Ameriquest AMC Mortgage lied on husband's credit report, refused to correct, caused us to be turned down on refinance on current home Orange California

Well, I am just about at the end of my rope. We filed a dispute online with Experior over a week ago and the results are back....and guess what????? Ameriquest lies again!!!! They are still saying that ..get this...the loan was discharged in bankruptcy/never late (???) It says ...included in bankruptcy in May 1, 2005 (?????) (the bankruptcy was in May of 2004!!!) Then at the bottom it says creditor statement: transferred to another lender.

What kind of idiots work at this place???? We have lies all over the place and I guess these so called disputes are for the birds because the big guys always win. Why are they trying to ruin us? We only had this loan with them for 3 or 4 months!!!

There was a message at the bottom for my husband to call AMC mortgage and it gave the phone number. My husband has tried to talk to them on the phone before and they were very rude.

(((ROR REDACTED COMPETITORS NAME))), on the other hand, has been very cooperative. The loan was transferred to them and they report every thing as it should be...never late, satisfactory, etc.

This is a very frustrating experience... Any more suggestions would be appreciated.

sorry, allowing you to give a competitors name would instigate others to just file against their competition, to only come back later to suggest their company your comments on this policy are welcome! 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.

"When you are IN law school, usually you have yet to attain a law degree."
I accept this as your way of agreeing with me that you do not have a law degree.

"How long have you been in the industry?"
Long enough to know the difference.

"How much money do you make?"
Double or triple what you make in Ohio. Everyone in R/E in CA earns 2-3x what is earned in R/E in OH. Do your research.

"...all the time you spend on here bickering, you can't be doing too well."
I'm simply a faster typist than you. Plain and simple, Mrs. Deductive.

"The last post I read said that you thought 3.7% was normal for an average loan."
Again, your reading comprehension skills are letting you down. Re-read, padawan.

Meglio, out of one side of your mouth, you tear into borrowers here who have been stiffed by Ameriquest, and out of the other side of your mouth you claim to be some angel of knowledge.

Get your s#it straight, woman. What is your problem with everyone you encounter? Your volleys aimed at me are better directed toward your husband or your boss at your subjugated position at "work".

Get over yourself.

"When you are IN law school, usually you have yet to attain a law degree."
I accept this as your way of agreeing with me that you do not have a law degree.

"How long have you been in the industry?"
Long enough to know the difference.

"How much money do you make?"
Double or triple what you make in Ohio. Everyone in R/E in CA earns 2-3x what is earned in R/E in OH. Do your research.

"...all the time you spend on here bickering, you can't be doing too well."
I'm simply a faster typist than you. Plain and simple, Mrs. Deductive.

"The last post I read said that you thought 3.7% was normal for an average loan."
Again, your reading comprehension skills are letting you down. Re-read, padawan.

Meglio, out of one side of your mouth, you tear into borrowers here who have been stiffed by Ameriquest, and out of the other side of your mouth you claim to be some angel of knowledge.

Get your s#it straight, woman. What is your problem with everyone you encounter? Your volleys aimed at me are better directed toward your husband or your boss at your subjugated position at "work".

Get over yourself.

"When you are IN law school, usually you have yet to attain a law degree."
I accept this as your way of agreeing with me that you do not have a law degree.

"How long have you been in the industry?"
Long enough to know the difference.

"How much money do you make?"
Double or triple what you make in Ohio. Everyone in R/E in CA earns 2-3x what is earned in R/E in OH. Do your research.

"...all the time you spend on here bickering, you can't be doing too well."
I'm simply a faster typist than you. Plain and simple, Mrs. Deductive.

"The last post I read said that you thought 3.7% was normal for an average loan."
Again, your reading comprehension skills are letting you down. Re-read, padawan.

Meglio, out of one side of your mouth, you tear into borrowers here who have been stiffed by Ameriquest, and out of the other side of your mouth you claim to be some angel of knowledge.

Get your s#it straight, woman. What is your problem with everyone you encounter? Your volleys aimed at me are better directed toward your husband or your boss at your subjugated position at "work".

Get over yourself.

"When you are IN law school, usually you have yet to attain a law degree."
I accept this as your way of agreeing with me that you do not have a law degree.

"How long have you been in the industry?"
Long enough to know the difference.

"How much money do you make?"
Double or triple what you make in Ohio. Everyone in R/E in CA earns 2-3x what is earned in R/E in OH. Do your research.

"...all the time you spend on here bickering, you can't be doing too well."
I'm simply a faster typist than you. Plain and simple, Mrs. Deductive.

"The last post I read said that you thought 3.7% was normal for an average loan."
Again, your reading comprehension skills are letting you down. Re-read, padawan.

Meglio, out of one side of your mouth, you tear into borrowers here who have been stiffed by Ameriquest, and out of the other side of your mouth you claim to be some angel of knowledge.

Get your s#it straight, woman. What is your problem with everyone you encounter? Your volleys aimed at me are better directed toward your husband or your boss at your subjugated position at "work".

Get over yourself.

Meglio, I absolutely know the difference between a supplement and a rescore. Read my post dumb-azz. I made a specific distinction between the two.

You are a jack off.

I know what time it is. You may want to check our clock.

In your first post, you were talking about a credit supplement, not a credit re-score.

Very rarely - when you order a credit supplement - does the lender send you the info AND THEN report to the credit bureaus.

It is in the borrower's best interest to learn how to do it and fix their credit permanently.

When you are IN law school, usually you have yet to attain a law degree. At least, that is my experience with how it works...

Rex, I will ask you again here:

How long have you been in the industry? How much money do you make?

Because I would suggest that with you lack of knowledge and all the time you spend on here bickering, you can't be doing too well.

I signed on to this site 2-3 days ago and ever since, I have realized that you are either not busy or unemployed. The last post I read said that you thought 3.7% was normal for an average loan. I mean, man, you are inexperienced and have an elementary understanding of this industry. You need to delegate the technical questions to those of us that have a decade or more in the industry. (And Im not saying that SOME new loan officers can't be of assistance, but with the things Rex has said, and with the time he spends on here chatting, he is obviously not qualified).

What I have described regarding the credit re-scores is fixing the issues PRIOR to scoring the loan or underwriting the loan. I am fairly sure that is what Rex is advocating also.

We go through the process of showing satisfaction, removal, etc., etc. BEFORE the loan is underwritten. Otherwise... what would be thr point?

I can originate a shitty sub-prime loan all day, just like any other dub-azz LO. What separates me from the others is that I'll recognize what is fixable, and what the key elements are that will either positively impact their mortgage rating or improve their FICO scores, or both.

I'll show the borower the difference in programs, rates, fees, etc. and gain their confidence, tell them it might take a few weeks to do it right, but if they are smart, and I know what I am doing, it can make all the difference in the world in the loan programs available to them.

Some LO's DO care Meglio, you sound like a "half-empty cup" kinda guy to me to opine like you have.

Just my 2 bps.

Meglio -

Give it a rest, will you? You clearly do NOT have a law degree. Allow me to quote from my nephew's favorite movie, "Sir, put down the bong and step away from the lighter."

I am right NOW in the middle of helping a client repair her credit after I have received my commission check. Do not pretend to know anything about how we conduct our business.

When you post here, we're being enlightened only to your methods. Do not be so surprised that there are fully legitimate brokers who have uncovered the shortcomings of your services.

Your way is not the only way. It's the only way that you know.

Get over yourself.

You are either giving yourself too much credit or not giving your clients enough credit. Because having something taken off your credit is, and has always been, a VERY easy process. It is sometimes LENGHTHY, but not difficult at all.

1 - Get sat piece for account(s)
2 - Send to 3 bureaus
3 - Stay on top of it

That's all. You act as if you need a law degree from Harvard to do this.

And moreover, your local mortgage broker/banker CAN NOT BE DEPENDED UPON to have your credit PERMANENTLY repaired. ONLY THE CONSUMER TRULY CARES, and only the consumer will take hours out of their day for a week to have it fixed.

Do you know how many times clients have said,
"They were supposed to take care of that the last time I refinanced." Rex, I hear that EVERY TIME I walk someone through their credit report. The "THEY" are the brokers or lenders who say they will take care of something and never do.

Lets be honest. If you close a loan, and three weeks after you are paid your commission, there is complication with having something removed off of the credit, you aren't going to spend hours on the phone with the bureaus to try to fix a mistake. So you put it on the back-burner and it NEVER gets done.

THIS is why the consumer needs to be educated, instead of simply assuming they are they too dumb to handle their own affairs.

Meglio, what works for you doesn't work for you 100% of the time.

What works for you won't work for other people 100% of the time.

My preference is to be THE source of information for my clients. I prefer to stay in contact as laws change, as credit reporting practices change, and as the mortgage industry evolves.

I would far rather have a chance to review everything for them, as I may be able to catch something they would not catch. Repetition of experience is invaluable to the client in this scenario.

If your client "learns" the way you teach them, they may forget a step the "next time" they go to repeat the process. They may unknowningly apply "your method" to a situation where it doesn't apply.

There's just too much room for error. Happens in nearly every industry. Once you've learned how to perfectly repair your auto, or to perfectly complete your tax forms, or to perfectly replace a hard drive in a computer --- the process has changed already.

Thank you Steve, Mark, Rex, and Meglio. All of your comments and suggestions have been helpful. My husband and I are diligently trying to correct this problem ourselves before we go to another lender. It just infuriates me to have something on the credit report that is totally untrue and the people that put it there won't do anything about it.

We have sent copies of the bankruptcy papers to Transunion. Experior is still investigating. Equifax seems to have the correct information. Transunion had sent a letter stating the dispute was frivolous...that is when I sent them the court documents. I happened to find a copy of last years 2005 Transunion credit report showing that Ameriquest was NOT showing adverse infromation but was showing paying, paid as agreed, etc etc. That is strange that they changed their tune since then. I will keep you posted on any developments...oh an attorney is interested in this issue so we will see what he has to say.

Barbara

"I work for some of the busiest people in my geographical farm, and my clients certainly don't claim to have the time nor the desire to learn or perform new skills in the area of credit repair."

Isn't it our jobs as brokers/lenders/LOs to educate our borrowers? Yes, you could take up your time or your processor's time to do this, or you could teach the consumer how to do it on their own so in the future - in the event something ELSE shows up erroneously - they can take care of it on their own.

If an applicant has credit issues and won't take the time to learn how to fix them, that's the more time I spend educating them. I tell ALL of my clients - Very rarely will I do more than one subprime loan for a single client. If they come to me with issues, and we consolidate a bunch of debt and tey tell me they are going to pay off the list of $50 collection accounts on their own, and they come back to me and they haven't fixed their credit even though they had the capability to do so, I will deny their business.

And you know why?

Because I dont have the stomach to watch people tread water their whole life when they could very possibly be out of debt with greatacredit. I understand hard times and I am very empathetic, but repeated self-credit-abuse is something that I wont tolerate.

As an LO, I guess it's nice to have this luxury. Cause I know most salespeople in this industry would re-write the same bad loan 4 times and eat up all the equity, just to get a fat rip every time.

Anyway Rex, educated them. It might take more patience, but that person will come back to you as a prime borrower in 2 years because you taught them how to do it on their own.

(Then you can make all your compensation on the back without having them to pay you a dime!).

See, it works for everyone!

I can tell you from 10 years experience that ordering a credit supplement through the lender won't necesarily change it with the bureaus.

In all my years, whenever myself or my processor has ordered a supplement, the lender rarely ever submits the corrected info to the bureau and THEN us. It always comes straight from the lender to my brokerage. If they decide to submit it to the bureaus after-the-fact, it is very rare, which I inderstand, since it would cost them time and money to make the correction. (idiots. you'd think if they made the mistake they could make it right!)

And while I don't like this Mark guy's tone, his way would ensure the OP gets his credit repaired.

I agree with Mark that you guys only explained how the OP can get the loan, but you both skipped the details as to how the OP could ensure his credit would be repaired.

Mark :

What was your interpretation of the advice given by Steve, and confirmed by myself?

I'd like to know what is was that you read... If you don't post an answer we will assume that you are too embarrassed to reply.

_______________

When the credit supplement is done, it will be a permanent repair to the erroneus information. If it isn't, this has nothing to do with the method described above. It could only have been changed again by the bureau service, or by another similar service provider.

It can be done by the individual, but why not have a competent broker do this as a service for the client? I work for some of the busiest people in my geographical farm, and my clients certainly don't claim to have the time nor the desire to learn or perform new skills in the area of credit repair.

You are the type of person the following statements are refering to.


"If this person doesn't immediately understand what to do, then he is not competent."


"If this person doesn't immediately understand what to do (politely discontinue the conversation and either elevate to somebody else higher up in that office, or leave and go to another company)."

You are the type of person the following statements are refering to.


"If this person doesn't immediately understand what to do, then he is not competent."


"If this person doesn't immediately understand what to do (politely discontinue the conversation and either elevate to somebody else higher up in that office, or leave and go to another company)."

That is exactly what we do Mark. We do the Rapid Rescore or Score 2 depending on our credit vendor. We pay $75.00 per borrower, $25.00 per tradeline and $25.00 per bureau. We fix the credit PERMANENTLY on each of the bureaus. NONE of these fees are charged to the borrower directly or indirectly. It is not legal to charge for this.

As soon as the tradeline is corrected, we repull the credit to verify all is fixed, and you are correct, depending on what was fixed, there can be a nice improvement in the scores. In any case, it does fix the problem for the purpose of the mortgage which is the borrower's main concern usually.

These guys tell you how to get your new loan, but they dont tell you what to do to get your credit corrected. Rememeber: If you leave it as-is, you will have this same problem again if you refi or purchase in the near future.

Get the BK discharge papers W/ ALL SCHEDULES from your lawyer.

Get the contact info for experian, equifax, and transunion. Call them and tell them you are going to be faxing proof that the mortgages were not in the BK. Fax BK discharge papers to 3 bureaus showing neither the Countrywide nor AMQ loan was in the BK.

They will re-cert credit in 72 hours. Stay on top of it, but BE NICE TO THESE PEOPLE. IF YOU ARE RUDE, IT WILL TAKE FOREVER TO GET THIS CORRECTED.

I have done this in the past with Experian when I had sub-500 fico clients and the bureau would re-cert the credit as long as we had adequate proof that the info on the report was incorrect. And in the couple instances in which I did it, the score broke the 500 mark in 72 hours. It may cost you around $30-35 for the 72 hour re-cert. If you can wait a month, it wont cost anything.

Good luck.

And next time you "competent brokers" give advice, you should make it a little more thorough.

Steve is spot on with his reply. Great reply, Steve.

And, the key phrase is :
If this person doesn't immediately understand what to do (politely discontinue the conversation and either elevate to somebody else higher up in that office, or leave and go to another company).

Covering All The Bases:
The exception is that you could be talking to -for example- the loan processor in my office and she would know precisely how to do this, but this person does not "out-rank" the licensed R/E salesperson nor the licensed broker. So, elevating your issue to a higher-up individual within the same office may not apply.

Barbara, I am a long time mortgage broker in California, and we see this type of thing all the time, and not just from Ameriquest. Sometimes it is the lenders fault, sometimes it is one of the bureaus' faults. In any case, this is not tough to resolve.

Here is what I do to clear this when I am refinancing a client:

1. Get the last Ameriquest mortgage statement, AMC account number, the transfer/servicing letter from Countrywide indicating they are now servicing the loan, and original mortgage note from AMC. Get a Countrywide monthly mortgage statement, the Countrywide account number, and the HUD-1 Settlement statement from when you sold that home. Gather as much of this documentation as you can find.

2. Get your Chapter 7 discharge paperwork, specifically the schedule of debts to be discharged. Your home mortgage is NOT listed on this schedule. (This supersedes ANYYHING that Ameriquest says)

3. White a brief FACTUAL 1 page letter including the timeline of the original AMC loan, BK, transfer to Countrywide, when the home was sold, etc. Basically, you need to "connect the dots" of what happened.

4. Take all this to a competent mortgage broker, explain it. If this person doesn't immediately understand what to do, then he is not competent.

The the broker/processor will order a credit supplement through their lender or credit reporting vendor. If what you say is true, this problem is fixed in less than a week. Guaranteed.