Ameriquest Mortgage is a division of Bank of America and is named as a defendant in the recent Ameriquest Mortgage foreclosure lawsuit. The suit was filed by the Atlanta Federal Prosecution. The complaint charged that Bank of America knew that the home loan modifications were being illegally foreclosed upon, yet did nothing to stop it.

Ameriquest Mortgage Lawsuit

This is the second time in less than three months that Bank of America has been sued over this issue. In November, they were found in a meeting with a group of Countrywide executives. According to a lawsuit document obtained by FOX 5, some Countrywide officials said they would try to steer Bank of America borrowers into another loan program. Eventually, however, the plans were changed to allow Fannie Mae to take back all of the Countrywide loans.

The homeowners behind the lawsuit are asking for compensation for not only the loss of the house and all the related fees, but also damages for fraud.

They are also demanding compensation for what they feel was an illegal foreclosure process. The terms of compensation will vary, with each homeowner needing to find the amount that is right for them based on their circumstances. An attorney assisting the homeowners in the lawsuit will be paid a percentage of any settlement money. Depending on the results of the investigation, an agreement can be reached as to the final amount.

The terms of the agreement will be reviewed by the courts to determine if there was fraud committed.

If so, additional damages may be awarded to the plaintiffs. On the other hand, if no charges of fraud are filed against the lender, or if the plaintiffs do not win their case, then the agreement will be court accepted as-is. The mortgage lawsuit is in the hands of the jury.

The homeowners who filed the complaint against Bank of America have until a certain date to file their complaint.

The date is listed on the complaint, along with a phone number to call to receive a further statement. It is strongly advised that anyone who feels they may be eligible should send out their application to the bank as soon as possible. In the event that an application is denied, it is advisable to hire a lawyer who has experience in handling mortgage lawsuits.

Because this type of mortgage lawsuit is a little more complicated, it is wise to seek the advice of an attorney who specializes in this area of the law.

It is common for many of these cases to take several months before the process is complete. It is not uncommon for homeowners to be trapped into a cycle of taking care of the problems at hand and waiting for the next lawsuit to resolve their situation. If this occurs, the home could be in jeopardy of being foreclosed upon, and the owners having to leave their home.

Leave a comment

Your email address will not be published. Required fields are marked *