Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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I have  been reading on the site for some time now- mostly interested in what's happeneing with Ameriquest.
Like some I have also received that settlement offer. I am very unsure and confused as to what to do.
 
Could someone explain exactly what rights I would be signing away if I do agree to the settlement?
And what are the possible advantages to joining the class action suit and not settling?
 
Any info would be appreciated.
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You would be signing away your rights to sue Ameriquest as an individual and perhaps rights to seek criminal action.

If you have a few hundred thousand dollar claim agianst them you would probalbly get few hundred dollar settlement.

We are here to bring these crooks to justice and the dollar amount is about justice for the victim not about trying to get the biggest settlement.

As far as joining a class and not settling we don't like class actions becuase it allows the crooks to setle for pennies on the dollar the lawyers get rich the victims get the shaft and the criminals get off the hook.

The only thing good about class actions from the victims perspective id it adds credibility to our cause to see headlines with multimillion dollar settlements. For example people who don't believe Ameriquest is ripping off borrowers would have a hard time explaining why they have a 325 million dollar settlement agreement.

Sometimes a lead plantiff makes out ok on class action but the victims get only a fraction of the damages due them.
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srsd
Hey Mozman ask yourself if what they have done to everyone is worth less than $1000.00 because that is what most people get when they sign.  We got 2 sets of papers and the first said $428.00 and then we got another and it went up to $972.00. If you are new to this site you need to search Ameriquest and see what all you can find about them.  Some people have been dealing with them for many years and know what to do.  Ameriquest is officially closing.  Citi. has taken over Check it out.  I don`t know how that will effect any of us that are involved with Ameriquest but I am sure we will be getting letters and calls about our situations.  I don`t know if we will be any better off.

Ameriquest, a Subprime Lender, Is Closing - New York Times
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Thanks so much for the reply. Much appreciated.
 I agree with you regarding class actions.
  At this point I dont think I have that much if any claim with them other than the intial paperwork at closing and the fees charged and such..very shady...as the app. info has my SO listed as another nationality. The fees were extreme also however being preditory I guess that was part of the deal...
I am just unsure as to what to do...especially now with this buyout and all..Im unsettled with just how the future will be with this loan. The loan is an ARM so I neednt explain my concerns. It was what was needed at the time and due to circumstances its what has to remain. I dont have a choice re: refinancing presently....
 
I understand and appreciate the mission of this site and applaud your forum.... Thanks
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srsd
  My paperwork was for alot more than what you posted. AND my AGs office stated that it would be even higher if others didnt answer...
  I have been with them for over 5 yrs and its been very stressful to watch my mortgage go up and up and up...
  With the sale of Ameriquest Im sure we the consumer wont be any better off.. I had a mort with Citi once before and wasnt satisfied with them one bit...
 
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