Complaint Review: Ameriquest Mortgage Company

On 12/11/02, my wife and I applied for loan based on equity and was approved for $150,000. Papers drawn to that effect with major changes to the pay back with regards to rate's, fee's, hidden costs. If loan was paid off, with all the hidden changes and interest rates and fee's, we would pay over $316.000.

Also included in our package was someone else's personal finance information. The company denied us access to reading the loan papers at the signing and refused to provide copies by saying, its company policy is not to give out copies until after the money is dispursed. When we finally received copies, they wasn't the one's we signed and were completely different from the one's we did signed.

Changed wife's occupation to suit the company. We were taken for drinks and told to have anything and as much as we wished. In my belief, they were trying to get us in a dimished capacity to slide the paper work by us for easy signing and to have the information they wanted, (Ameriquest) and not what we provided.

They had us borrowing more than we wanted and paying out debts to the amount that surpassed what we owed. Once we discussed this loan, we decided to rescind and then the representatives became quite nasty and hostile. I'm just thankful that we caught this before the process went any further.

Maureen
San Francisco, California
U.S.A.