Tuesday, June 18, 2013

MortgageOrb: Lawsuit: Bank of America Lied To Homeowners Seeking Loan Modifications

Six former Bank of America Corp. employees have reportedly filed a lawsuit in Massachusetts federal court alleging that the bank deliberately denied loan modifications to eligible homeowners in order to force them into foreclosure.

The former employees, who worked at different bank offices across the U.S. up until last year, claim they were told by upper management to lie to homeowners about the status of their mortgage payments and documents for the purpose of forcing them into foreclosure or getting them to sign modified "in-house" loans at rates of up to 5%, according to a CNBC report.

MortgageOrb: Lawsuit: BofA Lied To Homeowners Seeking Loan Modifications