Palm Bay, Florida, United States of America (Free-Press-Release.com) March 8, 2011 — The lawsuit filed in Florida alleges that Bank of America has elaborated malicious schemes against homeowners when it comes to servicing their loans and loan modifications. Bank of America has been widely accused of fraudulent practices by many homeowners all across the country. Currently, Bank of America is being sued by the Attorney Generals in both Nevada and Arizona for their “widespread fraud” against homeowners. All 50 U.S. states are investigating whether banks and loan servicers used false documents and signatures to justify hundreds of thousands of foreclosures.
Of all major U.S. banks, Bank of America has the lowest percentage of permanent loan modifications. The Plaintiffs state: “Many homeowners that were provided “permanent” loan modifications with Bank of America, will eventually be forced to default once again making them vulnerable to foreclosure. The word “permanent” is not the case when it comes to loan modifications with Bank of America. Bank of America’s mission is to foreclose on homes which makes it more profitable for them even though they “agreed” to participate in the HAMP program when they accepted 45 billion dollars in taxpayer money. They need to be stopped.”
Bank of America received 45 billion dollars in bailout funds to assist homeowners in default or in risk of default. The lawsuit alleges that Bank of America intentionally loses homeowner’s documents that they submit in order to qualify for a loan modification and they will also request those financial documents many times in order to prolong the modification process therefore, causing the homeowners to seriously default and lose their homes. It further claims that Bank of America told them to fall behind on their payments in order to qualify for the loan modification. They did as they were told and missed one payment. Bank of America would then repeatedly tell them that they were behind four payments when they were only behind one payment.
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In the previous article we have conversed about the “Person entitled to enforce" hereinafter abbreviated to "PETE” In this article we are looking at What happens when there is no PETE? This is a question that is asked however, no answer is given by the party looking to foreclose. The party that is attempting to foreclose had a choice to make...