- Report: #306513
Complaint Review: Ameriquest Mortgage Company - AMC Mortgage - Los Angeles, Santa Anna California
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Ameriquest Mortgage Company - AMC Mortgage
Novi, Michigan Los Angeles, Santa Anna, 90051-5682 California, U.S.A.
Phone:
800-430-5262
Web:
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Ameriquest Mortgage Company - AMC Mortgage Lied, Cheated and Stole From Us Los Angeles, Santa Anna California
In 1989 my husband and I bought 5 acres of land. Nothing on it, but 250 cherry trees. We cleared the land, put in the well, by hand, I'm not talking machinery, but with a widow maker and lots of help from family and friends.
In 1991 my husband got seriously injured at work, we waited for 3 years for his settlement. We paid off the land and put a 14 X 65 mobil home there.
In the mean time, we were living off my $100.00 per week salary that I made at a grocery store. It was a miserable way to live. Sometimes no heat, other times no medicine. But we survived.
In 2001 we purchased a home in town, but had to have it moved to our land. We borrowed money for this, now we had a house. We then had it sided and new windows installed, and the bathroom installed with a handicap shower so my husband could bathe more easily. Ameriquest came to us, offered to loan us money to improve our home. Foolishly, we accepted. They knew that we are both disabled.
They set us up a loan for $485.00 per month. To increase one time to a full 1 per cent interest. We agreed and signed the papers. Our payment
increased after 2 years to $560.00 and then they started raising our payment every three months. Our last payment was without insurance and it was $709.00. Again we were in the situation eat, medicine or heat. We couldn't do it any longer. They forclosed on us. After almost 20 years we are again without a home. Our balance was only $61,000.00 it appraised at over
$130,000.00, we had it up for sale for over a year. I really hate our situation, and AMC mortgage
Sue
zephyrhills, Florida
U.S.A.
In 1991 my husband got seriously injured at work, we waited for 3 years for his settlement. We paid off the land and put a 14 X 65 mobil home there.
In the mean time, we were living off my $100.00 per week salary that I made at a grocery store. It was a miserable way to live. Sometimes no heat, other times no medicine. But we survived.
In 2001 we purchased a home in town, but had to have it moved to our land. We borrowed money for this, now we had a house. We then had it sided and new windows installed, and the bathroom installed with a handicap shower so my husband could bathe more easily. Ameriquest came to us, offered to loan us money to improve our home. Foolishly, we accepted. They knew that we are both disabled.
They set us up a loan for $485.00 per month. To increase one time to a full 1 per cent interest. We agreed and signed the papers. Our payment
increased after 2 years to $560.00 and then they started raising our payment every three months. Our last payment was without insurance and it was $709.00. Again we were in the situation eat, medicine or heat. We couldn't do it any longer. They forclosed on us. After almost 20 years we are again without a home. Our balance was only $61,000.00 it appraised at over
$130,000.00, we had it up for sale for over a year. I really hate our situation, and AMC mortgage
Sue
zephyrhills, Florida
U.S.A.
2 Updates & Rebuttals
Amanda Petrus
Phoenix,Arizona,
U.S.A.
Make Sure You Know What Your Signing To
#2Consumer Comment
Wed, November 19, 2008
I am in the mortgage industry and currently work for a mortgage broker. Unfortunatly I see this to often, and unfortunantly there is nothing you can do about it. You probably signed to an "option arm" and whoever did your loan (broker, mortgage banker etc.) lied to you to get you to sign it. Now i know that not everyone understands the terms used in this industry however i cant stress enough to people READ WHAT YOUR SIGNING. I can almost gaurantee if you look at your loan it will say on the NOTE "ARM" or Adjustable Rate and if you flip a couple pages back it will tell you when your loan is going to go up, how often, and how much. I have seen people think they were signing to a 5.5% but within two yrs they were already up to 10.0%. If you buy in the future here is what you want to look at: HUD- this will give you a break down of the loan and how everyone who is working with you(brokers, realtors, appraisers etc. will get paid on the loan. NOTE- This is a break down of the Loan, type of loan, loan agreements, what can happen if you default etc. This will also show you what your Rate is. TIL(Truth In Lending)- Very Important: This is the rate the lender has agreed to(not what your broker, banker etc came up with.) This is Rate the Lender is willing to give you. Now if all these docs are fine and you see everything is the way you want proceed with the process. And finally look at the Lock Comfromation this is the actual Rate they gave you.(everything is final) FYI the rate the broker or mortgage banker gave you can not be more than an 1/8 higher than what the lender actually gave you so if i offer you 5% but then you sign to a 5.78% (ILLEGAL)
Julie
Long Beach,California,
U.S.A.
AMC foreclosure
#3Consumer Suggestion
Wed, February 06, 2008
When is/was the sale scheduled? Julie
