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Ameriquest Mortgage Company / Practice called

1 United States Review updated:

Filled a request to refi 2 loans into 1 online. Had a previous experience with Ameriquest which we cancelled by recision within appropriate time although they said they did not receive the recision (whole other story). Was contacted by a mortgage broker in Arlington Heights, Ill. We told them we wanted no business with Ameriquest and was told the company was Argent and not to worry. The loan was "approved" although there were delays. Arrived at the closing in Schaumburg and was told there that because of the delays they rate was higher than promised and if we didn't close we would be 60 days behind and in default on our 2 loans.

At the closing there were some papers assigning the loan to Ameriquest, the company that we absolutely, postively told the broker we didn't want anything to do with. The broker got his commission at the closing and we told him we felt screwed by his company, Ultimate Performance Mortgage Company, licensed to do business in Illinois.

I still have all the closing documents. I was told by someone very knowledgeable that we were supposed to receive countersigned documents which we never received and that the delays that forced a higher interest rate was a practice called "tabling".

I didn't work for 2½ months and we got behind on the mortgage upon which foreclosure proceedings were started which added $15,000 to the balance due on the mortgage. To save the equity of the house we filed Chap 13 BK which is a whole other problem. Only at the time of the foreclosure were we informed that Deutsche Bank was the actual holder of the mortgage and that Ameriquest was only the "Processor". Subsequent to the foreclosure AMC sold the processing to Litton Loan Processing LP, in Houston, Texas.

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  • Ma
      19th of Jul, 2007
    0 Votes
    Ameriquest Mortgage Company - Rip off!
    United States

    Obtained mortgage from ameriquest in 2-2002 a refinance. Had hard times and got behind with mortgage, they would not accept any payment unless it was brought up to date, kept threating to foreclose, in 3-2003 i refinances with argent mortgage co. But little did i know that i had to pay ameriquest a prepenalty payment of over $10,000 with the refinance. At the time i had no choice but to pay this amount or loss my home. I thought i was finally finished with ameriquest, after about a month i got a notice from argent mortgage telling me they sold my mortgage to ameriquest. Argent mortgage knew when i signed papers with them i was willing to do anything to get away from ameriquest mortgage, i had a lot of expense, higher interest, and higher payments on a house that was appraised for more than worth. Held onto the house for a little of two more years, then i had to sell or have them foreclose.

  • Mi
      25th of Sep, 2007
    0 Votes

    We also have a mortgage with Ameriquest. Our papers state that we have a 'Fixed Rate'. Ameriquest / AMC say we don't. They raised our payment three times in 2006, from $607 to $832.50. Last month they raised it to $1012.45.
    The company has sent us two letters telling us that we can refinance, through them, at a lower rate. But when my wife called she was told, 'no we can't do that'.
    We have now received a foreclosure notice demanding payment of last month, this month, next month and late charges & other fees totaling $4500.00 by October first.

  • Re
      25th of Sep, 2007
    0 Votes

    Just an FYI to everyone, Argent Mortgage is the wholesale division of Ameriquest Mortgage, they are affiliated. If you don't want to eventually have your loan serviced by Ameriquest, DON'T refinance with Argent!

  • Ka
      25th of Sep, 2007
    0 Votes

    We too had a long haul with Ameriquest and almost lost our home. And cannot refinance with anyone else because they ruined our credit!!

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