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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
My mom passed away I believe she qualified who do I contact to file a claim on behalf of my deceased mother I am also the administrator of the estate as well.
In my case they raised my mortgage up $52000 an I’m still watching for word from thim
Class action law suits are designed and created by lawyers ! Why ? They are the only ones that make out in these cases ! If people would sue these mortgage companies privately it would force these companies to do right . These mortgage companies are trillion dollar corporations . They make money by stealing your home ! Our government gets their cut ! They set up organizations that do nothing for home owners ! They only help our governments pockets ! Cfpb , banking commissioner ! State attorney general ! Not one of these agency’s can or will stop these mortgage companies . They make it like they are when they report their wins against these lenders , however like this post and these comments , where’s the money ? Checks for 54 dollars ? Please !! That’s not worth my time chasing and it certainly no prize for me losing the home I invested in ! Start asking the lawyers what they made ! Start asking for proof of where all the money went ! The world is corrupt ! Stop buying houses ! Save up and build a tiny home you can own and save up to pay cash for . Never borrow from these banks ! They are all serving everyone but you !
I’m like everyone else here. I got a check saying this is the third check. What happened to the first and second check?
Also, my name is not the same as what’s on the check. I need to talk to someone about that.
Ditto.. second letter states we’re supposed recieve a “first” check that never came
Ryan
Letter with check says this is third of 3 checks…never received any prior two checks…are we being scammed or cheated?
The first check to Eric Longsworth was never received or cashed. Your office claims it was cashed. My Bank searched all records and confirmed there was no check cashed for 21.49 in June of 2019 to Eric Longsworth.
How can I get the check reissued?
I received a check $51.58 and it also said like the others who left a comment, this is my second check I never received a first check and I am wondering about the second. Who should I contact regarding this issue. If we all were scamed and fraudulently handled we all need more information
I received a check stating that this is the second check but I never received the first check.
I just received a check for $18.90, the information says this is my 2nd check. I never received my first check. I tried to search for a number to call for help to no avail. Seemingly this is the bulk of everyone’s question, has anyone gotten a straightforward answer?
I to received a check for $ 32.12 stated that this a second check not receiving a first check
I received a $30 check that stated it was my 2nd check but have not received the 1st. Please Advise