@MercyMe wrote:
Hi, Timothy. Thanks for the link. I have been following complaints against Ameriquest on Rip Off Report and knew that class actions were insuing, but didn't know any had commenced. I lost track. Surely the courts will certify the class actions, none of which I have become a participant in. I have more questions regarding the settlement and the reasons for the same. Would you have any further information than is posted on the site you gave? I've read a lot on Rip Off about homes being over appraised (by Ameriquest's own rookie appraisers) and financed or refinanced for the 125% that got so many into trouble, but in the case of my home it was by far under appraised, and I only refinanced up to the original 1987 purchase price to make much needed repairs, so it hardly put a dent in the equity. Upon refinancing to a fixed 6%, as soon as I could, I did pay the prepayment penalty, and would have to refer back to the docs as to the points and all. What's your story with Ameriquest?
Thanks for the info. This should prove to be interesting.
just me
PM me if you want to discuss this in more detail.
This was a settlement made with several AG's in multiple states. The settlement was made in Feb 2006.
Ameriquest made 14,180 loans in Arizona during the six-year period. Arizona consumers who obtained Ameriquest loans are expected to receive more than $5 million in compensation.
I have been following this for YEARS my complaint was filed in 2001. I was heavily involved with this in the beginning. I also have a certification letter form my AG that retains my rights if the settlement is not good enough. It is also my understanding this has taken so long is that they have had to look at each file individually to determine the damages/settlement offer.
My situation was my Truth in lending did not match the paperwork at title close. I was not in a position to not get the new loan at the time. I still filed a complaint with several agencies at the time. I actually worked for a company the made appraisal software at the time and was pretty clear about the laws and my rights. The loan was sold to Saxon a few months later. I had this loan for 3 years before a REFI at 6.4%
I am expecting 3-5 K.
