Ameriquest Mortgage Company

We are currently representing clients who believe they were mistreated by Ameriquest Mortgage Company. Many of our clients have complained that these loans (usually refinancing or mortgage loans) were made by high pressure "brokers" who often mis-stated the customer's income in order to have them qualify for the loan. We also represent clients who believe that Ameriquest and its brokers purposely over-appraised the value of the current home in order to have the customer qualify for the loan.There are many other abuses that we understand are associated with these loans as well.

Predatory and deceptive lending practices include:

• over appraisals of home values
• inflating incomes
• charging higher interest rates than originally promised
• placing customers in adjustable rate mortgages after promising a fixed rate
• inserting prepayment penalties after previously stating that such a penalty would not apply

These practices were typically employed to trap customers in a loan that was worth substantially more than the property being mortgaged. As customers attempted to refinance with a different company, they could not find a willing lender because the amount of the Ameriquest loan was vastly greater than the actual value of the property.

The firm is also investigating potential claims against Ameriquest arising under the federal Truth in Lending Act (TILA) where the lender did not properly complete or even provide loan customers vital documents outlining their rights to cancel their loans after signing the loan paperwork. Under TILA, if the lender does not give the customer(s) the proper number of cancellation forms or does not complete them correctly, the three-day cancellation period is extended to three years as a penalty to the lender. As a result of such violation, the customer(s) can ask for a rescission of the loan entitling them to a refund of their closing costs and any interest paid in accordance with the note.

What can I do?

Areas of our practice include Breach of Contract, fraud, antitrust, price fixing, Patents, EIFS and Theft of Trade Secrets. Many small businesses have found that representation by our firm on a contingency fee basis is the best way to resolve claims against larger companies.

If you or a loved one has become a victim of Mortgage Fraud, you may be entitled to compensation. For a free legal consultation , contact us today!