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This settlement is closed!
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A $13 million class action settlement has been proposed, and if it is approved it would provide benefits to certain residential mortgage loan borrowers whose loans were serviced by GMAC Mortgage LLC.
If you are a residential mortgage loan borrower whose loan was serviced by GMAC Mortgage and you were charged for force-placed insurance by GMAC at any time from Feb. 3, 2004 through Oct. 2, 2013, your rights may be affected by this class action settlement.
If approved, this GMAC force-placed insurance settlement will resolve a class action lawsuit that alleges GMAC Mortgage conspired with Balboa Insurance Company to carry out a scheme to defraud borrowers by inflating the amounts they charged for lender-placed insurance policies, also known as force-placed insurance policies, on loans serviced by GMAC Mortgage. The plaintiffs alleged GMAC received kickbacks from Balboa.
The defendants deny any wrongdoing but agreed to settle the force-placed insurance class action lawsuit to avoid the burden, expense and uncertainty of ongoing litigation.
If you would like to exclude yourself from or object to this GMAC Mortgage force-placed insurance settlement, you must do so no later than May 10, 2016.
Who’s Eligible
Class Members of the GMAC force-placed insurance settlement include: “All residential mortgage loan borrowers whose loans were serviced by GMACM and from whose payments GMACM recouped or recovered, in whole or part, charges for Lender-Placed Insurance, including, without limitation, any borrowers whose payments were applied, in whole or part, to charges for Lender-Placed Insurance, at any time during the Class Period.”
Under the terms of the proposed force-placed insurance class action settlement, the Class Period is Feb. 3, 2004 through Oct. 2, 2013.
Potential Award
Varies.
The awards will be distributed pro rata to Class Members based on a formula that compares each Class Member’s losses to the total losses of all eligible Class Members. Only Class Members whose allocation is $10 or more will receive payment from the GMAC class action settlement.
Proof of Purchase
N/A
FAQs
Claim Form Deadline
N/A. Class Members do not have to file a Claim Form to be eligible for benefits from this class action settlement.
Case Name
In re: Residential Capital LLC, et al., Case No. 12-12020 (MG), in the U.S. Bankruptcy Court for the Southern District of New York
Final Hearing
5/24/2016
Settlement Website
www.GMACMortgageLenderPlacedInsuranceClassActionSettlement.com
Claims Administrator
GMAC Mortgage Lender Placed Insurance Settlement Administrator
P.O. Box 30206
College Station, TX 77842-3206
1-844-830-5220
admin@GMACLenderPlacedInsuranceSettlement.com
Class Counsel
Mark A. Strauss
Thomas W. Elrod
KIRBY MCINERNEY LLP
Defense Counsel
Norman S. Rosenbaum
MORRISON & FOERSTER LLP
Join a Free Force-Placed Insurance Class Action Lawsuit Investigation
If you paid for force-placed insurance from a lender, you may be eligible to join a free class action lawsuit investigation into the improper charges you may have paid. Get a free case evaluation now.
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44 thoughts onGMAC Mortgage Force-Placed Insurance Class Action Settlement
I received $13.31 with only 1 month to cash in just received it of course my address change doesn’t seem fair atall
I was charged and they sent the check in the wrong name. Know I have until September 15th to cash it but I do not know who to contact for this correction. Can someone give me a name of the person I can contact so I can be compensated properly?
How much did the lawyers get? I got $16.73.
We got $12.16
Any updates?
We were also had GMAC MORTAGE and not have heard what the results were on the claim so please send us some info on them if we get any money back from
Hello my name is Marcus Cole. I have not received any new updates. Can you please tell me where this stands.
Many thanks
Marcus
We also changed addresses while in foreclosure and would like to know who to contact.
I also understand there is part of the settlement in regards to credit reporting?who would I contact?
Thanks
The article includes contact information for the Settlement Administrator, including an email address. You should direct all of your claim specific questions to the Settlement Administrator.
Thanks for your response and your time.
RFC
I do not feel that a $14.89 check is fair. After GMAC Mortgage did not allow me to sell my home. they just vanish and so did my house. there is no record on my credit report are list any where. please email me jaquar4232@yahoo.com
i will try contacting you all again
Thank YOU
Hi my name is Randy Cates, my wife Paula Cates and I purchased this home and I sighned the note the house was in both our names. I paid the payments every month. The statements that came in the mail had both our names on them. My question is I received the first check and could not cash, deposit or do anything with because it was made out to my wife only Paula Cates. I thought it was a one time thing and put the 25.00 check somewhere, now I have a second check the house was was in my name too so how do I get the checks in my name. I can mail a copy of her death certificate. You tell me. Thank you for all your future help. Randy Cates
I was charged additional money’s for 9 years. No one has contacted me, and I need to know what I must do to settle this matter asap.
I was charged extra insurance on a house i was buying
I have a change of address who do I notify?