Ameriquest Mortgage Company
This letter is to inform you of the misleading encounter with your Mesa office.
First, I was told that I would be able to get a second mortgage, or cash out, to have a pool built -- which, towards the end of the process, they told me they couldn't. Then nothing was ever said or discussed about an adjustable rate, which, I find out after the fact, that's all you do!
The prepayment penalty was never discussed of course, until we were in the middle of signing docs. I questioned the prepayment penalty, which they said didn't amount to much, so I signed anyway. The loan officer knew I was going to refinance after my Chapter 7 had aged to 24 months.
So why the prepayment penalty, which, after my 3 day right to cancel, I found out amounted to almost $8,000. WOW!!!
I knew right then and there that I was being deceived! Don't you think it's pretty poor business practice to withhold information from your client? I do!
Also, there are errors on the final docs concerning my Chapter 7,
foreclosed property, employment history. It wasn't until abut a week ago when I started to shop for a second that I found out how BAD your reputation is!! I know we were taken advantage of. I know we were not properly informed of the details surrounding our loan. ALL information should have been disclosed.
We want the prepayment penalty removed from our loan. If our needs would have been met, not your hidden agenda, I wouldn't even be writing this letter. But no, you had to rush this loan through so your numbers would look good for the month!!
I hope that this matter is taken care of quickly. I need to hear back from someone, hopefully with the answer we want. If
not, copies of this letter will be sent to the Banking Commission, Attorney General, badbusinessbureau.com and my attorney.
I thank you in advance for your prompt response back.
Paul S. Becklund
Loan # 15183361-5511
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