Don't Get Stuck Between a Rock and a Hard Place With Bank of America!

Bank of America is facing a class action lawsuit, something that I’ve been waiting for for a long time. 

The number of despicable actions that Bank of America has taken against homeowners is unfair, irrational, and possibly illegal.

I feel that most of the banks are guilty of this, however Bank of America is definitely the one with the most number of documented abuses.

In case you don’ t have first hand experience with putting a short sale on the market, let me explain before I gleefully fill you in on the details of the class action lawsuit.

Typically you begin with a short sale to aid a homeowner in getting out of being between a rock and a hard place with the bank and his/her mortgage.  You get an offer on the property and submit hundreds of pages of documents to B of A, which you must fax (not email, in this day and age!) 10 pages at a time.

Yes, 10 pages at a time!

Now, I hear that they have improved that, however know that the last short sale I had with Bank of America was in January and we had to fax, not email, 10 pages at a time.

From there, you call Bank of America, it is recommended to call them everyday, however Bank of America says not to call back for two weeks.  In the meantime, within two weeks time, each time that you call them, they state they have lost a different set of the 10 pages you’ve sent. 

It doesn’t matter that you have the fax confirmation sheet.  Oh no.  You just have to send it again, often to different numbers which have been disconnected.

Oh the joys.

In one article which I read, they state that Bank  of America “has foreclosed on homes by continuing the foreclosure process even after the home was successfully sold to a new buyer who didn’t even have a loan through Bank of America,” how “they have foreclosed on addresses they never even had a loan on despite dispute and direct correspondence.”

It’s astounding. 

I recall one day when I was on the phone the whole day because they wanted to foreclose on my sellers, only to find out that they had confused my sellers’ house with another and were in the process of foreclosing on the wrong property!

WHO IS INVOLVED
I’ve awaited the day that someone stepped up to the plate with Bank of America, and that day is here.

The Texas Housing Justice League joins 15 homeowners in a lawsuit against Bank of America and its subsidiary BAC Home Loan Servicing.

The have eight claims against Bank of America listed as three breaches of contract, one violation of Texas Property Code, one breach of oral contract, unreasonable collection efforts, and intentional misrepresentation.

CRITERIA
The Texas Housing Justice League describes the plaintiffs as “people who purchased their first homes between 1994 and 2006, usually with loan assistance fromn the Federal Housing Administration and the U.S. Department of Verterans Affairs.  Their loans were all serviced by Defendant BAC, which is a wholly owned subsidiary of Defendant Bank of America, N.A..”

SUMMARY
“The lawsuit complains not of poor customer service by BAC, but of scheme, misleading, inconsistent, lost correspondence, verbal abuse, extensive delay, money, health, shuffled, no resolution, dysfunctional, barrage of misinformation, misdirection, deliberate inactivity, abuse, harassment, yo-yo, blocked at every turn, labyrinth of transfers, hundreds of hours on the telephone, transferred, never speak to same person again, contradictions, complaints met with resistance, no supervisors available, unaccountable departments, asked to sign same documents three, four, or even five times, negotiators who would not return telephone calls, not isolated incidents, patterns and practices by Bank of America.”

WHAT’S NEXT
No one is expecting BAC and Bank of America to acutally fight the facts of the case.  They will be looking to see what they can get away with.  The expectation is that they will claim “poor customer service.”

The fact is that your loan servicer is not a waiter in a restaurant that may or may not give good service.  They have a contract with Bank of America as a holder of their home loan. 

People are sick of the banks sticking them between a rock and a hard place, let’s hope this is the beginning to the end of their ordeals.