'Investor files lawsuit against Bank of America on loan restructuring, says it violates contractual agreements'

Investor files lawsuit against Bank of America on loan restructuring, says it violates contractual agreements

12/31/08 14:31

And so the war on loan restructuring has already commenced. One investor, William Frey, an investor in mortgage-backed securities, filed a lawsuit against the Bank of America for its alleged breaking of contractucal agreements and hurting the financial system. He even plans to elevate the lawsuit into a class suit.

According to the investor, the Bank has no right to bend contractual agreements and restructure the loans made by hundreds of thousands of homeowners.

Link: Investor Sues to Block Mortgage Modifications - BusinessWeek

Our mortage was purchased from another company by Bank of America. I was a month behind, but working on catching up. On the first of august I trid to make my July payment and was told that they did not have have my loan processed yet. But I would be recieving the information in about "two weeks". Fast forward to today, I get a letter that Bank of America has to send out under Indiana state law saying we are in default of our terms. Bank of America forced us to be two monthes behind by not having the information sent to me. I made the past due payment today, and it was like pulling teeth to have them give me a loan number. The whole time the person on the other end was very cold and callus.

I was in forclosure with Bank of America so I got in touch with acorn who the cextended my sale date but still sold my property on the original sale date . bank fraud

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