Class Action Lawsuit Against Bank of America Mortgage Fraud

Bank of America mortgage holders filed class action lawsuits against Countrywide and Wells Fargo. These were class action lawsuits because they took the effort to inform class members of their rights under the FHA rules in a non-violent way. Many class action lawsuits are settled out of court, however those that do go to court often end in favor of the bank. This is what is known as a win lose situation for the plaintiffs.

The lawsuits against Bank of America were initially brought by the Department of Housing and Urban Development (HUD).

Under orders from former President George W. Bush, HUD was instructed to sue banks that fail to make HAMP (Home Affordable Modification Program) loans to home owners whose homes are in danger of foreclosure. To comply with this order, HUD forced banks to reduce the percentage of principal in mortgage loans, refinance terms to more favorable ones, and reduce adjustable rate mortgages (ARM) interest rates. When all of this was done, more people could afford their mortgages and foreclosure did not occur.

In addition to the lawsuits against Bank of America, HUD also sued Countrywide and Wells Fargo.

This time, they brought the lawsuits against the two largest publicly held mortgage holders. This suit against them was later joined by Countrywide and Wells Fargo. Banks are now required to abide by the Home Affordable Modification Program guidelines which are spelled out by Congress. In other words, these banks have to help homeowners who need assistance if it means that they cannot otherwise make their monthly mortgage payments. This is the right thing to do and it is the main reason for bringing these suits against Bank of America and Wells Fargo.

There are many class action lawsuits against Bank of America and Wells Fargo.

The problem is that most people are too busy to even know about these suits and that is why they are usually filed by attorneys. When you sign on with an attorney, you cannot be sure that he or she will be fighting for you have no way of knowing how much they charge. For instance, in a class action lawsuit, lawyers who represent the plaintiffs are paid based on how many class action lawsuits they win. If you win a lawsuit, you do not get paid. If you lose, you do not get paid.

These lawsuits are also filed by taxpayers who are owed money by the bank of America and who were conned by Bank of America mortgage holders.

These people have lost their homes, their lives, and their futures because the mortgage holders knew that they could not be trusted. It was financially irresponsible on their part. The taxpayers are entitled to bring this to the attention of Congress so that the government can step in and stop these companies from taking advantage of honest hardworking Americans.

It is very important that you have a class action lawsuit lawyer if you have been a victim of greed like what happened at Bank of America.

If you do not have one, then do not worry, there are plenty of good lawyers out there that can take care of your case. Remember, you are not alone, and you are entitled to be compensated for the loss that you have experienced. Get a class action lawsuit today.

6 thoughts on “Class Action Lawsuit Against Bank of America Mortgage Fraud

  1. Greetings I’m in a 2-party Countrywide loan where BOA just took over my loan after its bankruptcy in 2008 without properly advising of its bankruptcy and collected on my jumbo loan for 12 years and lacks one iota of proof that it had a right to do so. Then it brought in SLS who is every bit as corrupt. I’d like to reclaim some of the illegal and fraudulent funds they collected for they failed to prove they even had a valid copy of my loan and I never provided them with anything to support I agreed to pay. They began with this MERS which was totally illegal and has cost me more than what my original contract was for. We need to get these organizations closed since they are so corrupt and that I can assist with considerably.

  2. The shellgame they play is hell .. so many lies .. modification to cover illegal jumbo loan refinance of less than year old va loan refinance … we thought we had a va loan … years of equity stripped by said 220k jumbo loan .. yes not a jumbo loan amount but origination and statements show that is the loan type . so bofa wanted to cover it up .. increased loan payments by escrow accounting fraud and demanded a mod … no mention of fnma .. now current servicer states fnma was owner since soon after origination .. in the fraud together .. gov .. court’s .. bank’s .. insurance .. title companies .. how many got any relief from settlements .. they seem illusory and more foam on the runway

  3. It is so sad that these mortgage servicers and mortgage companies, are taking advantage of homeowners, who want a piece of the American Dream by owning a home. I am in the middle of, what seems to be a nightmare, I have just losted my home to foreclosure, had my house since 1999. CitiMortgage, Inc. took over servicing my loan in 2003, start having problems, because the keep changing my mortgage payment until it got out of control. I had an original loan for 15 years, they kept threating me, I filed for Bankruptcy in 2014. It was the bankruptcy from hell, I don’t advise anyone to to do bankruptcy, unless your plans is to get out as soon as possible, to save or stop, something from happening. Although, I was in bankruptcy, the Trustee was a crook, along with the bankruptcy attorney. The bankruptcy attorney failed or would not put $4995 late payments into my program causing the mortgage servicer to foreclose on my house, because they had secretly taken me out from under the automatic stay without my knowledge. The bankruptcy attorney and the trustee probably were the investor for all foreclosed property that cam through bankruptcy court. That has to be proved, how can I prove it? I ended up filing a Wrongfully Foreclosure, because this is a Non-Judicial state, but it did not help in Trial Court, because they basically kicked it out without a trial. That decision was appealed to Appellant Court, they would not remand or reverse. My lawyer applied for a Writ of Certiorari, it was denied by Supreme Court. I was ejected out of my house without any notices from any of the courts, no timeframe was given to me in writing as to the denial of Appeal or Supreme Courts, that went back to Circuit Court. So, the Sheriff gives me a piece of paper while he watches the removal of my belongings be removed. I wish for a fair lawyer.

  4. I need to file a suite against bank of American the advertise that the are going give mortgage to people with low credit score and without any credit checks and run my credit and to this day I haven’t heard a word but when I called I’m being transferred to everyone who doesn’t pick up their phone or respond to any messages I left can someone point me in the right direction to a good reputable Attorney in Miami Florida

  5. Hello, I need to file a law suite against Countrywide. My house was auction off while my husband and I applied for the NACA programs in 2009. We were so devasted and angry but don’t know what to do. Does anyone have any advice of what to do?

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