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What should I do about refinancing my house?

Sent to General Experts August 07, 2007 12:22 p.m.

I refinanced with Ameriquest a couple of years ago. Their appraiser came up with a rather high value for my house but I did not question them. They came up with 7.1% interest and again my husband and I did not question. Our rate went to 9.1% from May to June and will go up again in December. I have been told that the highest we will ever be able to refinance for is 92,000. A realtor gave me the comps for the houses in my neighborhood and they range from 103,000 to 106.000 the appraiser from Ameriquest picked 145,000 as this house's appraisal price!

Customer (name blocked for privacy)

Status: Closed Value: $10

Answer
August 07, 2007 1:02 p.m. (40 minutes and 12 seconds later)

ACCEPTED

First of all, the housing market is down and very considerably in some areas. It is possible that two years ago th e price of your house was more than it is now.

Secondary, Ameriquest Mortgage Co agreed to enhance the company's business practices and compensate to borrowers who obtained loans from Ameriquest between January 1, 1999 and December 31, 2005 - http://www.ameriquestmortgage.com/releaseArticle.html?news=news20060123 - and kind of confirmed that previous practice was not the best.

Beginning July 9, 2007, Notice letters and Release Forms will be mailed to borrowers who are eligible for a restitution payment from the Ameriquest Settlement. - http://www.ameriquestmultistatesettlement.com/ If you are not sure - you can call toll-free 1-800-420-5875.

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