Ameriquest Class Action Suit

If you recently received this notice from your state that you are eligible to participate in an Ameriquest settlement, please be advised. If you accept the offer, it will disqualify you from participating in the nationwide class action suit against Ameriquest. If you are not satisfied with the offer from the state’s settlement, you do have alternatives. The nationwide class action is also seeking restitution for borrowers who suffered from predatory lending tactics by Ameriquest. You can also pursue individual litigation.

As co-lead councel in the nationwide class action lawsuit against Ameriquest, James Hoyer provided witnesses to take part in a roundtable discussion on predatory lending led by then US Senator Hillary Rodham Clinton. News organizations throughout Central Florida covered the event.

Mortgage Servicing: Making Sure Your Payments Count

When you apply for a home mortgage, you may think that the lender will hold and service your loan until you pay it off or you sell your house. That’s often not the case. In today’s market, loans and the rights to service them often are bought and sold.

Jacked-up interest rates. Improper late fees. Inflated property appraisals. Hidden extra costs. These are a few of the consumer complaints we are investigating against Ameriquest Mortgage Company. If you are a customer or former employee of Ameriquest with information relating to these complaints, contact us for a confidential, no-cost consultation by filling out the form below

Here are some of the issues we are investigating:

  • Did you show up at closing, only to find the interest rate you’d been promised was increased? Maybe you needed the cash out, so you signed the papers. But if you can’t afford the inflated payment, you’re liable to default almost immediately. Foreclosure or even bankruptcy can follow.
  • Have you been subjected to unlawful late fees, or other unjustified fees, or to harassing collection calls and letters during the grace period on a monthly payment?
  • Inflated property appraisals can cause you to borrow more than your house is worth. You’ll find yourself “upside-down,” owing more on your house than you can sell it for. Warning signs of a fraudulent appraisal include use of comparable sales or “comps” from other counties or other relatively distant areas; changing the age of a house; or using unlicensed appraisers.
  • Did anyone mention anything about increasing your salary, downplaying your debts, or doing other things to increase your credit score, and increase the amount of money you can borrow?
  • Did you find out too late that your new house payment did not include taxes or insurance, and that you’d be responsible for large separate bills for taxes and insurance in addition to your monthly mortgage payment?

The James Hoyer law firm has extensive experience representing consumers in class-action and individual cases of fraud. Our recent participation in class-action litigation against Fairbanks Capital helped cement our reputation for uncovering mortgage-related scams.