Ameriquest Mortgage - AMC Apprasial too High - Now im STUCK IrvineMather California

In Oct.2004, I was contacted by Ameriquest for a possible Int.Rate reduction and Consolidate bills. Got a loan for $171.900. I thought WOW. Didnt think my house was worth that much. Got a good interset rate, 6.15%for 20 yrs. Even better, so i thought. Its a ARM rate and my rate will be 8,15 starting with Dec. payment.
I called AMC and asked if i refinance at a lower rate. Was told sure. your credit is GOOD and that in Oct 2004 my Apprasial was $191,00. I Thought NO WAY. Most comprable homes in my Area sell for $105,000 to $130,000 AMC sent an appraser to the house, this Apprasial was for $112,000. In two yrs. my home has lost $79,000 apprased Value. No Way again. Then the man from AMc says he cant do anything for me as i owe$163,400 on my house. Well i figure they Got me into this mess, they can help me OUT of it. Have called other Mortgage comanies and they say, Buddy you Got TOOK.

Don
Indianapolis, Indiana
U.S.A.