BOA ADMITS ILLEGAL FORECLOSURES ON MILITARY SERVICE PEOPLE – PAYS $100,000 DAMAGES TO EACH

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BofA will Pay for Illegal Foreclosures, Literally

Bank of America will pay over $100,000 to each of the servicemembers whose homes it illegally foreclosed on. This amount is in addition to compensation for lost equity due to its indiscretions.

The settlement is the largest ever, under the Servicemember Civil Relief Act.  The payments are part of a settlement between the federal government and Bank of America subsidiary BAC Home Loans Servicing, fka Countrywide Home Loans Servicing.

Under the settlement, Bank of America agreed to pay $20 million the almost 160 members of the armed forces whose homes were illegally foreclosed on from 2006 to the middle of 2009. The bank must also provide information about its foreclosures from mid 2009-2010, and pay the same minimum amount agreed upon for any additional illegal foreclosures.

Foreclosure and the Servicemembers Civil Relief Act

LawInfo has a wide array of foreclosure resources. Here is more information about Frequently Asked Legal Questions, and here is the link to LawInfo’s Foreclosure page.

If you are a servicemember, and believe that your home was illegally foreclosed upon, click here to find out more information about your rights, or to contact an SCRA attorney.

Tags: bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND
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