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Bank of America Foreclosure Class Action
By Sarah Pierce
 

Bank of AmericaMissouri homeowners have filed a federal class action lawsuit against Bank of America and BAC Home Loans Servicing for refusing to participate in foreclosure prevention programs, despite taking $25 billion in Troubled Asset Relief Program money. The class action is one of several across the country alleging similar complaints against Bank of America and BAC.

 

The Missouri Bank of America class action lawsuit claims that by accepting the TARP money, Bank of America agreed to participate in at least one TARP-authorized program to minimize foreclosures. Companies that accepted money under the TARP are subject to mandatory inclusion in the Home Affordable Modification Program (HAMP) — a government program designed to stem the foreclosure crisis by providing affordable mortgage loan modifications and other alternatives to foreclosure to eligible borrowers, the lawsuit says.

 

“Bank of America signed a contract with the U.S. Treasury on April 17, 2009 agreeing to comply with the HAMP requirements and to perform loan modification and other foreclosure prevention services described in the program guidelines,” the BofA foreclosure class action lawsuit says. “Though Bank of America accepted $25 billion in TARP funds and entered into a contract obligating itself to comply with the HAMP directives and to extend loan modifications for the benefit of distressed homeowners, Bank of America has systematically failed to comply with the terms of the HAMP directives and has regularly and repeatedly violated several of its prohibitions.”

 

The Bank of America HAMP class action lawsuit, entitled Fraser v. Bank of America, N.A., is brought on behalf of all Missouri homeowners whose loans have been serviced by one or both of BofA and BAC, and who have not received a permanent modified loan, despite being eligible for one. The lawsuit is seeking an injunction against the defendants and damages.

 

A copy of the Bank of America Foreclosure Loan Modification Class Action Lawsuit can be read here.

 

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Updated December 28th, 2010

 

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6 Comments

  • Anonymous March 31, 2011

    Bank of America Foreclosure Class Action
    [b][/b]>:o Bank of America has a Big Bully attitude toward middle class homeowners. I am disable and legally blind trying to keep my home. After 38yrs of service,my wife is on workman comp from the United States Postal Service. Bank of America refuse to accept my wife comp check as a source of income. For the last 2yrs, Naca have been trying to work with this bank to no avail. Thank God, somebody is fighting back!

  • Anonymous September 1, 2011

    I lost my job in Oct 2009 and proactively contacted BOA about a modification– they strung us along for 11 months, then denied us (after months of excuses and false info). Long story short, last week they told us that we were eligible for, and qualified for, BOTH the Making Home Affordable program and one specifically people with Countrywide before BOA acquired it (a program they never told us about)–they now refuse to do the modification because they left us 2 messages in March and I didn’t call them back until the next week–5 days later. This after no phone calls from them for 11 months! Then last week we got a letter from an attorney (dated 8/16) advising us of the SALE date of our house set for September 7–less than 3 weeks away and a holiday weekend in there besides!! (FYI–apparently in Missouri, the mortgage holder doesn’t have to go through the court before selling your property!!) Someone has GOT to hold these people accountable.

  • Anonymous September 15, 2011

    My husband lost his job in 2009, we promptly contacted BOA, who told us they could get us a Loan Modification Agreement through the HOPE department. After 10 months of them “losing” our paperwork, we finally got our loan mod documents, which we sent back in plenty of time. We were told later by phone our paperwork had been received. They advised us to make the new payment on the loan mod, and to get them there as fast as possible to pay them at the local BOA branch. Now, 1 year later, we got a call that said we had made NO payments all year! When I later contacted the office, I was informed my Loan Mod documents HAD been received, we DID qualify, BUT they never got “put through!” When I asked where all our payments were—they didn’t post to the account due to differing amount on the statement– we were told by a BOA employee to make the payment shown on our loan mod documents! Now there is a foreclosure SALE scheduled on our house on October 24–six weeks away.

  • Anonymous December 20, 2011

    B.O.A. LIED TO ME THE WHOLE THREE YEARS I WORKED WITH THEM TO SAVE MY HOME, THEY LOST MY LOAN MODIFICATION PAPERS THREE TIMES, ESOP LOST MY PAPER WORK TWICE AND THEY BECAME VERY RUDE AND KEPT SWITCHING ME TO DIFFERENT DEPARTMENTS THAT DIDN’T KNOW WHAT WAS GOING ON AND ALL THE TIME THEY WERE FORECLOSING ON MY HOME, THEY SET 11 PEOPLE OUT ON THE STREET AND NOW THE HOUSE SITS EMPTY AND THE THIEFS HAVE DESTROYED IT BEYOND REPAIR, THIS WAS A HOUSE THAT USE TO APPRAISE FOR 500,000. WE LOST IT ALL AND LIVE IN A ONE BEDROOM GOVT. APARTMENT AND IT DIDN’T MATTER HOW HARD WE WORKED FOR TWENTY YEARS AND ALL THE MONEY INVESTED, THEY JUST STEPPED IN AND STOLE IT FROM US FOR THEIR MISTAKES. THEY HAD TO HAD ALL THIS PLANNED FROM THE BEGINNING TO WREAKE OUR LIVES AND DESTROY AMERICANS!

  • Anonymous February 14, 2012

    bank of america did samething to me i owned a resturant in the mall in 2009 when the economy went from bad to worse mall was ubeleivably went slow, i told BOA to help us with our mortgage they told me they were going to modifie my loan they did this 4 times and each time they told me that i was prequalify for this modification for trial period even though i paid everything on time they declined us and they told us our house was forclosed after we moved out of our house with devastation they sold our house for fraction of the cost to someone else and now they just sent me a bill that i have to pay the original loan plus attourny fees. is there anybody who they have to answer to this or do we live in third world country where a rich people can get a way with even murder. I hope Bank of America becomes bankrupt and all of there officers who make these kind of decisions become homeless so they know what happens when you lose your house……Amen

  • Barbara Cowley March 1, 2014

    would like to be in a class action against Bank of America foreclosure actions. Our house was foreclosed upon even though we went through every HUD possibility and eventually asked for Deed in Lieu of Foreclosure and asked for several delays to apply for those actions. Despite federal funds, Bank of America would not help us. Our loan was $140k and the house was sold at Foreclosure action for about $60k. We also had a problem with missing equity funds generated in a Refinance before Countrywide Mortgage sold out to Bank of America. I provided documentation as to the nature of the missing equity funds, that I returned to Countrywide with a request to terminate the ReFi. The ReFi continued despite my request and the returned equity funds became lost in the shuffle and were never reimbursed back to us.

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