A Class Action Settlement has been reached concerning real estate closing costs charged to New Jersey homeowners.
Kohn, Swift, together with co-counsel Stevens & Lee, has settled a consumer class action that involves fees charged in real estate closings in Southern New Jersey by title agents North American Title Agency and Independence Abstract and Title Agency. Notices and claim forms were mailed out on May 16, 2014. Duplicate claim forms can be downloaded from this web site. All claim forms must be postmarked by July 18, 2014 to the address on the claim form.
If you had a closing with North American or Independence between January 1, 2003 and April 17, 2014 for a property located in New Jersey, and at the closing you paid off in full a mortgage or home equity loan, you likely are a member of the settlement class, and if you submit a valid and timely claim, are entitled to receive money from the settlement.
The lawsuit involves “Satisfaction Fees” that were charged for work done to close out mortgages and home equity loans for properties located in New Jersey. Between January 1, 2003 and May 31, 2004, North American and/or Independence charged a Satisfaction Fee of $50.00 per mortgage or home equity loan closed out. Starting June 1, 2004, they charged a Satisfaction Fee of $75.00 per mortgage or home equity loan closed out.
You are entitled to receive in the settlement between $75 and $50 for each Satisfaction Fee you paid after June 1, 2004, and between $50 and $33 for each Satisfaction Fee you paid between January 1, 2003 and May 31, 2004. (The exact amount cannot be calculated until all claims are received.) You may submit a claim form for more than one Satisfaction Fee (for example, if you paid off a first mortgage and home equity loan at a refinancing of your property, you can submit a claim for two Satisfaction Fees).