Ameriquest mortgage

By | Oct 17, 2014

Foreclosure proceedings have begun with Ameriquest Mortgage Company. We were misled into believing that this refinance would improve our credit. Our original mortgage payment before refi was under 900 a month now we are at over 00. 00 They lie and cheat and prey on blue collar America for their own personal gain. Ameriquest Mortgage Company Every time I tried to call I got a different person, left numerous messages and got nothing in return. No return phone calls.

ameriquest mortgage

Ameriquest’s founder, the late Roland Arnall, cannily hired Patrick to the board as ACC was looking for a buyer. Patrick was a former Justice Department official who had spearheaded the prosecution of another shady lender, making him an ideal candi to help Ameriquest fend off accusations that it engaged in unethical business practices. I refinanced with AMC – We never missed a payment, never late – then we were one payment late, we paid it in full. We got into some financial issues, so we made half payments on the 1st and 15th, of course we called and told them, they said it was fine. After a couple months, we were told we were in foreclosure and NONE of the money was being applied to our loan. They kept the money in “holding” and sent us a payment back – Now they won’t take any payment and we weren’t even behind! AMC is the worst company ever!I LOST MY HOME AFTER 16 YEARS. (FORECLOSURE TO AMC) I WAS PUT ON DISABILITY. I WAS TOLD THEY WOULD WORK WITH ME AND LIKE OTHERS HAVE SAID I COULD NEVER GET THE SAME PERSON TO TALK TO ME EVEN AFTER THEY GAVE ME THERE DIRECT LINE TO CALL WAS TOLD I NEED TO TALK TO SOMEONE ELSE. ALL THEY DID WAS LIE. SO I HOPE THIS HELPS ANYONE WHO READS IT. DO NOT FINANCE WITH THIS COMPANY !!!!! THEY WILL CHEAT & TAKE WHAT EVER THEY CAN FROM YOU. I DON’T SEE HOW ANY OF THEM CAN LAY DOWN AND SLEEP AT NIGHT. SOME DAY IT WILL ALL COME BACK AND HAUNT THEM WHAT GOES AROUND COME’S AROUND. I would never deal with amc mortgage, they don’t care about you all they want is there money, They wont offer you any help when you need it. I would not red them to anyone who asks. i wanted to refinance and they told me they don’t do refinance in new york state at this time. The retail part of the business was renamed Ameriquest Capital, and remained private, solely owned by Arnall. (In 1999, Washington Mutual purchased Long Beach Mortgage. ) Ameriquest Mortgage was a private company held by ACC Capital Holdings, also owned by Arnall. Ameriquest Mortgage Company provided the world with four excellent spots shown during the 2005 USA Superbowl. Surprise Dinner, Parking Meter, Mini Mart and Mother in. AMC is the worst company I have ever worked with. I just found out back when we set up our repayment plan they never stopped the foreclosure and now my house is set to go up for sheriff’s sale in a week and a half. They are liars and cheats and they need to be stopped!!!Ameriquest had already been the subject of numerous criminal complaints when Patrick joined the board of ACC. But despite its troubles, the mortgage company was the country’s “dominant subprime lender” in the years preceding the housing crisis, according to McClean and Nocera. ARNOLD: Quartelli says Ameriquest lied to her about a ,500 pre-payment penalty triggered when she sold her house. Tyson Russum says buyers were told all the time that those fees would be waived, but they wouldn’t be and people got stuck paying a fee sometimes upwards of ,000 dollars just to refinance and get out of a loan. He says that’s what that customer was so angry about when he called up threatening to shoot everybody in the head. We got a loan in 2002, signed papers on my kitchen table. Hummmmmm Then payments went up faster than I could write a check. We filed chapter 13, and decided to drop that and they would work out a repayment plan, the repayment plan came with 20k in lawyer fees. geeze! So it was back to chapter 13. but we were too late they filed a non judical foreclosure before it sold they said we could buy our house back for K, we owned k they added k in fees and attorney fees. There was no way we could get that and they knew it. So we lost our house, but we may have sweet revenge, when they appraised the house they didn’t do a survey, and the house has no well or septic on the land with the house. Soooooo long story short they can’t sell it because it has no water or septic!! We own the land that the well and septic sets on! Now they are willing to talk and we can buy it back for k. and they can not go after us for the balance because it has been one year since foreclosure so they can’t go back on us.. So we got them bad!!We got a loan in 2002, signed papers on my kitchen table. Hummmmmm Then payments went up faster than I could write a check. We filed chapter 13, and decided to drop that and they would work out a repayment plan, the repayment plan came with 20k in lawyer fees. geeze! So it was back to chapter 13. but we were too late they filed a non judical foreclosure before it sold they said we could buy our house back for K, we owned k they added k in fees and attorney fees. There was no way we could get that and they knew it. So we lost our house, but we may have sweet revenge, when they appraised the house they didn’t do a survey, and the house has no well or septic on the land with the house. Soooooo long story short they can’t sell it because it has no water or septic!! We own the land that the well and septic sets on! Now they are willing to talk and we can buy it back for k. and they can not go after us for the balance because it has been one year since foreclosure so they can’t go back on us.. So we got them bad!!Ms. JILL BOWMAN (Attorney, James, Hoyer, Newcomer & Smiljanich): There’s going to be a very, I think, substantial group of people that are not protected at all by that settlement, who are not going to even receive the first offer of money out of the settlement. I HATE AMC – They ripped us off so bad we cant even get ou of our ARM loan that will go up in March of 2008 and they lied to me and said my loan was a 30 year fixed and 4 days before the loan they said the paperwork was incorrect and that it would be fixed. They told me to go ahead and sign and that they would change it,but never did. We never made our payments late and still cant get a loan with anyone. We really really need help now with someone to refinance us into a 30 year fixed. On 1 August 2005, Ameriquest announced that it would set aside 5 million to settle attorney-general investigations in 30 states to settle allegations that it had preyed on borrowers with hidden fees and balloon payments. [ 5] In at least five of those states—California, Connecticut, Georgia, Massachusetts, and Florida—Ameriquest had already settled multimillion-dollar suits. Brian Montgomery, the Federal Housing Administration commissioner said that the Ameriquest settlement reinforced his concern that the industry was exploiting borrowers, and that he “was shocked to find those customers had been lured away by the “fool’s gold” of subprime loans”. [ 5]Arnall, responding to Obama, complimented the future president’s personal biography. Obama then noted: “I’ve gotten a couple of letters here from people who were previously antagonistic to Ameriquest’s activities that are now writing letters of support, which I think is a testament to you and your ability to win over and work with people who may not have been on the same side initially. ”I refinanced our home with Ameriquest in March of 2006. It then went to AMC, then Citi Residential Lending and Finally to Chase in early 2009. I had a drop in income and applied to Chase under the HAMP program (Home affordable program) and was just denied with the reason(s) the investor(s)do not accept mortgage modifications or any modifications. I assume that my contract with Ameriquest is a Warranty Deed (Texas Cash out loan). I guess the Dodd/Frank bill past in congress is not applicable for my type of mortgage. Wow!!, I thought the Ameriquest mortgage was like any other mortgage (Commercial, FHA, Freddie/Fannie type loan. I guess I was wrong. Jurors also granted Gillean damage awards of 0,000 on her claim of negligence; 0,000 for defamation; and 2,000 on her contention that Ameriquest interfered with her prospective economic advantage related to her business of buying, renting and selling residential properties. Any law firm with an ounce of service integrity (which is their operational objective) should at least allow you a free first-time consultation.   If you have a winnable case, you may be able to leverage payment upon success of trial.   But, you may not have a case as you have eluded to. About (AMC) Ameriquest Mortgage Company We routinely get our clients set up with Repayment Plans. These plans allow you to get caught up with your mortgage payments. Beginning in 2004, Patrick served two years on the five-member board of ACC Capital Holdings, the parent company of Ameriquest Mortgage. He was paid a 0,000 annual salary for his efforts, according to “All The Devils Are Here,” a history of the financial crisis by Bethany McClean and Joe Nocera. We would like to demonstrate to you what we call success. When we save someone’s home they are approved for a “Workout” with their Mortgage Company. The Mortgage Company will forward a contract for the client to sign going over the terms of the workout. This workout has many different options and terms. This is a small sample of some of the workouts we have negotiated for our clients and should give you an idea of what we can do for you. Please call us if you have any questions. Many people who are losing their homes to foreclosure say they were lied to by the companies that sold them their mortgages. Ameriquest is one of the biggest of those lenders. It was investigated for preory lending by state prosecutors, and the company now faces a class-action lawsuit from borrowers. Prior to its failure, Ameriquest was widely known in the United States through its promotional activity. It advertised widely on television, had blimps that flew over football and baseball stadiums, and sponsored the Rolling Stones (2005 U. S. tour), the Super Bowl XXXIX Halftime show, and NASCAR drivers. Its ad slogan is “proud sponsor of the American dream,” and their company motto was to “do the right thing. ” Additionally, in their commercials, Ameriquest also reiterated more than once that their customers are “more than a number. ” This is, of course, in reference to potential borrowers who may have had poor credit but were able to find financing with Ameriquest. I have many. I got in this problem as I signed up for the automatic payment plan and Ameriquest never used it, then I got behind and I had the money but they wanted. They added 7,000. 00 to the past due amount which I could not come up with. I make there required retention payment every month an every month it is rejected and I have it from them what the payment is an ever time. They have a different excuse for not accepting the payment. ARNOLD: That’s because a couple of years after getting a mortgage with Ameriquest, many customers suddenly can’t afford their payments. Dianna Quartelli(ph) says Ameriquest told her that her payments would not go up. She still gets emotional when she talks about getting the letter in the mail that said her payments wouldn’t be 9 anymore. After 3 years they passed us on to Citibank without notifying us, years after that time,every attempted contact with AMC has failed, only recorded messages saying they no longer had our note and referred us to other numbers for us to find out who had our note. Our Congressman discovered that AMC is still the owner of our mortgage, but our phone calls are still rejected. Guess it’s too late. NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be upd or revised in the future. Please be aware that the authoritative record of NPR’s programming is the audio. Ameriquest Mortgage Company offered a repayment plan, but it was out of my reach. Every time I tried to call I got a different person, left numerous messages and got nothing in return. No return phone calls. Debt counselors tried to call as well with no reply. Now I’m facing foreclosure and seriously do not know what I’m going to do. AMC is the worst mortgage company ever they won’t work with you and they are soooo rude on the phone and ask you personal questions that are none of their business. They are wanting to foreclose after only a month behind. I do not red them to anyone at all THEY ARE THE WORST!!!!!Ameriquest and Citimortgage alone with other mortgage companies are ripping some borrow off by charging high interest rates and taken extra money in the thousands. ARNOLD: This might sound like a single out-of-control office, but we talked to three other former Ameriquest employees across the country who described many of the same practices in their branches. Mark Bomshow(ph) worked in a branch in Plymouth, Minnesota. ARNOLD: Russum says managers encouraged loan officers to conceal the actual cost and interest rates on loans. He says the bulk of these subprime loans that the company was selling adjusted sharply upwards after two years. The payments would then rise by hundreds of dollars a month. In 1996, the company agreed to pay million into an “educational fund” to settle a Justice Department lawsuit accusing it of gouging and preory lending practices against older, female, and minority borrowers. Prosecutors accused it of allowing mortgage brokers and its employees to charge these customers an additional fee of as much as 12% of the loan amount. As part of the settlement, Ameriquest (then still known as Long Beach Mortgage) agreed to use the educational fund to train its employees in proper mortgage techniques (training which most observers agree never actually occurred to any substantial degree[citation needed ]), and to refrain from utilizing preory lending techniques (such as “bicycling”[clarification needed ]), but only within the State of California. Shortly after entering into this settlement agreement, the company “switched” names with its subsidiary and began aggressively seeking refinance-mortgage business throughout the United States. ARNOLD: Moore thinks the new monitoring is working. He wishes all subprime lenders were being so closely watched. Today, though, Ameriquest’s once huge national sales staff has been flashed back to a single, small call center, but there are still a lot of desperate Ameriquest customers. Corporate Advocacy Program: The best way to manage and repair your business reputation. Hiding negative complaints is only a Band-Aid. Consumers want to see how businesses take care of business. All businesses will get complaints. How those businesses take care of those complaints is what separates good businesses from bad businesses. ARNOLD: Top government officials are right now grappling with how to limit the damage from aggressive subprime lending. Meanwhile, the class action lawsuit is going forward against Ameriquest’s parent company, ACC Capital Holdings. That company operates another large subprime mortgage business that sells through independent brokers. The AGs did not alleged preory lending at that firm. Last year, the parent company originated about billion in loans. This company is nothing but a front for a bad business choice. They make you feel comfortable with “interest rates and guarantees – verbally”, but when push comes to shove – they raise the interest rates and closing costs, knowing that you probably are in no position to go elsewhere. Barracudas!In 2005 Arnall, a major GOP contributor, set his sights on becoming Ambassador to the Netherlands. His company’s reputation as a sleazy lender, however, quickly proved to be a liability during his Senate confirmation hearing. But Patrick, a well-connected Democrat, stepped in to help his boss, writing that he had taken corrective action at his company and would make a “fine ambassador. ”Ameriquest was one of the United States’ largest sub-prime mortgage lender until it was shut down in September 2007. Its loan origination practices were at the heart of the Financial crisis of 2007–2010. [ 1] Ameriquest originated the stated income loan, which allowed potential borrowers to state their income without any process of verification. Many of these stated income loans were the catalyst to the ultimate failure of Ameriquest itself, and a key factor in the 2007 subprime mortgage financial crisis. [ 2]Ameriquest Mortgage Company knew the situation I was in previous to coming to them and they screwed me bad. The paper work was very length in signing and they didn’t explain thing very good. They knew they had me where they wanted me. They also have money in a separate account and not applying it to my monthly payment, they’ve added all these extra charges on to my account. And to top things off they won’t even work with you at all. Walk away from this company if you can. They promise stuff that they can’t do. IMPORANT NOTICE – PLEASE READ There is no guarantee you will receive a loan modification. Even if you accept this offer and use our service, your lender may not agree to change your loan. Loan Modification approval is dependent on criteria including but not limited to hardship, income, debt ratios. American Foreclosure Specialists is not a Bank, nor a government agency or government affiliate. Our services are not approved by the government or your lender. American Foreclosure Specialists assists in the document preparation, working with and communication with your Mortgage Bank in the attempt to acquire an approved Loan Modification. If you stop paying your mortgage, you could lose your home and damage your credit rating. Loan Modification Plans are dependent upon mortgage company criteria and financial information gathered as part of the efforts of AFS. The information and notices contained on this website are intended as informational and should not be regarded, as financial or legal advice. AFS attempts to ensure that the material contained on the website is accurate and complete at the first published, however you should recognize that information contained on this website may become out of over time. Readers who have particular questions regarding real estate law, finance, or who believe they require legal counsel, should seek the advice of a financial advisor or an attorney. Submitting a contact request, gives AFS consent to contact you by telephone and/or email, even if you have previously listed yourself on any state or federal Do-Not-Call List. Com/ These are the top five funniest commercials from Ameriquest Mortgage C CoARNOLD: With the AG’s settlements, Ameriquest set aside 5 million for a customer restitution fund. Lawyers who are still suing the company estimate that their were so many customers affected that most will get less than ,000, if anything at all. Jill Bowman is one of the class-action attorneys. i filed bankruptcy and tried to keep my loan but Ameriquest Mortgage Company added 1400. worth of lawyer charges and they told me they could add them on to the end of the loan now 6 months after the fact they told me i have to pay them, all up front or pay foreclosure. i just want to keep my house i love my house and me and my husband work very hard i have a 1200 sq foot house a and i pay 900. a month my neighbors right down the street have a 3600 sq foot house and they pay 625. a month how is that right. someone please help. I just found out AMC sent an interest payment to the state of california for a house I owned in Florida, three years after I sold it, the only reason I found this ou was due to credit bureau letter. AMC sends the tax payment and California puts a lien on house thats been sold for three years, and now I have to go to the credit bureaus. NICE JOBThis report was posted on Ripoff Report on 07/28/2008 10:27 AM and is a permanent record located here: http://www. ripoffreport. com/r/Argent-Mortgage-Novastar-Mortgage-Ameriquest-Mortgage-AMC-ACC-Capital-Holdings-Citi-Residential/Irvine-California-92614/Argent-Mortgage-Novastar-Mortgage-Ameriquest-Mortgage-AMC-ACC-Capital-Holdings-Citi-R-356439. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. First, stop using Ameriquest and AMC interchangeably. They are NOT one and the same. While Ameriquest may, or may not be scavengers, they are bona fide (or were) mortgage lenders. AMC is merely an evil, unconscionable thief ( or den of thieves) committing felonious fraud! How cleaver?Reference Ameriquest Mortgage Company, or Corporation, acronym (initials) being AMC, then make them the same, or not, depending on who’s asking. My refinancing was with Ameriquest never AMC. But the sub-human(s) calling itself AMC stole my money, house and decades of my life. AMC, and all of the other pseudo names they used to hijack my life, will ‘Reap what they SOW’ and wear ‘what they SEW. ‘ SOW’, and wear ‘ what they sew. ‘ARNOLD: Quartelli has been a dental assistant for 18 years. She has a young daughter. She says with the payment set to rise above ,800 a month, she knew the family couldn’t keep up. So last year, she and her husband sold their house in St. Petersburg, Florida, that they had first bought in 1998. Although what I am saying here may leave a bad taste in your mouth, I am trying to help you get the answers you seek.   I do caution you to seek answers before you seek justice, because what you are looking for may not be what you end up with.   In short – I think you are looking in the wrong place.   Start with my suggestions first. Foreclosure proceedings have begun with Ameriquest Mortgage Company. We were misled into believing that this refinance would improve our credit. Our original mortgage payment before refi was under 0 a month now we are at over 00. 00 and can’t get caught up. Our house is worth less than we owe and we are soon to be homeless if a miracle doesn’t come our way! They lie and cheat and prey on blue collar America for their own personal gain. I HAD A NERVOUS BREAKDOWN BECAUSE OF MY MOTHERS DEATH AND COULDN’T WORK FOR AWHILE. AMERIQUEST MORTGAGE COMPANY AGREED TO PUT ME ON A HARDSHIP PLAN AND WERE GOING TO SEND ME A PACKAGE TO READ, FILL OUT AND SIGN. I FAXED THEM WHATEVER I COULD. I NEVER RECEIVED THE PACKAGE & WHEN I CALLED I ALWAYS SPOKE WITH A DIFFERENT PERSON WHO KNEW NOTHING ABOUT MY CASE. BEFORE I KNEW IT, MY PROPERTY WAS IN FORECLOSURE AND ON THE AUCTION BLOCK. THEY WERE VERY RUDE ON THE PHONE AND REFUSED TO DISCUSS IT WITH ME. I HOPE I NEVER HAVE TO DEAL WITH THIS COMPANY AGAIN. Ms. DIANNA QUARTELLI (Ameriquest Customer): It said now the mortgage was going to go up to ,200 dollars. And also in that same letter, in six months, it was going to go up again, guaranteed not to go down. Well, we couldn’t afford the 9 we were dealing. Corporate Advocacy Program: The best way to manage and repair your business reputation. Hiding negative complaints is only a Band-Aid. Consumers want to see how businesses take care of business. All businesses will get complaints. How those businesses take care of those complaints is what separates good businesses from bad businesses. I pray this company gets investigated and shut down. I purchased my home in 1994 from my grandparent’s. My grandfather had built the home when was 6 years old on the original founion from 1920s. I refinanced in 2004 with an ARM loan that started out around 00. 00, and is now over 00. 00. Through several attempts to get help, I have received nothing but rude,out of line s. Because of financial changes, I’m not able to refinance with another company or sell because of the market right now. Hopefully someone that has the power to change this, will read all of our s and keep others from being in foreclosure as we are. God bless you all and be encouraged!Some former employees of the nation’s leading subprime lender say the company encouraged them to conceal rate terms and make fake fixed-loan documents that. If you recently received this notice from your state that you are eligible to participate in an Ameriquest settlement, please be advised. If you accept ththeI mistakenly signed an agreement for a class action law suit with this company and received 700 dollars as a settlement. But I should have taken them to court because they abused the ARM loan. My mortgage ent from 900/mo to 1800/mo and thats how I got behind in payments and was never able to catch up. They started working with me and instructing me ti create a letter of hardship as if they were helping me and instead moved forward with foreclosure proceedings. Corporate Advocacy Program: The best way to manage and repair your business reputation. Hiding negative complaints is only a Band-Aid. Consumers want to see how businesses take care of business. All businesses will get complaints. How those businesses take care of those complaints is what separates good businesses from bad businesses. DECEPTION FROM THE FIRST MEETING with Ameriquest Mortgage Company. I face Foreclosure in just 4 days their loan retention dept has systematically delayed and falsely reported late payments I feel Raped Robbed and left bleeding homeless and ashamed to admit the US GOV Allows this Conspiracy of Organized Crime to continue while hard working “we the people”continue to Vic toms of Lies Greed and blatant Fraud and Deception. “AMERIQUEST YOUR SHAMELESS”Burn in Hell you PARASITES BURN in HELL MrArnell you MAGGOT,CHOKE on ” My hard work & dignity” Vengence is mine you Puke?this file has been in “home retention dept” for monthes to establish new mortgage terms. can’t get anybody to answer the phone and can’t locate what appears to be a working fax. no response to written requests. this company is a nightmare and not worth the stress and effect on my blood pressure. This Web site provides information about the States’ January 2006 settlement with Ameriquest Mortgage Company (the. The issues confronted by companies like Ameriquest could be a major contributing factor to the rapid rise of Certified Mortgage Planners, certified industry experts that work in concert with Certified Financial Planners in harmonizing the home-finance products utilized by consumers with their larger financial portfolios. The company’s short-term success had much to do with the fact that it would loan money to just about anyone, regardless of income. In an effort to compete, other mortgage companies began issuing loans that were unlikely to be repaid, a practice that would eventually cripple the industry and later the American economy itself. Two years ago, the company was closing billions of dollars worth of loans. Those mortgages are adjusting sharply up right now and lawyers in the class-action suit say thousands of people could lose their homes. In addition, Moore says there are still plenty of other subprime lenders doing shady things. Another step you may take is going to the county to see a copy of all recorded documents pretaining to the property.   This will tell you who recorded the mortgage (the title company).   This would be the next culprite – again, not the mortgage company.   Seek answers through them. I am afraid you lost me at 3-year recission period.   No such animal.   I do not know you to know for certain if you meant 3-day recission period, which is correct, or 3-year.   If you were shorted your 3-day recission period, which is required by law and and included in firm’s software to prevent this form occuring, then you are subject to all your money back, plus interest.   Thats federal law. Former employees from Ameriquest, which was the United States’s leading wholesale lender,[ 1] described a system in which they were pushed to falsify documents on bad mortgages and then sell them to Wall Street banks eager to make fast profits. [ 1] There is growing evidence that such mortgage fraud may be at the heart of the Financial crisis of 2007–2010. [ 1]Mr. RUSSUM: I think when I showed up for my first day there was three of us that were all new hires that came in together and told us to go into the conference room and watch a couple of videos. Well, the first video they threw in was a movie called “Boiler Room. “They are a horrible company and I can see why they are being sued. They have inflated our escrow so much that we can longer afford the payments. They put payments in suspense and then report it as late This way they know you can’t refinance with another company and once they find you are trying to leave them watch out. Run from this company as fast as you can. Ameriquest Mortgage Company is straight from Hell. My children’s father was in a car accident. He has been hospitalized for over 12 weeks, and in the meantime we’ve lost our child support. AMC knows the problem and won’t accept a partial payment and will only allow me to make up payments if I send them an ungodly amount of money every month. They set the goal just out of reach. I have lost my home, my security and my dignity. My kids and I are about 1/2 step away from being on the street. No one will even rent to me with this on my credit report. Ameriquest was one of the United States’ largest sub-prime mortgage lender until it was shut down in September 2007. Its loan origination practices were at the heart. AMC is the worst mortgage company out there. They have ruined my good credit score and keep increasing my equity on my mortgage. My payment went from 943. 00 a month to 1200. 00 dollars a month and their excuse is that my taxes went up. My CPA told me that the taxes in my area are not even close to that amount. AMC is a very deceptive company that needs to be shut down by the government. If AMC wants to foreclose on your home they will do it. They will not answer their phone or call you back even if you leave hundreds of messages. Be careful with this company and refinance while you still have a home!!!!!!!!AMERIQUEST MORTGAGE COMPANY, DEUTSCHE BANK NATIONAL TRUST and AMC MORTGAGE SERVICES, INC. MEMORANDUM OPINION AND ORDER Plaintiff Thomas Hubbard. I tried many times to work out a solution before foreclosure and Ameriquest wouldn’t help at all. They said they would refinance if I dropped the chapter 13 and I did, but then they wouldn’t refinance. They are LIARS!!They keep adding interest and fees and make it impossible to ever get caught up. They lie to the customer, they don’t care about you or if you loose your home. They must have done something wrong if they have to pay out a settlement of 325 million to all the people they screwed. They initially gave me a quote of 8% then when it came to close it was up to 9. 9%. They need to be sued by every homeowner they screwed over. Very difficult to work with. CHRIS ARNOLD: A few years ago, Ameriquest was a fast-growing lender with 200 branches and thousands of employees calling and convincing people to refinance their homes. It had splashy ads on during the Super Bowl. The founder and owner of Ameriquest, Roland Arnall, became a billionaire. Last year, President Bush appointed him to be ambassador to the Netherlands. But amidst all that came allegations of preory lending, and even former employees now say the company’s fortunes were built on a culture of deception. Ameriquest was founded by Roland Arnall in 1979, in Orange County, California, as a savings and loan association, or thrift, called Long Beach Savings & Loan. The bank moved to Orange County in 1991 and was converted to a pure mortgage lender in 1994, and renamed Long Beach Mortgage Co. In 1997, part of the business that funded loans made by independent brokers was spun off as a publicly traded company. This spin-off, which was originally founded as a subsidiary corporation under the name Ameriquest Mortgage, was now renamed “Long Beach Mortgage”. ARNOLD: That’s Tyson Russum remembering one particularly upset Ameriquest customer. Russum worked as a loan officer at Ameriquest in Tampa, Florida, during 2003. He’d worked in a mortgage industry before and says right away he could tell there was something unusual about Ameriquest. Had a mortgage loan with them they lied about our payments they were to be fixed and were adjustable house went into foreclosure we lost it then it was sold and now we are owed money and was never contacted to be paid and now we are having a hard time trying to make contact about monies owed to us al the numbers and the information on file for this company leads nowhere and to find out about all the lawsuits they have against them about the same issues we have they made promises to my family and did not keep their word!!! I would never tell anyone about this company anything good anyway. My husband and I were lied to by Ameriquest Mortgage Company. We were offered a 30 year fixed rate mortgage. At closing two days later, in the kitchen of our home, (how convenient) we were told the paperwork was messed up, with a 2 year arm but not to worry it would all get straightened out and we were encouraged to sign anyway. Unfortunately, for us, it never got changed to what we were told. I have received a settlement offer from them for this. They want me to settle for 4. 00 minimum. No way. But we need help. Really bad. We cannot afford our payments now. The payment has increased 0 so far. Its now 1049. 76 Plus we are behind and owe 4504. 56 We are currently in a forbearance plan that we cannot afford either. The appraised amount is on the appraiser, not the mortgage company.   If you know it was appraised undervalue, then you are eluding to having seen the appraisal.   The appraiser’s name is on that.   At very least, the company that person worked for is on it.   Next in line (or in collusion) is the broker – again, not the mortgage company. ARNOLD: Even though, Russum says, that wasn’t true. Then Russum says he started seeing things that were even more over the line. Russum says he was honest with customers, but he says many of his co-workers weren’t. He says some would white out income numbers on W2s and bank statements and fill in bigger amounts basically to qualify people for loans that they couldn’t afford. That was called taking the loan to the art department. I filed a chapter 13 bankruptcy a year ago to prevent foreclosure. Since then, AMC has returned payments, and they were timely made. the first payment I sent post-bankruptcy filing was a money order and I never got credit for that payment. I lost receipt which is totally my fault, so I’m out that payment. Since then I’ve paid by Western Union and had payments returned. Every month this year, I’ve paid the payments through my bank’s bill pay and AMC says they can’t “find” the payments. All the documentation my bank has provided hasn’t been “sufficient” for AMC and they are threatening to file to remove stay and foreclose. Anyone else had problems with timely payments being returned?The home stadium of the Texas Rangers was called Ameriquest Field until March 19, 2007, when in an undisclosed agreement between the two entities, Ameriquest relinquished the naming rights, and the stadium was renamed to the “Rangers Ballpark in Arlington”. This company is not reputable nor worth the time to do business with it. The company has been sold to CITIcorp and hopefully will be more user friendly towards it’s customers. I need a foreclosure repayment plan and have tried contacting the company. Don’t waste your time. Funny Ameriquest Commercials – YouTube. I cant believe what i am reading every i read sounds exactly what i am going through. I started at payment of 769. 00 now is 1200. I was supposed to have a 2yr fixed them arm every 3 yrs except it changes every 6 months. I am now in a foreclosure going to loose my house if something doesn’t happen soon. someone needs to do something. “Ameriquest was a problem for us because they were a large company and everybody was trying to compete with them,” one executive at another big lending company told McClean and Nocera. “If we denied a loan, we’d track who ultimately did the loan and a lot of times it was Ameriquest. Every time we rejected a loan, the sales force would call up and say ‘Well, Ameriquest is doing this. ’ I would say, ‘Just because Johnny jumped off a bridge doesn’t mean you have to follow. ’”At the trial, District Judge Rebecca Nightingale instructed jurors that they could consider granting punitive damages after they found by “clear and convincing evidence” that Ameriquest acted in reckless disregard of the rights of others and acted intentionally and with malice. “I’ve got a letter from Deval Patrick,” Obama continued during the 2005 hearing, “who is a good friend of mine. ” To that Arnall responded: “He’s a man of integrity, and would not sit on my — on our board unless he felt it was worthy of who he is and what he represents. ”Gillean, who regularly made her loan payments, received foreclosure notices from Ameriquest. The company furnished inaccurate credit information about her and wouldn’t take corrective action and that “blocked her from getting refinancing” elsewhere, Humphreys said. Please keep your community civil. All s must follow the NPR. org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the s we receive, in whole or in part, and to use the er’s name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ. In February 2005, reporters Michael Hudson (reporter) and Scott Reckard broke a story in the Los Angeles Times about “boiler room” sales tactics at Ameriquest. Their investigation found evidence that the lender had in various questionable practices, including “deceiving borrowers about the terms of their loans, forging documents, falsifying appraisals and fabricating borrowers’ income to qualify them for loans they couldn’t afford. ”[ 4]Copyright © 2007 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR’s prior permission. Visit our permissions page for further information. ARNOLD: After a year, Russum quit his job. In January of last year, the company settled with 49 states attorneys general who’d started investigating alleged preory practices at Ameriquest. Chris Orlando is the head of corporate communications for the company. He says Ameriquest did not admit wrongdoing. At the time the company stopped originating loans in September 2007, Long Beach Savings & Loan had ultimately become the conglomerate of ACC Capital Holdings. ACC Capital Holdings was divided into three parts: Ameriquest Mortgage Company, the retail division; Argent Mortgage, the wholesale division; and AMC Mortgage Services, which was Ameriquest’s failed attempt to become a company that could service other loans besides its own. i thought they were helping me when i needed help but now I’m in worse financial trouble than I was before. my payment started out at 932. 55 and is now 1166. I have made a few payments late and they held them till the next payment was made and now I have unpaid late charges that are gathering interest at a high rate, This is a rotten co. to deal withMr. MOORE: People are still being cheated. The terms of the deals are not being made clear to folks. They’re going to be paying payments that they cannot afford. And there are going to be billions of dollars in defaults and foreclosures, and somebody needs to do something about this very, very soon. On June 13, 2007, lawyers for borrowers, who were seeking to combine 20 suits into one class-action suit, asserted in a filing [ 6] in Illinois Northern District Court that “Assets of the Ameriquest entities were transferred to (the owner of Ameriquest) Arnall with the actual intent to hinder, delay, or defraud the plaintiffs in this action. “This company is awful! We refi’d just to get away from them. They were always rude, unwilling to help us out with anything. We always asked for options, and were never given any. We wanted to do bi-weekly payment, taken out automatically every month, and they wouldn’t do it unless we could come up with a full extra month of payment first! If we’d had THAT kind of money, we wouldn’t have needed to do bi-weekly payments. We know other people who lost their homes because AMC would not work with them to find a solution to their problems. DO NOT FINANCE with them!Mr. RUSSUM: Let’s say the borrower said to the loan officer, the account executive, I don’t like the fact that this is only fixed for two years. And the branch manager would come back to him and say, listen, you need to tell these guys it’s fixed for as long as they need it to be. Mr. MARK BOMSHOW (Former Employee, Ameriquest): I feel bad that I was part of this. I feel like I was one of the Enron people who ripped off the little guy. A lot of Ameriquest customers were not educated, they were vulnerable to this kind of deception, they were trusting. And because of that, they lost a lot.

ameriquest mortgage

patent must be licensed for everyone’s free use or not licensed at all.

Comments are closed.

Leave a Comment

If you would like to make a comment, please fill out the form below.

You must be logged in to post a comment.