Ameriquest Fraudulant Inflated Appraisal

[Tn Broker]

I originally bought my home in 1985.I got it refinanced from Ameriquest July 15, 2005 so that I could tear out walls where mold had got all between the walls. My insurance would not cover mold and we were starting to have health issues from it. I had also wanted to do home repairs such as put in a new pool liner, and fix a wrap around deck that was so rotten we could no longer walk around it for fear of falling. When I talked to Ameriquest they said they would need to send an appraiser out of Memphis to do the appraisel. I thought that to be a bit strange since we have probably 30 good appraisers in our local area and Memphis is 90 miles from me but I did not argue. I was never asked to provide anything for my stated loan--not even an application! I really thought this was so easy!! Then a few weeks later they sent a guy down from Memphis to close my loan at my office. He walked in joking and in a good natured way saying "Well at least I won`t have to go over these papers with you because you see these kind of things every day. If you don`t sign then you know you just don`t get the loan!". For some crazy reason I trused the guy and just signed where he pointed!!! Now I cannot believe I did such a crazy thing!! He went over those papers in about 15 minutes then said he would have to mail me copies of everything! A few days later the title company called me to come get my check of the proceeds from them. I thought I was getting back over $30,000 but when I went to get the check it was only for $110. because they had paid off some credit cards and I was left with nothing to fix up my home repairs with!! The title company did not have my paperwork but said I should get it soon. I have tried for 2 1/2 years to see my appraisel or any paperwork and I finally got it yesterday. Now I see why it was hid from me. All of the properties used as comps were made up!! The appraiser has pictures of totally different homes that do not even match the addresses!! I have proof and have now made pictures of the homes that are actually at the addresses that were given on the appraisel. None of the comps at all are in my neighborhood!! None of the 3 comps are real!!One is even a commercial building.!! The appraisel says I am in South Jackson and I am in North Jackson. It says I am near Hwy 80 and there is not a HWY 80 in my state that I am aware of!!! It says I have vaulted ceilings and I do not! It says I have 3 fireplaces and I do not! It says I have 3800 sq ft when I only have 2640! No home in my neighborhood has ever sold even close to $200,000 and mine appraised for $294,000! It is over appraised about $100,000!! My payments are almost $1900 mo which does not include taxes and insurance.There was no mention on the appraisel of anything needing repaired when it so badly needed so many things done! It`s just all totally fraud! This Ameriquest mortgage was assigned to Citifinancial in 2006. I have not made my payment this month so I am now 23 days late again and I cannot pay the property taxes that are due since my payments are so expensive. In July 2007 I got a 2 month extention from Citifinancial so I am not sure they will be so willing to help me now and I just do not feel like it`s right to be paying payments of almost $1900 on a house that should be valued at around $150,000 even if it were fixed up. If only I had been given the correct paperwork when I closed rather than 2 1/2 years later none of this would have happened. I have no money to hire an attorney to help me. Most people would just walk away from a home with mold filled walls (causing so many health problems)a rotten deck, a huge hole in the back yard where a pool once was and so many things needing repaired but this is the home where I raised my children. It`s the home I bought with my deceased husband! It`s just home! I really bad want to save it! Any suggestions would be greatly appreciated!

Welcome and thank you for joining the forum...

Yes I do and in one word call NACA, tell them what you have said here, tell them that this is so egregiously fraudulent that you need to have an attorney, but can not afford one. If what you have posted is 1/10th of the facts....this is the one that they have all been looking for...

Do not pass go, do not collect 200.00 as they say in the old monopoly game. You have the mother of all ugly loans. This was one of those deals that Ameriquest held on to in the back room for ages since it was so ghastly. You are still in the three year window.

Please, please call NACA immediately on Monday and get an attorney assigned. If you have problems, please post back here then to let me know. I will try to assist in what ever way I can.

Oh the appraisal is really, really bad, but the rest is just if not as bad...believe me if this was handled the way you have posted....

Please dig out everything that you have from 2.5 years ago, phone numbers, names any paper work that you can locate....everything that you can find.

By the way what ever happened to your commercial property and are you a real estate broker, you call is Broker....

[Tn Broker]

I lost my commercial building to foreclosure October 2007. It was one of the saddest days of my life. I have since then moved my business into my home. Now I just cannot bear to go through this again with my home!! Things on this appraisel is just like I said and then some! I just did not want to make the post so long but I will contact these folks you suggested Monday and I`ll keep you posted! Thanks SO much for your help on this!

I am sorry about your loss, please call NACA they are good people and can refer you I am sure.

[Tn Broker]

Yes,I am still a Real Estate broker. (20 years of it!) but of course with the market like it is I kinda feel like I am unemployed. Moving my office into my home has really worked out pretty well even though I really hated losing my commercial building. As I said before I really did not tell everything in my previous post because it was already so long but there is just SO much more stuff these folks (appraisers) did! I did want to add in that the person that did the paperwork for the appraisel was a lady (Carol). There was NEVER a lady appraiser that came to my home. Instead it was 2 young gentlemen. We pointed out to them the hole that was once a pool in our back yard. We had put a cover over it for fear of someone falling in but we pulled it back and showed it to them.We also showed them inside a closet where mold was visable and we told them not to walk around the deck because they may fall through. There was No mention of repairs needing done on the appraisel. I guess when these guys got back to their appraisel office they "forgot" to give Carol all of the details so she just showed everything in good condition and started making up some fake houses to use as comps! This appraiser has never seen my home yet valued it approx $100,000 over what it should have been!! The addresses she used were not even in my area although there were SEVERAL good ones that she could have used that that had recently sold in my neighborhood! Again,I appreciate this wonderful forum! I have learned SO much from it! Your replys is all that keeps me going in this most difficult time with so much fear of losing my home! I will contact NACA and I will certainly keep you posted ! Thanks again for being there!

Just remember that "Americrap", our pet name for the company is closed, doors shuttered, owner is a good crony of Mr Bush...paid his fines from an earlier Class Action suit, then got his appointment as the Ambassador to the Netherlands....

Sorry to say I believe he should have gotten his appointment to Leavenworth, but then I am not in a position to slam that door.

What I told you above should make you and a lot of other people very angry on this forum.....this was allowed by tacit means, the folks peddling this Chit were rewarded, then there were the folks that were left holding the bag with these toxic loans who are reduced to groveling for the opportunity to keep their homes. All in all not real fair.

[Tn Broker]

Oh I totally agree. All of these folks should have to pay for the wrongfull things that they have done to all of us! I do believe that Mr Bush will go down as the worst president in our entire history! He has really got this world in a mess! I am just so thankful for your help on this in directing me to hopefully the right people! When Moe gets his site up and going on the loss mitigation consultant training I really want to be a part of helping other folks too. I think my 20 years of being in the Real Estate business along with his training will give me a great advantage in being able to find wrongful things in documents. If only the guy that closed on my loan had LEFT the paperwork that he rushed me through I would have quickly discovered the things that were done so wrong. I believe that is why he could not take a chance of leaving ANY of the stuff with me or even giving it to me until now. I`m just surprised that they did not continue to hide the stuff until after the 3 years was up since they waited 2 1/2 years! I am really prepared if I can find someone that can represent me without me being required to pay cash. I just do not have it! I feel like my time is running out because I will be 30 days late at the end of this month and my property taxes are not paid for 2006 or 2007 on this property.(Since Ameriquest got the loan) Because of the high payment there just simply has not been enough cash to pay these. I just wonder how anybody could contact Ameriquest now that their doors are closed! I tried to send them a certified letter but it never got there and that was about 3 weeks ago. Again,Thanks for your support!

There is a custodian for the documents, there has to be and it is Citi as they bought the mess that was left in the wake of the dissolution of Americrap. The documents do exist, you received a copy of them. All of these documents at the Lender level do exist, just are they willing to part with them due to the malfeasance that exists in them.

[Tn Broker]

I have been in contact with attorneys in my area that are listed on the NACA site but none of them have the experience to handle my case. I do have an appointment with one in Memphis next Wednesday afternoon but his office is making me pay $150 just to talk to him and then I do not know what he will want to charge me after that. The receptionist said he just really does not do much of this kind of work. I simply cannot afford to pay any more. I am having to sell my couch just to come up with the cash for the $150 for the initial consultation next Wednesday. I have written to my governor, State and US Representatives, Senators, Attny General, and several others about this. I even sent an e-mail to President Bush!! (Of course we know that won`t do any good because I`m not rich!) I have also studied real hard to find different organizations on the internet that handles this sort of thing but the only office that has answered me back is my Governors office. They sent me several legal aid places to contact. They really do seem to try to be helpful but I guess I`ll just have to sit and wait. I was really wondering if I could hire Moe or anyone to type me up a lis pendens to file at the courthouse to stop Citifinancial. from filing one on me first. If I just had the paperwork I could file it myself. The extention that they gave me back in July to put 2 payments on the back end said on the extention that if I missed another payment that they could recind the extention without further notice and I am now not able to make the Feb payment or pay the property taxes so I am really running scared and need something fast. Again,Thanks so much for being there for me!

We are not attorneys and do not have any that practice in TN, I am sorry, but that would not be something that we could do. You I am sure as a realtor could type up a Lis in a heartbeat. However Citi will trump the Liz in a heartbeat...I am not an attorney, only lender and I do know how that works.

You need local legal representation, I hope that the person in Memphis can assist without to much damage to the old pocketbook.

[Tn Broker]

Saved From Citifinancial Foreclosure! After a lot of calls and letters to Congressman.Representatives,Attorney General,the media,the Governor of Tn, Office of Currency Control, FBI,TBI,The Tn Appraisal Board,and so many countless others (anyone who would listen) I finally last week got my principle writedown reduced over $43,000 for my fraudulant Ameriquest refinance. (They had used a totally made up appraisal.) It has been taken over by Citifinancial so they are the folks that modified this for me. They also reduced my interest rate from 8.80% down to 6% fixed rate for 40 years!! This has reduced my payment down almost $800. a month with my first payment being due July 1 !! I just knew a few months ago that I would certainly lose my home of 23 years but I never stopped fighting. I was determined to fight all the way to the courthouse steps!! Without Moe and this absolutely wonderful site of great folks it would have never been possible!! There is more helpful info on this site alone than on all of the other internet sites combined!! I really just cannot thank Moe and everyone on this site enough!! I will, for the rest of my life, be telling everybody that I run across about a super hero guy named "Moe" that really saved me!! My strong advice to everone on this site is to never give up. Just keep on fighting! Just keep on reading and learning from this forum. You will all be in my thoughts and prayers!

[RudyJay]

Well this has been a long road for you..Way to follow through.rj

[schwefls]

Congratulations so happy for you.

[Tn Broker]

Thanks to all of you for your kind words. I really do feel like we have all become one big family on this forum! We all share each others joys as well as pain much more than some our real families. I just wish for everybody a very happy ending. You are all very special to me! Thanks again!

[nitag]

Congratulations to you ... That is a great deal you got....

nitag
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Avelo Mortgage modified my loan

[elpjohnson]

Way to go TN Broker!!!! That is fantastic news! Great job!

[Tn Broker]

Thank you so much! Without the help of this great forum it would have not been possible! I have learned SO much here! I just feel so fortunate to be a part of such a great group. I wish everybody all of the success that they so much deserve! Again,Thanks so much for your kind words! They are appreciated much more than you`ll ever know! I am now trying to help others that I know with their foreclosure issues. We just need to remember the great slogan "YES WE CAN"!!!!