Ameriquest Lawsuit, will pay $325 Million, anyone knowledgable?

[dannyboy79]

Hi everyone,
I had a mortgage with Ameriquest Mortgage from Oct 2004 until recently. I received a pamphlet stating that I am eligable to receive $605.00 MINIMUM if I chose to settle with them. Apparently this is a huge deal and almost every single US state is affected. See here for info: http://www.washingtonpost.com/wp-dyn/content/article/2006/01/23/AR2006012301523.html

I am curious if anyone has looked into pursuing this themselves in the hopes that they can get way more moeny than $600.00. I live in Wisconsin. I have gogled around a little looking for others who are looking to suit as group and do a class-action lawsuit or whatever it's called.

This lawsuit has already been settled, it's NOT hung up in the courts, we are guarenteed the $600 at a min based on how many participants there are and the fact that there's already a large amount of money in a trust that is growing as we speak.

Let me know if you know anything about this, what the advantages or disadvantages are of settling with them and just receiving the $600.00. (I already know if I settle, I then loss my right to sue them myself etc etc)

Daniel

[LookTJ]

All I can say is: don't get caught in a scam.

[DC@DR]

Yes, I think it's somewhat similar to the infamous "pyramid" scam, avoid it!

[tcpip4lyfe]

I'd look into it. I heard on NPR about the class action suit. I'd get more info from them, but the second they ask you for any personal info, even your address, its time to get suspicious. They should have that already. If its real, congrats!

[Atomic Dog]

Might as well take what you can get. Do you really want to try to sue yourself and possibly lose and end up paying lawyer fees? Was your mortgage rate fair to begin with? If yes then take the free money.

For those who say this is a scam: http://www.washingtonpost.com/wp-dyn/content/article/2006/01/23/AR2006012301523.html
I think this is legit.

And as an aside, I personally think many of these people did not care that they were entering into a variable rate mortgage (or the even more spooky ultra low rate that adds $ to principal). All they saw was the ultra low payment for the first year or two and did not care about the rest. They could have asked about a fixed rate, but would not have been able to make the payments. Seeing this now in Phoenix, heard people getting these loans brag how low their payment was and didn't care when I reminded them that the piper must be paid in the end (yes these are people I know), but now they are desperate to refinance now that the low rate has ended, and find out their principal loan amount increased because the low payment was actually adding $ to the principal loan amnt. Oh well, I tried to warn them, but nobody listens to Zathras.

[Nikron]

Just take the money. Suing by yourself will probably be too time consuming, and expensive to be worth it.

[dannyboy79]

anyone who quickly posted that this is a scam or that I should watch out for being scammed, did you even bother checking the link i provided? This is NOT a scam. It's been documented plenty of times in almost all the states. No one has really responded yet with the info that I am hoping for but thank you for the comments this far.