Fighting, and Winning, against Illegal Foreclosure by Bank of America
November 22, 2016
Imagine a bank foreclosing on home owners after demanding multiple mortgage modification applications, trapping them in years of modification payments, drowning them in arrearages, fees, and interest, and refusing to follow through on the original promise of modification for no apparent reason.
Unfortunately, the Morrows aren't the only people who face this situation. Thousands of people are foreclose upon each year by banks who "lose" modification documents, ask homeowners to make lower monthly payments only to use the arrearages in payment against them, and sometimes fail to recognize a valid mortgage modification at all.
Why does this happen? Sometimes by mistake. But it is undeniable that banks and lenders regularly make more money when they foreclose on a house than through regular mortgage payments. So do the math - why make it easy for a homeowner to modify a mortgage when you can make it harder and potentially make more money?
If this sounds wrong, that’s because it is. A bank is not a casino and your mortgage is not a game. A bank should not be demanding you submit modification documents over and again. And they shouldn’t lure a homeowner into paying a lower monthly mortgage, only to use the difference against the homeowner
Lenders, including Bank of America, have seen lawsuits nationwide regarding their failure to process mortgage modification documents in a timely manner, as well as luring homeowners into deeper waters with lower payments while they await modification.
Don’t let yourself be a victim. If you’ve had trouble with Bank of America or any other lender foreclosing on your home after trying to get a modification, please call us at (317) 531-4575, or follow this link to send us a message. We’re here to help!