AMERIQUEST, AMC MORTGAGE SERVICES PREDATORY LENDERS FROM THE START Ripoff CAROL STREAM Illinois

We refinanced our house with Ameriquest in February of 2004. At the time they pretended to be empathetic to our needs, and interested in helping us get out of debt and back on our feet.

They even went as far as greatly inflating the appraisal and inflating our income level to get us approved. We thought at the time that this was typically accepted mortgage company procedure.

They rushed us through the closing, saying we didn't need to read anything and that it was all on the up-and-up. They didn't tell us about our rate being variable after 2 years or a prepayment penalty or points to pay until we had started signing. Then the rate we ended up with higher than what we were told. We were also told that we could refinance after 2 years with a lower rate, and that they would waive the closing costs. What a joke! When we checked the closing costs were going to be $6,000.

We just completed the adoption of 2 beautiful boys (3 and 7 yrs old) and are planning to move out of state. Therefore refinancing our mortgage was not our top priority. We are moving in Aug., 2006.

Last month when we received our statement from AMC our payment went up over $300. When we told them we were planning on selling the house they said we had an $8,000 penalty for selling before Feb., 2007. By the time they finish eating away at our equity, there won't be anything left!

We beleive that their tactics are clearly illegal in this, and that these are highly unethical business practices, at the very least.

Is there anything we can do?? Anyone out there with a lawsuit against Ameriquest that we could join?? Please help!

Kenny
ARVADA, Colorado
U.S.A.