Ameriquest Wants New Century Stay Lifted

Law360, New York (June 12, 2007, 12:00 AM EDT) -- Ameriquest Mortgage Co. filed a motion Monday in New Century Financial Corp.'s Chapter 11 proceedings requesting relief from the automatic stay in order to pursue an action against a couple who defaulted on an Ameriquest loan.

Ameriquest’s motion, filed in the U.S. Bankruptcy Court for the District of Delaware, focuses on James and Rita Murphy, who defaulted on a $70,000 Ameriquest mortgage. After reviewing the title of the Murphy’s property, Ameriquest learned that New Century also held a lien against the property.

“Review of the title...
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