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  • Report:  #173784

Complaint Review: Ameriquest Mortgage Company - Orange California

Reported By:
- rockford, Michigan,
Submitted:
Updated:

Ameriquest Mortgage Company
505 S.Main Street #6000 Orange, 92868 California, U.S.A.
Phone:
714-543-5262
Web:
N/A
Categories:
Tell us has your experience with this business or person been good? What's this?
My mhusband and I refinanced our home with Ameriquest Mtg. and then he was wrongly fired from his job of 20 years. While we were going through arbitration for his job Ameriquest was raising our rates slapping on rediculas late fees. We tried to keep up but our Mtg which started out for 75,000 ended up costing us 107,000 in the end. That was after 2 years at the most with them. We did get get some cash out to pay off bills when we did a refi. but not that much!!!We were foreclosed on after my husband got his job back and after we made $4-5,000 in late payments with the money we recieved from the arbitration.It did not matter that we were catching up they were foreclosing. We sold our house with 1 month left and made 57$. We have terrible credit and have been renting ever since. My husband did get his job back so that was our one bright spot.But I knew that our mtg . co Ameriquest was not on the up and up but with no money what do you do?

Janet

rockford, Michigan
U.S.A.


3 Updates & Rebuttals

Barbara

Sebring,
Florida,
U.S.A.
Ownership Society? Recycled Loans

#2Consumer Suggestion

Mon, January 30, 2006

Your situation is very disheartening Janet. Undoubtedly this nightmare has taken a heavy toll on your family. A Jacksonville, Florida article on liar loans will perhaps give you some vocabulary to express your pain to the banking regulators. Joe in Miramar, not all banks are adverse to flipping properties. Think about this, a fat judgement will hang over Janets life, and most likely a new loan will generate up front fees for this bank or some other one. The state of banking right now makes one wonder about all the rhetoric of our "ownership" society. Are we really making progress in that area, or are we setting up an entire class of consumers to be traumatized at the benefit of shareholders? Again this is very disturbing.


Janet

Rockford,
Michigan,
U.S.A.
Ameriquest foreclosure

#3Consumer Comment

Mon, January 30, 2006

Hi I would like to clarify that we did try to get Ameriquest to stop foreclosure.But they made our payments so high. The payments were 1300 and that was with out the late fee as I stated before our loan was for about 20,000 more to payoff then when we started with Ameriquest. And we were susposed to get a refi on our adjustable rate after a year into a fixed rate which did not happen as promised.It was a Bad Experience all around.


Joe

Miramar,
Florida,
U.S.A.
Dispute the foreclosure

#4Consumer Suggestion

Sun, January 29, 2006

If you do get into trouble with your mortgage the best thing to do is to contact your lender. If you have a legitimate problem most will offer solutions to help you out. A forbearance agreement for example. Most banks do not want to take over properties. They don't want to take risks having the property not sell for what is owed them. And they don't want to be landlords. Once you do get a foreclosure notice you should respond to the bank by certified mail saying that you dispute the foreclosure and are contacting an attorney. This may not stop the foreclosure but it should buy you some time. Kind of like when you get a ticket and you dispute it. The judge might deny your ticket but you got an extra couple of weeks to pay for it. Disputing the foreclosure will give you time to consult an attorney or work something out with the bank or give you sometime to get current.

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