Report: #104710

Complaint Review: Ameriquest Mortgage Company - Roseville California

  • Submitted:
  • Updated:
  • Reported By: Citrus Heights California
  • Ameriquest Mortgage Company 2240 Douglas Blvd. Ste. 180 Roseville, California U.S.A.

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First off let me say that for those people who have been calling others who have had problems with Ameriquest illiterate, ignorant, and lazy schlubs, my husband and I are none of the prior.(I take offense at those name callers, btw.) I have an AA in Liberal Arts; my husband has a very good job (going on nine years) with a good company doing high level computer/telecommunication work.

However we did get in dire straits when our mortgage loan, originating in 2001 through Wells Fargo, was bought by 1st Nationwide, who was bought by CitiMortgage. In the interim, our loan was lost along with a lot of other mortgage loans. We were told by CitiMortgage not to pay, as they were having problems processing our loan. Our loan ended up going from the original $1249 a month to $1688 in 3 months. We were in limbo for over EIGHT monthsEvery month we were told a different amount, it was horrible. We finally ended up getting it paid, HOWEVER, in the mean time we ended up (because of the (at least) $400 difference in the loan payment,) having to file chapter 7 bankruptcy. (we are still paying the higher amount.)

We were able to keep our home, but we wanted out from under CitiMortgage. So while we were going through with the bankruptcy, (which was through just last month) we decided to try to refinance. Figuring, what the heck couldn't ruin our credit score any worse then it already was, right? I went online and tried a few different places; Ameriquest was the first one that came back with a positive answer. We were told they would call us back after the ch7 was final and everything would be cool. Great! We may be able to even get some money to fix up the back yard or the kitchen like we wanted. WOW!

After the month we were contacted back, and everything was a go. We went into the office and my husband was told that his FICA score was too low. So they would have to go off of me, because mine was higher. Okaaaay. I haven't had an outside the house job in 2 years, as I am a full time Mom and Student going for BS degree. So that was a little weird to me. But they were like sure we'll make something up. (***Make a note of this***) Do you do anything that can be NON verifiable income? (huh?) Well, I write poetry, and I web page design for fun.that was all they neededAHEAD FULL STEAM. (Tummy is feeling a little uneasy here.) But we would be out from under Citimortgage. We were told to go home and wait for the appraiser who would be out in about 3 days.

We then went back into the office, and were told that they could give us a 7.5 or a 7.75 rate which was good better then we had hoped for. The mortgage would be for $203,000, giving us about $25,000 over the original loan. OH But then they sprung on us the fact that they charge almost $14,000 for the loan processing. Wow. Okay, that seems a little steep. That would still give us $12,000 though, and by golly we should be thankful that they are even talking to us, because we just went through bankruptcy. OH! But we forgot to tell you that we found out that there is an $8,000 lien on your home thanks to HUDHUH?? WHAT?? And we are charging you for some other fees (I can't remember right off the top of my head right now, but it came out to that we would be getting zilch.zip.zero.) BUT we would be getting out from under CitiMortgage. ~woo-woo~ So what if it was a 2 year ARM, we could always refinance at the end of two years! (***Make a note of this***)

But they needed some more paperwork from Citimortgage, showing our payment history with them, (which btw until the fiasco of the loan getting lost, we had never been late, we are even now current on our loan,) so we had to go home and waitand waitand wait We waited for a couple weeks, in the mean time I found THIS website. Started reading about other people and their experiences.

My husband and I then received a notice in the mail stating that Ameriquest was sorry we had backed out of the loan. Well we HADN'T, however, after reading the things on this site and seeing the similarities to our situation? We felt maybe that providence had stepped in. Then the broker called and wanted to know what was up and why she hadn't heard from us. We told her about the notice; she said it was all a mistake. Give them another chance. Well, okay. Barnum said it. I know I know. But we figured maybe we would be different? So we said go ahead and write up the paperwork and let us see the numbers. BUT I wanted to know what we would be walking away with, and if there was a three year prepayment penalty. The broker said she would have to call us back. She couldn't give me anything right now about that. But we needed to do the signing ASAP (Thursday) as our credit report was running out at midnight, and if they ran another credit report it would lower our score.. Well golly Gomer, why the heck didn't someone contact us sooner and let us know about that? Sounds like someone is trying to put on some pressure (***Make a note of this***) But she could send someone out that evening with the papers. I told her that I didn't want someone who couldn't answer questions coming out, the broker was like noooo problem. So that evening, 9pm (actually this past Thursday night, the 19th of August) a person came to our door. The loan papers were not all there, the breakdown of what the loan was going for wasn't included. The rates suddenly went to 8.3. (Our current loan is 8% fixed at 30years) and our loan was going to be $100 more then what we are paying now. And of course the three year prepayment penalty. WTF??? WHAT? Just so we could get out from under CitiMortgage? How much would THAT cost us in the long run?? PLUS the person said she was just a notary and couldn't really answer questions and couldn't really give advice or anything. Greeeeeat.
My husband and I decided to stay with the devil we know for a bit, rather then going with on that seems to be a worse choice. (Frying pans and fire came to mind.)So we sent the lady packing, very nicely thank you very much. We really didn't want to take a chance with the seven day cool off period; we didn't want to sign anything without our lawyer looking it over FIRST. And we especially didn't want to sign papers in the middle of the night when our guts said RUN!.

Of course this morning, the broker was on the phone to me. She was more then a little pushy. (Has always been pushy but today was really pushy.) She tried to say the rate being higher was because they just found out that HUD had placed the $8000 lien on our home. Nothat was known way back in the beginning, and that is just their word. We haven't had any word back from HUD yet, personally, to confirm this. I told her that I thought that Ameriquest needed to go ahead and that letter that they sent us before? Send us out another one, because we aren't interested. Thank you goodbye and hung up

Within 3 minutes the manager was on the phone wanting to know WHAT IS YOUR PROBLEM HERE? To which I answered I have no problem, we just don't want to business with you. Thank you and goodbye! He called back but I ignored it, I didn't want a confrontation. I can get very uncivil when I want to be, and I really wanted to be. So he called my husbands work and left a message with him saying that he didn't appreciate that after all the hard work they did on our loan, to get so rudely hung up on. Well I think he would have like it a lot less if I told him what I really thought, and steered him to this website. My husband says when things calm down a little he may call them back and tell them why we decided to NOT go with the loan.(what would the reaction have been if we had signed and then decided to back out after the seven day cool off period?) Yow!

Please people, before you get a loan with Ameriquest or anyone, read it over CAREFULLY. Don't let anyone rush you into it. We really feel like Ameriquest tried to do a bait and switch on us. We just weren't as desperate as they had hoped for.

The things I have told you to make a note of, they are all mentioned on this site to have happened to other people. I also checked out Ameriquest with the better business Bureau and they have a pretty bad record. I know I forgot something, but I hopefully what I have shared is enough to make people leery of this company.

Sacramento, California

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This report was posted on Ripoff Report on 08/21/2004 12:42 AM and is a permanent record located here: https://www.ripoffreport.com/reports/ameriquest-mortgage-company/roseville-california-95661/ameriquest-mortgage-company-ripoff-lied-about-rates-and-tried-to-rush-us-roseville-cali-104710. 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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#5 UPDATE EX-employee responds


AUTHOR: Jason - (U.S.A.)

POSTED: Friday, October 22, 2004
As an ex Account Executive for Ameriquest is Rancho Cordova, CA I agree that they misrep people everyday. They advertise all over Major League Baseball and now the NFL about you being more than a credit score but you really aren't. I worked with them for 8 months and was very successful there but I could not sleep at night. I mean you could have great credit and we would still charge you 3 points to do the loan. We had appraiser's stretch value on homes knowingly so we could make the loan work. Sometimes lending more money than we knew the property to be worth. And you have to love their 2 year fixed loan with a 3 year pre payment penalty. That means your stuck in this loan the 3rd year while your rate can adjust. But here is how they get you. The office that I worked at in Rancho Cordova is called Retention. What this means is that when you as an Ameriquest customer would have your credit pulled for any reason at all you would get a call from us. So if you were buying a car or applying for a credit card we would call you and see if you want to refi. But we always had you by the b*lls b/c we could waive the pre pay for you. So you might be working with a broker to do a refi and they are not charging you too much and you're getting a good rate so you're ready to sign. Well then here comes Ameriquest offering to waive your pre pay and get your money for you in a week (which is total lie). Since we are waiving your pre pay it makes your loan amount a little less and it's sometimes easier to just stay with the same company so you make the monumental error of staying. Then you get stuck in another 2 year fixed with a 3 year pre pay. You are right back in the same vicious cycle. Let me tell you that this company is in the business of scamming people and you watch in the future they will become the next Money Store. They will disappear from the mortgage industry b/c of these practices. I hope everything works out for you.
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#4 UPDATE EX-employee responds

I saw and heard a hundred scenarios similar to yours, as a loan processor for Ameriquest pressure to lie to customers forge various documents income documentation and deeds of trust

AUTHOR: E - (U.S.A.)

POSTED: Wednesday, October 20, 2004

I quit working, as a loan processor, for Ameriquest (the Rancho Cordova, CA loan center) two months ago after feeling the pressure to lie to customers on numerous occasions and to forge various documents including original notes, income documentation and deeds of trust (just to name a few). The loan process, at Ameriquest, really requires more of an interest in cutting and pasting and white-out rather than the knowledge of the mortgage industry.

I believe what you are saying to be true. The majority of the account executives/loan officers, managers and even loan processors that I worked with were dishonest on a daily basis with customers. They would often lie about rates, fees and other vital information that pertained to a loan. I cannot count the number of times that the loan officers would harass a customer by calling them repeatedly even after the customer had disclosed to the loan officer that they did not want the loan. The loan officers would even place the customer on speaker phone so that the rest of the office could hear the borrower yell at the loan officer because of their frustration with the constant calls. On several occasions the customer would state that they were not interested in the loan only to have a knock at their to door and open it to find a notary with their loan documents in hand and ready to sign. The fact that you had this happen is not a shock and I am not surprised to hear about your entire situation. Unfortunately, this is the way Ameriquest runs their business and I am sorry that this had to happen to you. A customer should always be treated with respect and as a customer with Ameriquest the likelihood of receiving that respect is ultimately unfeasible.

Good luck to you and I hope that you were able to walk away from Ameriquest with a new knowledge of how some of the crooks in the world disguise themselves and make a great deal of money in the process.
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#3 Consumer Comment

More like pathetic....instead of EMpathetic

AUTHOR: Anna - (U.S.A.)

POSTED: Thursday, September 23, 2004
If you were a REAL employee of Ameriquest, you would know that the first thing THEY tell people is that THEY are the lender, and that THEY do not have brokers. THEY carry the loan, and that way THEY do not have to sell the loan. THEY THEY THEY...maybe you, BULLDOZER, should be more informed. or is this why you are an EX employee? I know what we were told, the papers were written up, and when the notary came out to our house the papers had been RE written. through NO forewarning to us.

If this is the way ALL mortgage companies work, then maybe the newest tv crime drama should be called..."Mortgauges: The mortgage crime story."
It will take the place of the Sopranos for realistic crime family show.

We did not EXPECT money to be thrown at our feet, HOWEVER I went online and sent out our info so that our request for refi could be seen by up to four lenders and they would compete for our business..hint hint..well, gee whiz, bulldookie, we had companies climbing out of the walls trying to do business with us.

Like I said in the original post, we got into a financial bind, but our mortgage payment history was never in question.

We were informed, I did read the books, and I DID make a decision. I also used to work for a very BIG bank many moons ago, processing mortgage payments and loans. I do know SOMEthing.

Hello! Ameriquest was the one that held out till the last minute, not us! They were the ones that were changing the rules midgame, not us. AMeriquest is the one who tried to pull a shrewdy....NOT US!!!

So Bulldonkey, before you start writing rebuttals you better read the letter that you are writing about, because buddy, today? You picked the wrong one. My suggestion? Go back to "dozing"... on the couch.
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#2 Consumer Comment

Ameriquest is the lender not a broker

AUTHOR: Minnie - (U.S.A.)

POSTED: Monday, September 20, 2004

You talk about the being informed, but you do not have all the facts. Ameriquest is the lender not a broker, each office underwrites files in house the day a loan is scheduled to close. So the loan officer does not wait for a response from the lender, they are the lender.
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#1 UPDATE EX-employee responds


AUTHOR: Ra - (U.S.A.)

POSTED: Thursday, September 02, 2004
I just would like to say that I have read most of the complaints on this website regarding a number of the major lenders. in all fairness i must say that a majority of the situations have been self created.


i know this is a shocker to most, but the truth nonetheless.

IN THIS SPECIFIC CASE, an understanding of the mortgage process would have been very helpful!
most brokers once they receive an interested borrower will do some sort of prequalification for the borrower after pulling a credit report. now this is not the actual rate quote but only an estimate given the info that day. the ACTUAL rate of the loan will not be figured until the broker sends your info to a lender who reviews your data and UNDERWRITES your file. they then contact the broker and inform them of their findings and actual rate and terms to be offered to you. the reason time is important is because of this; most lenders will not use a credit report more than 30-45 days old. also the documents you sign are only good for a certain number of days before you have to start the process all over again! these checks are in place for your protection. you received a letter from the company that was probably auto generated to keep you informed so your broker doesnt screw you. the letter was probably in response to something your broker did anyway or as a result of your loan being placed in "suspended" status pending needed info OR automatically done when the credit is older than 30-45 days.
so you see, your broker is really the one to be angry w/ and not the lender.
and in all honesty, 30-45 days is more than enough time to start and close on a loan. if you arent prepared to or willin to provide any and all necessary info needed to close in that time frame you shouldnt be applying for loans in the first place.
95% of the issues discussed on this site reagrding mortgages would be controlled by a little consumer self-education! if you are computer saavy enough to type a complaint on this site then there is absolutely positively w/o question no reason you cant research the least bit about how the mortgage industry works. granted, some brokers are not the best communicators. also not every borrower has the ideal lending-borrowing situation. with that, wouldnt you as a consumer WANT TO KNOW for yourself whether or not you are getting good advice? especially regarding something so important and valuable as your home....really people!!! what is going thru the heads of some bewilders me!!

there are an andless number of websites that offer basic mortgage traning for all types of borrowers. and then there is that other source of info.....uh...what is it called...uh...it escapes me....oh yeah.....BOOKS! reading is fundamental!!!! there are thousands of places to EDUCATE YOURSELF about mortgages, investments and just about anything.

in this age of information there is no reason AT ALL not to be in the know! be responsible for your own outcomes instead of depending on someone who, as we have all experienced, may not know squat!!

the Bulldozer
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