Ameriquest Mortgage Class Action Lawsuit Settlement

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Award (how much your claim may be worth):

Average payout appears to be ~$50. Check the comments below and leave one if you received your check.

Class Action Lawsuit Settlement Case(s):  v. Ameriquest Mortgage Company et al. IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS MDL No. 1715, Lead Case No. 05-cv-07097

Company(ies): Ameriquest Mortgage Company

AMC Mortgage Services, Inc. (FKA Bedford Home Loans, Inc); Town & Country Credit Corporation; Olympus Mortgage Company (NKA Bedford Home Loans, Inc.); and Argent Mortgage Company, LLC

Website Link to access the Class Action Lawsuit Settlement and get YOUR Stake (SUBMIT YOUR CLAIM HERE): Settlement Administrator Website

Address of Class Action Lawsuit Settlement Administrator to submit a claim form (NOT REQUIRED):

Ameriquest MDL Settlement Administrator
P.O. Box 2278
Faribault, MN 55021-2413

or FAX your claim form to 1-866-590-8535

Phone Number to call for assistance:  1-877-872-3812

Details: The Ameriquest mortgage class action lawsuit settlement includes all who originated their mortgage through Ameriquest or one of the other companies listed above. It’s important to note that even though your mortgage may not be currently services by Ameriquest, if it originated through them you may be eligible to submit a claim. In addition, the Ameriquest mortgage class action lawsuit settlement combines more than a dozen individual cases into one large settlement. If your mortgage loan with Ameriquest originated after December 14th, 2001 you’re likely included in the Ameriquest mortgage class action lawsuit settlement. The five classes included in this settlement are:

CLASS ONE: TILA RESCISSION CLASS

The TILA Rescission Class is a nationwide class of borrowers who at any time on or after February 8, 2003, (or, for residents of Massachusetts, at any time on or after February 8, 2002) have actually requested rescission in writing of their loans pursuant to applicable provisions of the Truth in Lending Act or state disclosure laws on or before December 1, 2009.

CLASS TWO: BAIT AND SWITCH CLASS

The Bait and Switch Class is a nationwide class of borrowers who meet one or more of the following criteria:

(i) loan records establish a final disclosed annual percentage rate that is at least 0.9% higher (as calculated pursuant to TILA) than the disclosed annual percentage rate (calculated pursuant to TILA) contained in preclosing written disclosures made to the borrower;
(ii) loan records establish that the borrower received a loan containing a prepayment penalty, but preclosing written disclosures made to the borrower described a loan without a prepayment penalty; or
(iii) loan records establish that the borrower received a loan containing a variable rate, but preclosing written disclosures made to the borrower described a loan containing a fixed rate.

CLASS THREE: DISCOUNT POINTS CLASS

The Discount Points Class is a nationwide class of borrowers who either entered into loans (i) made after December 14, 2001, and before February 3, 2003, on which they had to pay discount points in any amount; or (ii) made on or after February 3, 2003 on which they had to pay at least three discount points.

CLASS FOUR: WHOLESALE BORROWER CLASS

The Wholesale Borrower Class is a nationwide class of borrowers who paid an amount constituting more than 3% of their funded loan amount in settlement charges to Ameriquest or a mortgage broker.

CLASS FIVE: LOAN SERVICING CLASS

The Loan Servicing Class is a nationwide class of borrowers who paid Ameriquest default and delinquency fees or costs in an amount in excess of a total of $1,000. These fees and costs include fees listed in Ameriquest’s records as late fees, legal fees, phone pay non sufficient fund (NSF) fees, bad check non sufficient fund (NSF) fees, appraisal fees, inspection fees, and recoverable corporate advance fees.

Most people whose mortgage was originated by Ameriquest after December 14th, 2001 will fit into one of the classes above. If you received a notice from Ameriquest make sure to take the time and submit your claim in the Ameriquest mortgage class action lawsuit settlement. The class you fit in above will determine how much you will get paid in the Ameriquest mortgage class action lawsuit settlement. This could pay you thousands of dollars. DON’T MISS OUT ON IT! Submit your claim in the Ameriquest mortgage class action lawsuit settlement now.

Purchased From: After December 14th, 2001

Claims Accepted Until (YOU MUST SUBMIT YOUR CLAIM BY THIS DATE!): 3/09/10

MORE DETAILS BELOW!

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Class Action Lawsuit Settlement Amount(s): $22,000,000 = $200,000 in Foreclosure Prevention Counseling + $14,345,000 to Consumers (ESTIMATE) + $7,330,000 Attorney Fees and Expenses + $7,500 to each Lead Plaintiff

Settlement Administrator(s): Rust Consulting, Inc.

Plaintiff Counsel:

Defense Counsel:

Bernard E. LeSage
Sarah K. Andrus
Adam Bass
BUCHALTER NEMER

Thomas Wiegand
WINSTON & STRAWN, LLP

TCA Staff Tidbit: The Ameriquest mortgage class action lawsuit settlement is likely the first of many we’ll see from mortgage lenders over the next few months. The Ameriquest mortgage class action alleged a number of different fees and charges were added on to mortgages. This class action is covering almost every Ameriquest mortgage out there since the end of 2001 (more than 700,000) so you may have a shot at a claim if your mortgage was originated by Ameriquest.

In addition to the cash benefits being paid out to class members, a new law has been enacted which will change the way mortgages are sold, making them clearer and easier to understand. Right up front you’ll be able to see on your Good Faith Estimate how much you’ll be able to save if you add extra points on your mortgage, take points off, add additional closing charges or choose to remove them. The rules took effect on January 1st, 2010, so home buyers should see them now. Back to the Ameriquest mortgage class action lawsuit settlement. If your mortgage was originated by Ameriquest, make sure to head over to the settlement administrator website and submit your claim now!This could mean THOUSANDS of dollars for you, so make sure to submit your claim in the Ameriquest mortgage class action lawsuit settlement now.