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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 have received the same letter stating this is a second check . I never received the first. Also GMAC foreclosed on my home 2008 never missed a payment forced to go into bankruptcy. I felt so used. Had proof of payments. They would not accept. Then I had to borrow money from relatives to get bankruptcy papers filed. Making more home payments that I could not afford. Thank God for family members.. They ruined my credit. I was then assigned a home mortgage Co. with an intrest rate of 14%. Still High to this day 10%. I feel so used. Sill making on time payments.still feeling used!!!!!!!!. Please tell me who do I contact.
I received a check and it says this is the second check oh, I did not receive the first one.
I received same letter. I never received a 1st check either??
The same happened to me we’re can I ask what happened to the first check. I try to call them. No answer ?
I received also a check for 54.70 on 12/07/20 saying that is the second check .Do I cash the check or how can I find out where the other check is?
I received a check for $25.89 on 12-07-2020 stating this is your second check I NEVER received the first check. Who do I need to contact regarding the first check.
Eric Longsworth received a letter stating enclosed is a second check in the amount of $18.24. What happened to the first check? And who do we contact because there is no phone number on this paper that was sent. My number is 810-423-7407. I would appreciate a phone call telling me what to do to get the first check.
I got a $44.00 check in the mail yesterday stating this was the second one. I never received the first check. Please advise.
Received letter stating attached was our second settlement check. We never received the first check. Need a number to call about the first check.
I got the same thing never received the first one
I also got one for $36 said was 2nd check don’t remember getting a first one
Same thing. Got a “second” check for $41.08 but never recieved the first. How do we find out what’s going on?
Save for me
GMAC foreclosed on my home in 2008 by robotic signature. How do I file an amendment to be compensated.
Received a check for 98.00; check is staled dated. How do I obtain a new check please? Please advise.
Received a check for 98.00; check is staled dated. How do I obtain a new check please? Please advise.