If you were once a customer of Ameriquest Mortgage Co., there may be a check for $955 waiting for you. However, you better act fast because next Monday is the deadline to get your piece of the class-action lawsuit settlement.
A series of lawsuits accused Ameriquest of several illegal practices to entice new customers into loans. Last year the company agreed to the settlement to get the Attorney Generals of 49 states to back off lawsuits.
Ameriquest was known for making loans to people who had less than stellar credit ratings and was amongst the first of subprime lenders to feel the shock waves of decreasing prices and rises in foreclosures. They closed their 200-plus retail branches in 2006 and their remaining assets have been sold to Citigroup Inc.
In July, customers who did business with Ameriquest between January 1, 1999 and December 31, 2005 got notices informing them of the approaching deadline. A release form must be mailed to the settlement administrator by Monday.
The settlement includes thousands of people across the country spread out over 49 states.
By receiving a cash settlement, customers would agree not to sue Ameriquest. For more, call 1-800-420-5875 or check www.ameriquestmultistatesettlement.com.