers files.

If they have any documentation that came from the mortgage company that states any type of value on the order form it is illegal. The only way a value on the order form is legal is if it reads "customers estimated value is..." But the employees of Ameriquest aren't that smart so I'm sure they have something written on the appraisal order form which by the way the appraiser is required to keep with their records.

If you are obtaining a private attorney to fight your case make sure that they recieve a copy of your loan package. This should include all documentation from Ameriquest of how you qualified for the loan. Especially make sure you get the income documents from Ameriquest. I know the loan officers in many of the branches alter these documents so review them carefully.

Good luck to all of you in your pursuit to retain your home. I will be happy to answer any mortgage industry related questions that may assist you.

Kate - USA

First of all, as to your last comment of my attitude when calling your wretched company, no I can honestly admit that I have never wondered about the rudeness of your company's employees. I guess I thought that since I, as YOUR customer along with many others, keeps your company in business, that I should receive respect. I began working at the age of 16 and at that time, the motto of most companies, well, reputable companies anyway, was the customer was most of the time, not always, right and was to be treated fairly and with respect. This courtesy was extended always, no matter if the customer was right or wrong. So again, NO, I have never, ever wondered why employees of Ameriquest seem to think they have every right to be rude, arrogant, hateful and disrespectful to the customers they have screwed over.

Yes, I do have quite a few comments on this site about other individuals who have also been screwed. I have every right to comment since I, unlike you, can relate to what they have experienced. We have had to live this nightmare while you have been responsible for creating it. So I don't expect you to understand.

I do have the right to speak of the people in your company. I have researched extensively the past couple of years and have learned of the deceit your people are educated with in training classes BEFORE they begin their career at Ameritheft. This is the reason I categorize all employees as being corrupt. You knew what you were walking into and the requirements of the job of deceiving any person you could to make Ameriquest a little richer along with yourself. This is why I call anyone who accepts employment at this horrible company an idiot. Sorry, but the truth does hurt at times.

Yes, I did mention that Ameriquest forecloses on any property they can steal. This is NOT untrue. Like I said before, I have researched and learned so much that I could become a mortgage specialist and a much better one than any Ameriquest employee could claim to be. And could do so without any kind of training dealing with fraud and lies. You need to read more of the older postings on this site to learn of foreclosures by Ameriquest. I'm certain that people would not take time to fabricate the many stories of how Ameritheft has stolen their homes. Have you read the horror stories of YOUR company's foreclosures on the hurricane victims? I guess not. And Ameriquest attorney fees? Give me a break. Ameriquest does not pay attorney fees. They add these fees to their customer's loans. I know because they have done this to me. So before you comment on Ameriquest's foreclosure tactics, get your facts straight. Check out customer's history statements. Look for attorney fees. You will find many and yes, it will be in the thousands. I was charged over ten friggin' thousand for attorney fees. I had my own attorney fees to pay for. And why does righteous Ameriquest feel they should not have to pay for their own attorney fees? Because they can pawn them off on their customers, that's why. Pure bullshit. And, for you information, I have read right here on this website how employees DO benefit from foreclosure.

I have researched and know more than you, as an employee, would ever hope to know. I do not post comments without knowing what I'm talking about. You, on the other hand, do comment on subjects you know nothing about such as Ameriquest's foreclosure proceedings. I no longer call anyone from Ameriquest, I write letters. I tired quickly of the nonsense and insults I experienced during these phone conversations. I now write letters at least 3 times a month since I know YOUR company must respond within 60 days. And the best thing that has happened lately is a letter I just received from YOUR company with a bold a*s lie. I won't go into details but I love knowing the ball is more in my court now than in your fraudulent company. Ameriquest believes they are such a large company that they can screw over anyone. Well, the class action suits will put a dent in that belief now won't it? In fact, I was involved in such a suit and received some compensation. Hmmm and this is a company you wish to be affiliated with? Good luck, you will need it now more than ever. Were you fired today?

Kathleen,I have noticed you have quite a few comments about other people's problems on this website.Where as I am an employee of this company,I am in no way sticking up for them.What Samantha explained is probably true and I would not doubt it.I have talked to many customers with the very same complaint.I have not seen one interest rate go down or stay the same once your two year fixed rate is over.Interest and payments usually increase, alot.

I don't think Kathleen that you have the right to talk about all people in this ocmpany the way you do.Not all of the employees are young or inexperienced.They definitely are not making a fast buck.Trust me on that.Nor can you say someone is an idiot for joining this company.

You mention that Ameriquest tries to foreclose on anyone they can.This is untrue.I work in a department that probably handles or handled your loan.We,meaning AMC Mortgage,does not make money on foreclosing on someone.If we foreclose,who has to pay the attorney fees?We do.Thousands of dollars per loan.If your in foreclosure and not making payments,how is AMC making money on that?The first thing we are told to do is whatever we can to help our borrowers out to avoid foreclosure or help get them out of foreclosure.This of course being if the customer is financialy able to afford the home.

I,again,am in no way standing up for AMC simply because I have personally heard too many of the same complaints from our borrowers,and read about them as well.I apologize on behalf of myself and some fellow co-workers who do have sympathy for you as well as customers like Samantha,who were screwed at the origination of their loan.Kathleen,please research more before making comments that you can't support.When a person with your type of attitude calls our company Kathleen,do you ever wonder why they might be rude to you?

We are not talking "aggressive" here. We are talking "ILLEGAL PREDATORY LENDING PRACTICES". 49 States Attorney Generals do not go after companies because they are "aggressive".

Sorry, Jon. Spend a couple months reading what these guys did. Don't just take us consumers' point of view, or just the ex-employees who were totally repentant on what they did to consumers - and who are now testifying for us in Court. Do what I did this morning... call the FBI. Or your State's "Enforcement branch" (Mich's is the OFIS). See what they say.

For a company to destroy the lives of thousands of people across this country (read some of the quotes of Conn's A/G's assessment of the damage to consumers that Ameriquest has caused), cause suicides, and take the homes of hundreds (thousands) of Americans, they would have to be guilty of more than just being "aggressive".

I will chalk this up to you not doing enough research yet, Jon. I'm sure you are a nice guy, but I just had to let you know that I took offense at your description of what Ameriquest did to me and my family, as "AGGRESSIVE". It was "ILLEGAL" and they are going to have to pay for that. That's the way our laws are set up in this country.

Dave

I am not too smart about this but was wondering if it is unusual for the appraisal to be signed and dated may 10 2004 and I closed on the house april 23 2004. Also the company that did the appraisal only serves northeast ohio and I live in southwest ohio. My county is not even on there county served list. Also on the appraisal it says they did a complete appraisal and they actually was only at my home for 10 minutes. Heck they say I have a two car driveway and it's only a one car driveway.

I am not too smart about this but was wondering if it is unusual for the appraisal to be signed and dated may 10 2004 and I closed on the house april 23 2004. Also the company that did the appraisal only serves northeast ohio and I live in southwest ohio. My county is not even on there county served list. Also on the appraisal it says they did a complete appraisal and they actually was only at my home for 10 minutes. Heck they say I have a two car driveway and it's only a one car driveway.

I am not too smart about this but was wondering if it is unusual for the appraisal to be signed and dated may 10 2004 and I closed on the house april 23 2004. Also the company that did the appraisal only serves northeast ohio and I live in southwest ohio. My county is not even on there county served list. Also on the appraisal it says they did a complete appraisal and they actually was only at my home for 10 minutes. Heck they say I have a two car driveway and it's only a one car driveway.

I am not too smart about this but was wondering if it is unusual for the appraisal to be signed and dated may 10 2004 and I closed on the house april 23 2004. Also the company that did the appraisal only serves northeast ohio and I live in southwest ohio. My county is not even on there county served list. Also on the appraisal it says they did a complete appraisal and they actually was only at my home for 10 minutes. Heck they say I have a two car driveway and it's only a one car driveway.

If you can't afford a house in the first place, don't buy a house that is twice as big. I don't disagree that Ameriquest used tactics that were quite agressive in getting people to re-fi or make initial purchases. All of the other mortgage shops were selling Arm loans as well back in 2004-2005... This year and next those Arm loans will kick in and unfortuantly alot of people will lose their homes that they could not really afford in the first place. The investment community kept preaching that the real estate market was in a bubble market and that it was going to burst, consumers continued to ignore those reports and went on to get a home equity loan or make a home purchase. Don't put all of the blame on one company and/or the lending industry for poor judgement on your own part. Also, one person wrote a rebuttal praising the layoffs at the company. Its often not the employees of a company that commit the unfair practices... often its the responsibility of management to instruct the proper procedures and practices within an organization. Most likely when all is said and done, there will be some federal government investigation of the mortgage industry between the years of 2003-2005 and a few people will be "hung" Maybe Ameriquest? Maybe CountryWide? Maybe New Century? Who knows... We saw the same thing happen a few years ago when a number of people made poor investment choices in the stock market.

Class actions make money for the attorneys involved only. Not for the consumers. Consider private litigation to suit your individual needs for restitution.

Called an attorney today in Tampa who was advertising that they would handle your case against Ameriquest. I got the clear indication that they were talking about a Class Action, not private litigation. It was a cordial conversation, but they admitted that they were only interested in a class Action. I thanked him for his time.

It's similar to the reasoning behind all these auto dealerships that now advertise LEASES... LEASES... LEASES. Not actually selling autos. Why is that??? Because they make tons more money off of a lease than they do by selling the car outright. So guess what they are going to focus their advertising dollar on? Good guess. Guess what kind of a suit attorneys want to file? Good... you win the prize!

Just my opinion, but I would not get involved in any class action, if you really have suffered damage from any of Ameriquest's illegal actions.

Wow, I am so glad to have this web-site. I just met with a mortgage specialist with Ameriquest today. I am considering refinancing my home so I can do some debt consolidation. I have an appointment tomorrow with an appraiser that Ameriquest is sending out. I will reconsider doing business with Ameriquest. I don't want to be stuck with this company!

I HEARD TODAY FROM A DIFFERENT LENDER THAT OHIO HAS SETTLED A LAWSUIT AGAINST AMERIQUEST AND THAT IT HAS ALLOCATED 325 MILLION DOLLARS FOR OHIONS
THAT WERE DUPED BY THIS COMPANY I FOR ONE AM GOING TO SEE WHAT I NEED TO DO TO BE A PART OF THIS. IF ANYONE ELSE HEARS ANYTHING LET ME KNOW.
ROBERT IN MIAMISBURG YOU NEED TO CHECK ON THIS TOO.
LOTS OF LUCK EVERYONE.

They know full well that they have engaged in predatory lending through inflated appraisals. By the way, I got the very same "form" letter - word for word. My Ameriquest agent told me upfront that he was going to inflate the appraisal to get the loan. He used a company that had it's licensed revoked by the State of Mich six months later. Fines and other punitive actions were involved.

Ameriquest was doing this across the country. They KNOW that you have the law on your side. They are attempting to send up a smoke screen to try to deflect some of the massive law suits that are just now starting to ramp up.

This settlement is going to create a huge backlash for Ameriquest. The attorney generals, pretty much negotiated this in the dark. Very few consumers who were victimized by this company even knew there were charges brought against Ameriquest, or that a settlement was coming out. I found out about it accidentally 2 months after the fact, and I was one consumer that was sitting right square in the middle of the time frame involved.

Now, ALL their victims are finding out and they are extremely upset to discover that their lives were turned upside down and destroyed INTENTIONALLY - and not because it was all their fault, as they were made to believe.

This $100-$600 per mortgage (Mich) settlement is not going to be accepted by very many of these victims for what they feel is just "restitution". There are a lot of very angry consumers and a lot of smiling hungry attorneys.

I think Ameriquest is in trouble..

this is a paper i got from ameriquest today.it reads after careful consideration and research ,ameriquest has confirmed that the appraisal prepared for your property was conducted lawfully and legitimately.please note an appraisal is an estimated value not an actual value,and has the ability to change over any period of time.additionally the appraisal prepared for your property was completed by an appraisal licenced by your state to perform property valuations and is not employed by ameriquest.now that being said my house has not changed since 2004 and the appraisal is still 250000 more than my house is worth now,the appraiser never entered my home and ameriquest still will not show me a copy of the appraisal just this useless letter

Samantha,

Unfortunately most lenders do not handle manufactured housing anymore. I have been a loan officer for more than 5 years now and have seen the industry change and move away from manufactured homes. I only know of 1 company that may be able to help you in OHIO.

1. Janus AG Finance( you can not do a stated income loan with them)

I hope this helps.

I have read a lot of the complaints listed on this website and it is unfortunate that loan officers like this exist. To file complaints you can also go to the HUD website.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

Samantha,

Unfortunately most lenders do not handle manufactured housing anymore. I have been a loan officer for more than 5 years now and have seen the industry change and move away from manufactured homes. I only know of 1 company that may be able to help you in OHIO.

1. Janus AG Finance( you can not do a stated income loan with them)

I hope this helps.

I have read a lot of the complaints listed on this website and it is unfortunate that loan officers like this exist. To file complaints you can also go to the HUD website.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

Samantha,

Unfortunately most lenders do not handle manufactured housing anymore. I have been a loan officer for more than 5 years now and have seen the industry change and move away from manufactured homes. I only know of 1 company that may be able to help you in OHIO.

1. Janus AG Finance( you can not do a stated income loan with them)

I hope this helps.

I have read a lot of the complaints listed on this website and it is unfortunate that loan officers like this exist. To file complaints you can also go to the HUD website.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

Samantha,

Unfortunately most lenders do not handle manufactured housing anymore. I have been a loan officer for more than 5 years now and have seen the industry change and move away from manufactured homes. I only know of 1 company that may be able to help you in OHIO.

1. Janus AG Finance( you can not do a stated income loan with them)

I hope this helps.

I have read a lot of the complaints listed on this website and it is unfortunate that loan officers like this exist. To file complaints you can also go to the HUD website.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

I believe that in many cases, there were no appraisals. In my case, I was charged $850 for an apprasial I did not see, and that I cannot now find. The Title co. was 180 miles away from me. I did question this at the time, but that's a long story.

When I contacted this title co a few weeks ago, I asked for copies of all closing docs. I recieved only about half of what I should have received. No appraisal, but a copy of a check stub for $850. I believe the people at this title co are new and they were not around 3 years ago, when this loan closed. They seemed genuinely confused as to what had happened to my closing docs.

If I were them, and trying to cover something up, I would not send up a check stub showing that I paid $850 for something that I now have absolutely NO supporting documentation of. That would make me look pretty stupid. I were a smart crook, I would have "lost" that check stub.

From many of the posts here, I am guessing that agents were just getting in the mode of not filling out appraisal reports, and they were getting Title companies to go along with them - after all, the money was really getting good. BTW, the appraisal company is now nowhere to be found. Even the Title co. can't find them.

Several people here can't seem to find there appraisals - this a lot higher frequency than would be considered normal by any means.

i live in miamisburg ohio and in 2004 refinanced my home with what i thought was o very good company.i admit i was not in the greatest financial state and had a wife that had started nursing school and needed to get some finances in control.i had ameriquest appraise my home and they said it was worth 125000.the same home that appraised for 89000 just 2 years before.they wanted to hurry and get the closing done and had me come in and close just 1 day after.i thought i was getting a fixed rate of 7.5 .well the rate was actually 8 and on the 2 year fix and then adjusted every 6 months.i didnt realize this until i had over half of the papers signed.i have now also noticed how they had my wives income higher than mine at the time of closing.she made 14000 amd i made 36000.i have never seen a copy of there appraisal and i am in the process of trying to get it.

Your story is one of the worse I've read and I've read many. Some postings on here are enough to make me sick when I read of what Ameriquest has put most of their customers through. The very customers, if Ameriquest didn't have, would not be in business now would they? For employees of this corrupt company to treat customers as they do is unreal. They hire young, inexperienced people who don't care about anything but making a fast buck. They don't care who they hurt or who they make homeless. But this is how they are trained. A decent human being would not even think of becoming an employee of this thieving company but there are many idiots in this world.

I signed with Ameriquest in 2004 and it has been a living nightmare. Yes, they reel us in promising lower interest rates in the future, knowing they are lying through their teeth. My payment is over $1,300.00 now because of their inflated rates.

I also had three surgeries in one year and had to pay over $1,500.00 for a horrible divorce. They could care less. In fact, they like it. Just like in another posting I've read, most mortgage companies hate to foreclose but Ameriquest makes a lot of money doing this so they steal homes from anyone and everyone they can.

I believe the only option you have is to obtain an attorney. I know this is more expense, but if you wish to keep your home, you will probably be forced to. I have contacted the Attorney General, three congressmen, the Better Business Bureau and the Trade Commission. They give great advice and now they are aware of this fraudulent company but they cannot help. They say to obtain the services of an attorney and that's what I am doing now.

And when the idiots from Ameriquest harass you, make sure you keep a log with everything they say, dates and times. Or, better yet, record them. Don't let them get to you. Just remember they are the scum, not you. We will, I'm sure, get the last laugh when they are all unemployed. They have already went through one layoff of 1,500 idiots and I'm sure another is in the future. Don't even try to speak to a supervisor because they all mysteriously disappear or they all become one. And if you contact the "Office of the President" you will get even more of a run-a-round. But, if you need a good laugh, give them a call and ask them a question. I've never heard such stupidity in my life! I was told my payment was not posted until AFTER the 15th, which resulted in a late fee, because didn't I know that they receive thousands upon thousands of payments everyday and it takes time to sort and post them all. I had sent my payment on the 3rd of the month. This ignorance is what we, the customers, must deal with everyday and it's not right. The class action suits are a start. Hopefully there will be many more.

Good luck and keep me posted. Hopefully, we will get some sort of satisfaction by taking them to court because Ameriquest surely can't satisfy anyone.