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Bank of America: Foreclosure Bonuses for Employees and Nothing for Homeowners

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While most Americans struggle to make ends meet, pay their debts and keep their homes, Bank of America is giving out gift cards for meeting quotas tied to sending distressed homeowners into foreclosure.

A Bloomberg article from June, 15, 2013 provides some more of the ugly details. Court statements from ex-Bank of America employees said that they were told to falsify records and improperly disqualified applicants to the Home Affordable Modification Program (HAMP). The employees said they were told it was their job to maximize fees for the bank by delaying the HAMP modification process by any means they could. Loan collectors who put at least 10 customers into foreclosure, including those in trial HAMP modifications, were given $500 bonuses.

In the Bloomberg story, a former employee and loan servicer for Bank of America said: “I witnessed employees and managers change and falsify information in the systems of record, and remove documents from homeowners’ files to make the account appear ineligible for a loan modification,”

A spokesperson for Bank of America says, in the Bloomberg story, “Attorneys are painting a false picture of the bank’s practices . . .”

The picture seems pretty clear to us. The American public, struggling homeowners seeking relief, got scammed.

We will say it again, especially for clients dealing with the big banks and home modification loans: Buyer beware. And, if you suspect you have fallen victim to one of these types of scams, or if you are a struggling Montana homeowner trying to save your house from foreclosure contact Cossitt Law at 406-752-5616 immediately. We are experts and can help identify options that may help you save your home.

Read the full story here: http://www.bloomberg.com/news/2013-06-14/bofa-gave-bonuses-to-foreclose-on-clients-lawsuit-claims.html

Or get more gory details in the NBC News story: http://www.nbcnews.com/business/bank-america-former-employees-we-were-told-lie-6C10351458#bank-america-former-employees-we-were-told-lie-6C10351458

 

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