Bank of America Lied to Homeowners When Denying Loan Modifications, Says Class Action Lawsuit

Bank of America Lied to Homeowners When Denying Loan Modifications, Says Class Action Lawsuit

In a class action lawsuit filed in federal court in Boston last week, former employees stated that they were regularly rewarded for denials and referrals to the foreclosure department, including with cash bonuses and gift cards.  The same former employees claimed that they were encouraged to perform en masse denials and to give bogus reasons… Read More →

FHFA Says “No” to Proposed Mortgage Debt Forgiveness Program

FHFA Says “No” to Proposed Mortgage Debt Forgiveness Program

The Financial Times reports that the Federal Housing Finance Agency (regulator for Fannie Mae and Freddie Mac) has blocked the Obama administration’s hoped-for program that would reduce the principal amount on mortgages worth more than the underlying homes.  It was hoped that the proposed program would serve to reduce defaults and foreclosures; however, the FHFA… Read More →

Bank Of America’s Mortgage-Modification Practices Border On ‘Unconscionability,’ Judges Say

Posting this link to the Huffington Post without further comment other than to say that we see this borderline ‘unconsionability’ on a daily basis. If you are contemplating bankruptcy, working on a mortgage loan modification, or fighting foreclosure and you’re fed up with feeling like your creditors are giving you the “bait-and-switch,” then please contact… Read More →

Report Shows Increase in Abuse by Non-lawyers Filing Bankruptcy on Behalf of Consumers

According to a new report issued by the Administrative Office of the U.S. Courts, more consumers are filing complaints alleging abuse by Non-lawyers hired to file their bankruptcy petitions. “We have seen an increase in abuse,” said U.S. Bankruptcy Judge Maureen Tighe in the Central District of California. “The increase in ‘foreclosure rescue’ and ‘loan… Read More →

Wrongful Foreclosures Still Occurring

A survey published in February 2012 by three consumer-protection groups shows that “mortgage servicers continue to initiate foreclosure proceedings improperly, either while a homeowner is awaiting a loan modification or due to improper fees or payment processing.”  The three groups are the National Association of Consumer Advocates (NACA), the National Consumer Law Center (NCLC), and… Read More →