In re AMERIQUEST MORTGAGE, CO. V. MORTGAGE LENDING PRACTICES LITIGATION 2007 U.S. Dist. Lexis 70805 (N.D. Ill. 2007) CASE BRIEF

In re AMERIQUEST MORTGAGE, CO. V. MORTGAGE LENDING PRACTICES LITIGATION

2007 U.S. Dist. Lexis 70805 (N.D. Ill. 2007)

NATURE OF THE CASE: Pursuant to Federal Rule of Civil Procedure 12(b)(1) and 28 U.S.C. 1367(a) and (b), Trevino (D) moved to dismiss Counts II and III of Skanes' (P) amended complaint because of a lack supplemental jurisdiction over Counts II and III.

FACTS: P alleged she consummated a mortgage transaction with Ameriquest. Ameriquest ordered from Homestead Appraisal a property appraisal of Ps' future home. D performed the appraisal and prepared a written appraisal report on or that valued the home at $163,000. P alleges that the 'true value' was actually $130,000-135,000, and that D and Homestead 'substantially and artificially inflated' her home's value. This would increase the loan amount for which she could qualify and thereby increase Ameriquest's potential profit. Eventually the adjustable mortgage rate began to rise. P's attempts to refinance her mortgage were unsuccessful because, the inflated loan amount exceeded the actual value of her home. P alleged damages and a conspiracy to misrepresent in counts 2 and 3. In count 1 she alleged a Truth in Lending Claim for improper and misleading disclosures of her right to cancel her mortgage. P requests that we void her mortgage and award any applicable statutory damages and set the obligations between the parties on rescission.

ISSUE:

RULE OF LAW:

HOLDING AND DECISION:

LEGAL ANALYSIS:

Get free access to the entire content for Mac, PC or Online

for 2-3 days and free samples of all kinds of products.

https://bsmsphd.com

© 2007-2016 Abn Study Partner