Ameriquest Mortgage Incompetence & Perjury
I filed my suit in Phoenix Federal Court on 6/9/04:
The scanned and posted filings and exhibits
The detailed explanation of my claims and evidence such as my posted audio files with the recorded phone calls.
The chronological events and my commentaries posted at my blog.
9/10/04 News Release: Consumer Sues Ameriquest Mortgage Company for Spamming, False
Promises, Misrepresentation and Incompetence
The shocking FACTS:
- Ameriquest purchases leads from SPAMMERS who violated the federal CAN-Spam Act.
You know the obnoxious SPAM I'm talking about, falsely stating that you are approved, that you have an appointment, that they are responding to your inquiry, etc. I get about 10 to 20 of those illegal mortgage spams per day. When Ameriquest purchases those illegal SPAMS, they are as guilty as someone purchasing stolen goods.
If it wasn't for scummy companies like Ameriquest who PAY the SPAMMERS, most SPAMMERS would immediately quit.
- The Ameriquest Good Faith Estimate dated 4/21/04 discloses a 7.05% interest rate with 2.855 points - several percent HIGHER than the going rate at that time. No explanation was ever provided for this outrageous interest rate
- The Ameriquest disclosures are for the refinance of a property I don't own, while I applied for prequalification to purchase property.
- Ameriquest referred my loan (without my permission and prior to informing me of the decline) to another loan broker, apparently immediately after they reviewed my credit reports.
- Ameriquest had promised to send me the credit reports (prior to application), but failed to do so despite my numerous requests.
- Ameriquest demanded W-2s and paystubs despite the fact that I had advised prior to application that I am SELF EMPLOYED and I specifically explained that I didn't have W-2s. How does one get proof of insurance PRIOR to contracting for a property? After all, I was looking for a purchase prequalification.
- Since I obviously couldn't comply with their demand for W-2s, paystubs and insurance, they provided my failure to comply as the reason for the decline. As I prove with the posted phone calls, Ameriquest denied my loan after reviewing my credit reports and failed to inform me of my right to the free credit reports as required by the Fair Credit Reporting Act and the Equal Credit Opportunity Act.
Important: When people don't know that they are declined due to their credit, they have no reason to review their credit reports. They'll continue to apply and get declined or get higher rates, and every time they apply they lower their credit scores even more with new score lowering credit inquiries.
We are punished with higher rates and fees AND higher auto and homeowner insurance premiums!
If you voted for Bush, you voted for the exploitation of the disadvantaged. Please don't make that mistake again! (For more information please read my submission to the FTC on 8/16/04)
- Ameriquest provided absolutely NO consultation and did NOT explain what I need to do to get approved. I have no idea why I was declined for ANY loan amount. According to Ameriquest, I don't even qualify for a $5,000 loan with a $50,000 down payment. How can that be? My credit shouldn't have contained a single late payment, collection or charge-off. I have many open accounts as well as auto and mortgage history, all paid as agreed with NO lates!
Ameriquest Litigation Manager Carol Melber Perjury:
Not only did Ameriquest display unsurpassable incompetence, but in response to my lawsuit Litigation Manager Carol Melber committed perjury when she stated in her Affidavit that my loan was declined because I
didn't supply the paystubs and W-2's.
This is especially
disturbing because I disclosed the FACTS in my complaint and Ms. Melber STILL
lied -- being fully aware of her perjury!
Fortunately, I can prove that Ms. Melber is a liar because I recorded the phone calls.
Detailed explanations of my claims and the audio files with the recorded phone calls.
Apparently Ms. Melber didn't realize that I recorded the calls, she thought she would get away with her lies (as always?) since I don't have an attorney and I don't have the funds to pay for expensive depositions. I have been fighting the credit bureaus, creditors and collectors in my first federal suit filed in 3/03 and I already learned that Corporate America routinely submits false affidavits.
Unfortunately the courts couldn't care less. Apparently perjury is a perfectly LEGAL strategy.
When credit bureaus, collectors and phone companies like Pacific Bell (SBC) lie, there's not much we can do. We can't boycott credit bureaus, collectors and Pacific Bell. We all need to check our credit reports, nobody chooses to get collections, and when you need a phone, you have to use whoever provides your local service. I'm limited to publicizing common violations and encouraging readers to file complaints with the regulators and in the courts.
The situation is very different with Ameriquest Mortgage. You can avoid these problems by not applying or even canceling your pending application with Ameriquest. There are thousands of mortgage brokers and lenders to choose from. Mortgage shopping guidelines and explanations.
If you want to avoid being lied to and overcharged, don't apply with Ameriquest.
While I don't know yet what the average Ameriquest profit per loan is, using a low estimate of $2,000 per loan, Ameriquest will suffer a $1,000,000 loss for every 500 people who read my sites and decide not to do business with Ameriquest.
I expect Ameriquest to suffer many millions in losses as a direct result of my publications and press releases - regardless of whatever happens in court.
Ameriquest RELATED companies
The Ameriquest Mortgage PRIVACY POLICY applies to the companies listed below and most likely they all share the Ameriquest incredible incompetence and willingness to commit perjury:
Ameriquest Mortgage Company - (800) 430-5262
Ameriquest Mortgage Insurance Services Corporation - (888) 284-2387
Argent Mortgage Company, LLC - (800) 561-4072
Olympus Mortgage Company - (866) 965-9678
Olympus Mortgage Corporation - (866) 965-9678
Bedford Home Loans, Inc. - (866) 275-3548
BHL Mortgage - (866) 275-3548
Town & Country Credit Corporation (888) 746-8222
Town & Country Title Service (888) 485-9191
The scanned and posted filings and exhibits
The detailed explanation of my claims and evidence such as my posted audio files with the recorded phone calls.
The chronological events and my commentaries posted at my blog.
9/10/04 News Release: Consumer Sues Ameriquest Mortgage Company for Spamming, False
Promises, Misrepresentation and Incompetence
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