Ameriquest Mortgage Or AMC Mortgage Services Ameriquest inflated our appraisel and stuck us with an adjustable rate. Ripoff Santa Ana California

My husband and I refinanced our loan through Ameriquest Mortgage in December of 2004. We just received a settlement paper to sign to receive about $200.00 to settle with them. If we sign this paper we forfeit our right to sue them in the future.

The Ameriquest representative told us the best way to refinance would be at a two year fixed rate and after two years our loan switches to an adjustable rate. We did not want to do this, but the representative said this would be best for our situation, we finally agreed. In 2006, our fixed rate expired and it went to an adjustable rate. Since that time, every 6 months our monthly payment has increased by two points. It is now at 10.1% and in 6 months will go even higher.

We tried to refinance a few months ago, but they want to add 6 or 7,000.00 dollars to our loan for their closing. To begin with they inflated our appraisel, our home is appraised at 65,000. and Ameriquest appraised it at 90,000.00 just to get our business. We tried to go to another mortgage company, but they will not touch the loan because we owe more than the house is worth. Can we sue them?

Lisa
Irving, Texas
U.S.A.