Bank of America Involved in Foreclosure Related Lawsuit

Bank of America has been in the news a lot recently because of its foreclosure practices. Attorney generals in Nevada and Arizona have filed lawsuits against the Bank of America Corporation. The lawsuits claim that the lender has been misleading homeowners in regards to their mortgage modification. Many homeowners continued making mortgage payments after being told that their mortgage was modified, when in actuality it was not. While homeowners continued to make payments, the foreclosure process began. Because of these discrepancies, many homeowners have lost their homes wrongfully.

Bank of America Involved in Foreclosure Related Lawsuit

Because these mortgages were not modified, there was no need for homeowners to keep making mortgage payments. Bank of America wrongfully kept collecting these payments, while continuing the home foreclosure process. These lawsuits hope to get Bank of America to change its practices. The goal is for the lender to develop a better communication system between the bank and its customers. This will help give homeowners more accurate information about their mortgages. Bank of America is not the only lender in this situation. Other lenders have recently faced scrutiny for their foreclosure practices. As more homeowners lose their homes, more lender complaints arise.

Bank of America has completed around 750,000 loan modifications. Many homeowners apply for modification, but do not meet the strict qualifications. With its current practices, homeowners find out that they do not qualify, much too late. A better communication system would allow for homeowners to know whether their modification was accepted at a faster rate. This would lead to less confusion, and would give homeowners a chance to fight their foreclosure, instead of being forced to lose their home.

Nevada and Arizona are two states with some of the highest home foreclosure rates in the country. Other states that have been especially suffering over the last few years include Florida, Illinois, California and Texas. Bank of America is the number one lending company in both Nevada and Arizona. In Nevada, one in 99 homes

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received notice of foreclosure last month. Arizona’s foreclosure rate is very similar. These statistics help to better illustrate the current foreclosure crisis.

As more home foreclosures are questioned, homeowners are learning ways to stay on top of home foreclosure issues. With the right tools and information, home foreclosure can be stopped. The Foreclosure Defense Program is a great resource for home foreclosure news and information. Find out why you should hire a foreclosure defense attorney and learn the importance of foreclosure defense. It is important to get help as soon as possible in order to keep your home. Don’t sit back and let your home be taken from you. Visit www.ForeclosureDefense.com for more information and to find an attorney in your area.

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