The rule is, “buyer beware”. Alternatively, sue.
A Massachusetts judge has ordered Ameriquest Mortgage Co. to halt a $715 monthly increase in a Cape Cod couple’s March payment and to refrain from foreclosing on their property until a lawsuit over the mortgage is resolved.
[Thomas] Hilchey and fiancee Robin Crevier, in the suit in Suffolk Superior Court, said Ameriquest’s loan salesman did not provide the proper documents and disclosures about their loan, as required under state and federal laws.
The couple’s loan requirements raised the interest rate from 5.75% to 9.75% over five years.
Although the loan was written by Ameriquest, lead “bad-boy” of sub-prime lending, the borrowers weren’t poor credit risks, according to the article.
The couple’s loan will remain at a lower rate until the lawsuit is resolved.
Cape couple wins a round against subprime lender – By Kimberly Blanton, The Boston Globe
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