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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.