Bank of America

There has been a proposed class-action lawsuit that alleges breach of contract by Bank of America and subsidiary BAC Home Loans Servicing in mortgage modifications.

This lawsuit involves permanent modifications through the U.S. Treasury-administered Home Affordable Modification Program, which offers incentives to loan servicers who modify loans, as well as modifications banks offer independently of the government guidelines.

One plaintiff’s loan was modified, cutting her mortgage, but she then received past-due notices and foreclosure threats.

They represent a new wave of complaints against banks that have weathered years of criticism for their reluctance to modify loans and for foreclosing on borrowers after offering them trial modifications.


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