I hope it doesnt turn out like this:
============================
Don't let them get away with it.
Make sure they make the Rip Off Report!
Category: Mortgage Companies
Submitted: 1/3/2003 2:19:38 PM
Modified: 1/3/2003 2:19:38 PM
Ameriquest Mortgage ripoff deceptive company
fraudulent ripoff business ripoff fraud business
Orange California
Ameriquest Mortgage
Address:
1100 Town and Country Rd., Suite 1560
Orange California 92868
U.S.A.
Phone Number:
800-430-5262
Fax Number:
-
Email:
This company has deceptive business practices. They engage in predatory
lending. Through my own research, I have discovered that they appear to
target minority groups and ones with some credit issues, convincing them
that they will be unable to secure mortgage financing from traditional lenders.
They place customers in high interest rate loans, with exorbatant
pre-payment penalties. They contract with property appraisers who over
value properties, in order to secure higher loan amounts. Which makes it
impossible for customers to refinance at lower fixed interest rates or for that
matter sell the property. The interest rates are only fixed for the first 2 years
and then become adjustable and can increase an additional 6% over a 4 year
period of time. Which means that your payment WILL increase by 700-800.00
per month and when customers express concern about this adjustable rate
their response is that you can refinance in 2 years and avoid this adjustable
rate. However, what they fail to explain is that there is a prepayment penalty
of 6 months interest should you refinance within the first 3 years of your loan.
Which means that if you refinance within the 2 years as they suggest you will
have to pay a prepayment penalty, and if you wait the 3 years to avoid the
pre-payment penalty they your interest rate will increase. Basically, there is
no way out of this loan. You can't sell the property and you can't refinance it
either, unless you have the means to come up with a large sum of cash, and
Ameriquest knows this and they have thrived by making it nearly impossible
for customers to get out from under these loan terms.
Stephanie
Lynwood, Illinois
U.S.A.
Click here to read other Rip Off Reports on Ameriquest Mortgage Company
REBUTTAL BOX
MY COMPANY HAS BEEN REPORTED!
HOW DO I RESPOND?
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or positive information about the company or can you provide
'insider information' on this company? Do you have a consumer
suggestion on how to resolve this problem or how to avoid it in the
future? ONLY these types of responses will be added to the filed
report, and will be posted within 24 hours of receipt. Make your
voice heard. Let them know your side, too!
CLICK HERE to Send us your rebuttal on this specific report only.
or
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