Complaint Review: Ameriquest Morgage Company - New Jersey
- Ameriquest Morgage Company Nationwide New Jersey U.S.A.
- Category: Mortgage Companies
Ameriquest Morgage Company Provide Fraudulent Appraisals To Qualify for Excessive Loans Nationwide New Jersey
*Author of original report: ACORN WILL HELP AMERIQUEST VICTIMS!
I was looking into refiancing my current morgage and at the same time pay off some credit card bills so I went into the website "lowermybills.com" and after filling out all the required info I was told that they had found a company called Ameriquest that could help me attain this loan. I was contacted by phone and the gentleman was very nice he ask me further questions and told me he was going to see what he could do for me.
I had told him my homes value is $170,000.00 and I was looking for about $163,000.00 He told me he could get me $190,000.00 @ 7% and I would pay less than my current morgage. Wow this is great I thought but how would can this be done. He told me he would need to come up with my house being appraised at $200-220 thousand ( remember I already told him it's value is $170 thousand), he will besending a appraiser that will only cost me $200.00 and he will appraise it for amout needed.
I asked what happens if it doesn't go for that much, he said don't worry I'm sure it will. Also he worked out some other things that will bring my monthly payment down another $500.00 I asked how was this possible he told me "please don't ask it's too long to explain. Lets just be happy you won't have to pay those extra $500.00". He told me I will have a fixed rate for 2 yrs. but after that it will vary but since after the 2 yrs I can refinance with whoever else I want it shouldn't matter much.
At this point ever seems too good I would be debt and have a low monthly payment. But something in my head didn't accept this so fast so I thought to myself if I get a loan for more than my home is worth after the fixed 2yrs no other lender will want to refinance so I am stuck with Ameriquest regardless of how much my payments have increased or decreased(which is unlikely). Before hanging up we agreed to wait for the appraiser to call me and then we would start the signing of the paperwork.
But Since I am a true devotee of the rip-off report website I decided to look Ameriquest up here and low and behold, here it was! Predatory Lending alert. I began to read some of the complaints and decided to call ACORN (Association of Community Organizations for Reform Now). Right away the person I spoke to at ACORN told me about the lawsuits and exactly what Ameriquest is all about, and how they are trying hard to bring the public to recognize these Predatory Lenders.
In a nut shell what Ameriquest does is they send appraisers to your home to make fraudulent reports and appraise your home for whatever amout is need to get the ridiculously high morgage loan. Many of these appraisers are unliscened and are almost always paid to do these false appraisals. You might get a nice huge loan but then you are debted for the rest of your life with Ameriquest because since the value of your home is lower that the amt of the loan you will never be able to refinance with any other reputable morgage company. So if after the 2 or 3 fixed yrs are up and they decide your $600 payment will now be $1600 your stuck.
I'm just so grateful for the rip-off report and fellow comsumers because thru them I have outwitted two scams this year so far. The Ramada Plaza scam and the Ameriquest Moragae scheme. Thank you so much Rip-off!!!!
By the way: If anyone is interested in contacting ACORN for this just visit their website and locate the nearest ACORN near you: http://www.acorn.org
Paterson, New Jersey
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This report was posted on Ripoff Report on 10/10/2003 11:47 AM and is a permanent record located here: https://www.ripoffreport.com/reports/ameriquest-morgage-company/new-jersey/ameriquest-morgage-company-provide-fraudulent-appraisals-to-qualify-for-excessive-loans-na-68744. 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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