Foreclosure Borrowers Being Taken For A Ride By Jumbo Lenders

Ameriquest is the largest sub-prime lender in the country. Seventy-year-old widow, Carolyn Pittman, resident of Atlantic Beach is struggling to save her Irex Road house from foreclosure. Even after Ameriquest refinanced her loan three times since 2001, in real terms she finds herself saddled with paying double the amount she used to pay. Each round of refinancing left her more in debt. She underwent a heart attack, which hospitalized her many times, and she now exists somehow in a state of daze. Her lawyer says that Ameriquest took blatant advantage of her position. Carolyn has a feeble desire to live out the rest of her limited days under the roof, which she has known to be her home for a long time. If her attorney Drysdale has his say, Carolyn will rest here in peace.

The charge brought against the firm is that they preyed upon an uneducated sick elderly widow who understood little about legal and financial technicalities. Drysdale has filed a counter suit against Deutsche Bank National Trust, trustees of Ameriquest Mortgage Securities. The crux of the matter is that it is unclear who is directly responsible for Carolyn’s mortgage. To add to the confusion Citigroup says that it has purchased capital holdings from Ameriquest’s parent company.

No representative of Deutsche Bank was available for comments. Carolyn’s monthly payments were inflated and increased by showing fees charged for discounting, processing and other miscellaneous heads of expenses. The court records show that Carolyn was never informed that she would lose the protection of her original loan (fixed interest rates, house taxes, home insurance) if she refinanced. In the 2004 refinance it was stated that $11,900 would be utilized to pay off Carolyn’s creditors. But who were these creditors? How much did she owe each of them? The questions remain unanswered. In the counter suit against the bank Carolyn categorically states that two men came to her with words of promise in 2004. They hurried through the talk without giving her a chance to go through the documents or place queries. No women were actually present when the documents were signed although two female witnesses have signed the document in the presence of a notary!

According to reliable online tracking sources there are 817, 463, 961 and 534 foreclosures pending in Jacksonville Beach, Neptune Beach, Atlantic Beach and
Ponte Vedra Beach respectively.

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