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Bank of America Complaint Update
On July 27, 2018, the attorneys of Wright & Schulte filed a complaint for damages against Bank of America, N.A. on behalf of 10 families injured at the hands of Bank of America’s fraudulent scheme to deny homeowners seeking mortgage loan modifications under the Home Affordable Modification Program (“HAMP”).
HAMP was implemented in early 2009 under the Making Home Affordable Program to assist American homeowners modify their monthly mortgage payments and save their homes from foreclosure. As described on the U.S. Department of the Treasury website, HAMP was intended to assist families struggling with a financial hardship who were able to make consistent monthly payments after a modification. As the nation’s largest mortgage servicer, BOA agreed help homeowners save their homes from foreclosure by implementing HAMP.
Plaintiffs’ complaint alleges fraud, fraudulent concealment, promissory estoppel, intentional misrepresentation, unjust enrichment, conversion, and violation of the North Carolina Unfair & Deceptive Trade Practices Act. Plaintiffs allege that Bank of America developed a secret practice of intentionally preventing eligible homeowner applicants from receiving permanent HAMP modifications. In their complaint, Plaintiffs point to a cycle of resending applications and documents and extended trial payment periods in support of their allegations that Bank of America used a systematic strategy of delaying and ultimately denying HAMP modifications.
Complaint filed on behalf of 10 families alleging fraud against Bank of America under the Home Affordable Modification Program.
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