Homeowner’s Victory over Bank of America
Check out this great story about a California homeowner who became fed up with Bank of America and sued them in small claims court. In a great victory against this big giant, he won a settlement of $7,595.00. More importantly, he brought to light something we advocate for clients on all the time — that big banks like this are violating the guidelines of a program they agreed to participate in, are holding homeowners in trial modifications for indefinite periods of times, and then are denying them on baseless reasons. All this, while the homeowner is diligently keeping up their end of the bargain by making timely trial payments.
From the article… (READ THE FULL ARTICLE HERE)
“The National Consumer Law Center is involved in several class-action lawsuits against banks and others over broken HAMP promises. (Those lawsuits, if successful, will prevent foreclosures.) The NCLC’s Charles Delbaum told HuffPost that Judge John Pacheco’s “terrific decision” in Graham’s case picked up on the same theme of more than a dozen actions against the likes of Bank of America, JPMorgan Chase, Wells Fargo, and CitiMortgage.
“[I]t is unconscionable to string homeowners along far beyond the three month trial periods they and their banks have agreed to,” Delbaum emailed, “allowing them to become more and more behind on the payments due under their original loan, making the hole they are in ever deeper and harder to dig out of, and then to tell them they weren’t eligibile for the program in the first place — something the banks are required to determine within the three month trial period.””