14,000 (NJ) Ameriquest consumers eligible for payback

[UpInArms]

Source: South Jersey News

TRENTON -- Attorney General Anne Milgram announced today that approximately 14,000 Ameriquest Mortgage Co. consumers in New Jersey are eligible to receive a total of $11.7 million in restitution from Ameriquest and its related companies as part of a national settlement that resolves allegations of predatory lending.

Milgram said her office and the state Department of Banking and Insurance began sending letters and claim forms to eligible New Jersey consumers earlier this week. To participate in the settlement and receive restitution, eligible consumers must mail completed and signed forms to the Settlement Administrator by September 10, 2007.

Eligible New Jersey consumers who borrowed from Ameriquest and were impacted by questionable business practices - practices that have been eliminated or modified as a result of this agreement - are now closer to receiving restitution if they are participating in the settlement," said Milgram.

"We take the threat of predatory lending very seriously, and we are pleased that through this cooperative effort we were able to recover funds for consumers who were victimized in this instance," said Department of Banking and Insurance Commissioner Steven M. Goldman. "We remain vigilant in our efforts to prevent this conduct, and we urge any consumer who believes they may have been subjected to predatory practices to contact us with their concerns."

Read more: http://blog.nj.com/gloucester/2007/07/14000_ameriquest_consumers_eli.html

[Systematic Chaos]

1. ZOMG that's a whopping $835.71 each!

Just enough to pay the deposits on a one-bedroom crackerbox. :eyes:

[fed-up]

2. ameriquest lied to me about my fixed rate/then day of signing fix/ARM loan-

Predatory lending is too nice of a term to describe the lying loan sharks

When I got the loan it was supposed to be a fixed rate mortgage-but when we were at the title company signing papers I noticed that it said that it would flip to an adjustable rate mortgage in two years.

Since I knew I had poor credit and was trying my best to pay off all credit cards (due to illness) and start fresh using equity in my house I was mortified that no one else would give me a loan so I signed on the dotted line. If you have ever had collection agencies breathing down your neck so that you are afraid to answer your phone or the door you may understand why I signed.

Only good news is that I did manage to sell last Nov within a few months of the loan resetting and so I got out before the housing bubble totally burst.

These loan agencies should be hung out to dry...


saddest part of all this is that if the credit card companies had just let me tack a few payments onto the end of the balance instead of demanding complete payment I never would have had to refinance...

unfortunately I am in California so I will have to wait for a class action lawsuit here...