About Ameriquest Mortgage

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Ameriquest was one of the largest United States sub-prime mortgage lenders until its dissolution in September 2007. Among the first mortgage companies employing computers to solicit prospective borrowers and hasten the loan application process, Ameriquest was accused of predatory lending practices by United States banking regulators.  The company was notable for its promotion of the stated income loan, whereby potential borrowers were allowed to claim income without verification of employment. The proliferation of lending to customers with marginal creditworthiness proved to be not only a key factor leading to the 2007 subprime mortgage financial crisis, but also a catalyst to Ameriquest's own demise.

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Ameriquest was widely known throughout the United States for its promotional activity. It advertised widely on television; flew blimps over football and baseball stadiums; and sponsored the Rolling Stones' A Bigger Bang tour, the Super Bowl XXXIX halftime show, and NASCAR drivers. Its ad slogan was "proud sponsor of the American dream," and its company motto was "do the right thing." Ameriquest frequently reiterated that their customers were "more than a number," producing a series of commercials with the theme "Don't judge too quickly. We won't."

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Foreclosure Prevention Options

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Even though Ameriquest is no longer in business, many of the loans it originated are still being serviced.  Ameriquest still participates in a wide variety of foreclosure prevention options.  Some of the options are listed below:

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Loan Modification

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Under this option, you reach an agreement to change the original terms of your mortgage—such as payment amount, length of loan, interest rate, etc. In most cases, when your mortgage is modified, you can reduce your monthly payment to a more affordable amount.

A modification may be an option if:
 

- You are ineligible to refinance

- You are facing a long-term hardship

- You are several months behind on your mortgage payments or likely to fall behind soon

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Short Sale

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A short sale is the sale of a home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds.

 

- Eliminate or reduce your remaining mortgage debt
- Assistance for relocation may be available
- Start repairing your credit sooner than if you went through a foreclosure
- May be able to get another  mortgage to purchase a home sooner (in as little as a year) than if you went through foreclosure (up to 7 years)

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Deed-in-Lieu

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With a Deed-in-Lieu, you transfer the ownership of your property to the owner of your mortgage in exchange for a release from your loan and payments.

 

- Eliminate your mortgage debt

- May be eligible for up to $3,000 in relocation assistance

- Start repairing your credit sooner than if you went through a foreclosure

- May be able to get a new mortgage to purchase a home sooner (in as little as a year) than if you went through foreclosure (up to 7 years)

- Have flexibility and control over exiting your home—choose to vacate immediately, stay for up to three months (without paying rent), or lease the home for up to one year

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Keep Your Keys

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Keep Your Keys is highly experienced in helping homeowners stop foreclosure.   We have a thorough understanding of the products Ameriquest offers as well as their internal processes to get them approved and completed.  With our 5 star reviews and exceptional customer service you would be hard pressed to find a better partner.  Leave your checkbook at home and contact us today for a no cost, no obligation, appointment to get started. 

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