A woman from Illinois filed a class-action lawsuit against Bank of America after her bank refused to accept her $20 credit card payment. We could have resolved this in less than a year and I would have paid a lot less than what I was being charged. Our situation could have been handled less than 6 months. I had a mortgage with them and was unfairly charged over $20,000 in arrears fees when I paid off the mortgage. The attorneys general of California, Delaware, Illinois, Kentucky, Maryland and New York also conducted related investigations that were critical to bringing about this settlement. At this point the house had been empty for about a year. In June of of 2021 I got a letter from BofA saying if I filled out all the papers they would reinstate the loan as it wasnt past the time for that. Currently, we are now waiting on Mr. Cooper to process the loan modification. Before commenting, please review our comment policy. My daughter Lynne is handling this for me as I am 91, legally blind , and hard of hearing. I would like to be added to the list for deceptive loan modification. Now a class action lawsuit has been filed against Bank of America. The case . I refinanced a few years later in 2005 or 2006, and went with Washington Mutual. Also, I did not receive a pay-off letter from BOA until nearly 1 year after the mortgage was settled. Please download the PDF to view it: Download PDF. Let us know in the comments section! 5:20-cv-00184 (S.D. This is an unprecedented move in a banks history. We are waiting for eviction by sheriff any day now. The mayor was discussing the role that religious people could play . Todays settlement is a significant, but by no means final step by FHFA-OIG and its law enforcement partners to hold accountable those who committed acts of fraud and deceit.. All quotes delayed a minimum of 15 minutes. The payment was based on $279,000 modification with compounded interest for 5 years and an additional $367,000 balloon payment (0%) consisting of payments missed for 3 years, interest, late fees, attorney fees, foreclosure fees, inspection fees, and who knows what else. We have been trying for years to refinance they kept changing case managers saying they couldnt find pieces from the file and causing us to start the process over and over again this went on for MONTHS Costing us thousands upon thousands of dollars. The banks attorneys are arguing that the settlement did not violate the law and acted in the best interest of the customers. I went ahead and paid for the 3-month trial payment and then they gave me the final modification terms. Repeated overdrafts can result in account closures and leave some lower-income customers without access to banking services. Sullivans home has a mortgage loan serviced by Bank of America, which is also the lender and debt collector on the loan. Sweet justice. The RMBS Working Group is led by Director Geoffrey Graber and five co-chairs: Assistant Attorney General for the Civil Division Stuart Delery, Assistant Attorney General for the Criminal Division Leslie Caldwell, Director of the SECs Division of Enforcement Andrew Ceresney, U.S. Attorney for the District of Colorado John Walsh and New York Attorney General Eric Schneiderman. As part of the settlement, Countrywide and Bank of America have agreed to pay $1 billion to resolve their liability under the False Claims Act. At nearly $17 billion, todays resolution with Bank of America is the largest the department has ever reached with a single entity in American history, said Associate Attorney General West. On April 20, 2020, a proposed class action lawsuit was filed in a Delaware federal court "against Bank of America for violations of Title VII of the Civil Rights Act of 1964 as a result of discriminatory background check policy and practice," according to a copy of the complaint available on the Bloomberg Law website. https://topclassactions.com/wp-admin/admin-ajax.php, Bank of America Unlawfully Services Home Loans, Deceiving and Costing Consumers, Class Action Lawsuit Claims, Bank of America Class Action Lawsuit and Settlement News, Do You Qualify: Bank and Credit Union Fees for Transferring Your Money via ACH Network Class Action Lawsuit Claim Review, Bank of America Bungles Handling of Unemployment Benefits, Class Action Alleges, Do You Qualify: Wrong Number Robocalls, Text Messages | Business & Debt Collector Lawsuit Investigation. Pending Settlements; Investigations; I ended up losing around $125,000 of my familys money that we pooled for the property because BOA has unfair lending practices. Please add me to this list of unhappy home owners from BOA! Now we had to start the entire process again with the new lender, Mr. Cooper, and we lost close to three months of review time to get the loan modification in place before January 1, 2022. According to the suit, the stolen data included customers names, dates of birth, phone numbers, addresses, bank account and loan information, and Social Security numbers. I applied for a home loan late last year (December 2021) but due to the unwieldy BofA system for loan approval, missed out on the property I wanted as well as on the historically low interest rate at that time. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team. Like many banks, Bank of America pledged at the beginning of the COVID-19 pandemic to provide needy customers with financial assistance, and to refund certain overdraft and NSF fees, according to the lawsuit filed in U.S. District Court in Northern California. The case is Morris et al v. Bank of America NA, U.S. District Court, Western District of North Carolina, No. We are pleased that this investigation has resulted in a multibillion-dollar recovery to compensate the United States for the losses caused by Countrywides misconduct.. While people were getting principal reduction payments we got tacked outragous fees and unnecessary fees due to BofAs unethical practices. The documents I remitted hope will put a bunch of them in jail. Class Action: Calif. Unemployment Recipients Allege Bank of America Thank you. I really cannot understand how they are still in business. A few years after that, unbeknownst to me, Bank of America purchased my mortgage from WAMU. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_3" ).setAttribute( "value", ( new Date() ).getTime() ); Please note: Top Class Actions is not a settlement To the US Controller of the Currency. Defendants schemes take advantage of the current structure of the mortgage industry, the claim states. In 2016 17 my husband had a stroke and had to stay in the hospital for a while he was later transferred to a nursing home where he later died. Im Florida, annuities are exempt from garnishment. I lost my home to illegal long modification. "Bank of America totally shirked their responsibilities because they didn't confirm what they were supposed to be confirming, they didn't follow the guidelines," claimed Cristina Pierson, partner at Kelley Uustal in Fort Lauderdale. The plaintiffs attorneys were able to get the case settled and the bank agreed to pay the $105 million. They accepted it and said we would hear back from them regarding the loan modification which would include forms to review and sign. They explained all the options and we selected the option that worked best for us. Please contact me. BofA did a modification on my home that started in 2008 and took until 2012 to complete. I would like to be added if my situation qualifies. My loan was transferred to another financial institution which Ive been currently having issues trying to refinance my property for the past several years. A $250 million settlement has been proposed in a class action lawsuit filed against Bank of America and Countrywide Financial Corp by mortgage borrowers who claim that the two companies participated in a real estate appraisal scheme. Please be patient. We were going on the 2nd year. BofA did the same to me. It was taking too long because they were dragging their feet and wanted to wear me out. As part of the RMBS Working Group, the U.S. Attorneys Office for the District of New Jersey conducted a FIRREA investigation into misrepresentations made by Merrill Lynch to investors in 72 RMBS throughout 2006 and 2007. Consistent with these practices, BOA uses an automated default servicing platform to illegally, unfairly, and fraudulently charge defaulted or at-risk-of-default borrowers for multiple and repetitive property inspections that are not required by lenders, not permitted by lender guidelines, and in many cases not allowed under state and federal regulations and guidelines.. This could have been complete had BOA done their work. Top Class Actions is a legal news source This is not true, because in most cases, the bank only needs to prove that you are eligible for a loan workout. Bank of America Class Action Lawsuit Settlement - Juris Laws Bank of America reaches $75 mln settlement over excessive fees Erin works primarily on ClassAction.orgs newswire, reporting on cases as they happen. Analysis by one news outlet notes that much of the data appeared to have been stored by ABS in plaintext files, meaning anyone with access to the files could read them, the suit states. The Action challenges extended overdrawn balance charges (EOBCs) as allegedly violating the National Bank Acts usury limit. Your article was successfully shared with the contacts you provided. I purchased a townhouse in Tucson, Arizona, in 2001. The plaintiffs are students who were charged excessive fees for insufficient funds. "The events of 2020 were hard enough without Bank of America making life even more difficult for California's unemployed," said attorney Mary Alexander. Top Class Bank of America Class Action Lawsuit - Law Clubs They had no paperwork and it was a mess. The forclosure went through in 2015, I believe. The FIRREA penalty to be paid by Bank of America as part of the settlement also resolves the governments claims against Bank of America and Countrywide under FIRREA for loans fraudulently sold to Fannie Mae and Freddie Mac.