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Originally Posted by simon2020  Does anyone know if CW/BofA will have another class action lawsuit pending?
With all these botched loan mods, I would think they will be hit yet again in the pockets.  |
I sure hope you are right and that I get in on it.
What seems to be happening with the botched NOTARIZED mod contracts, is they have a strategy in play where anyone who does try to make them honor the agreement is very likely to accept
CW/BofA's super-cheap settlement with it's NON-DISCLOSURE.
The FALSE information from BofA, assuring victims that BofA did nothing wrong, combined with people without deep pockets to fight or lofty friends to help fight, lack of knowledge, suppression of the information thanks to the other NON-DISCLOSURES, all have made it harder to form a class action suit.
In some, if not all states, once the mod is put into place and a token payment for the 'wrong' is accepted, the victim has no further legal claim, even without the non-disclosure.
We may need to mount a REALLY LOUD CLAMOR that gets the AG's attention in all the states where these 'FALSE MODIFICATION CONTRACTS' exist.
I call them a FALSE mod contract, because the PROCESS used to cancel all of them is just as bad as the process of canceling the applications BUT WITH A SIGNIFICANT DIFFERENCE. THEY PRODUCED A CONTRACT. They then do not do a
FAIR AND REASONABLE processing of said CONTRACT.
It is like the dealer sells you a car (and behind the scenes, the dealership never bothers to have the contract they wrote up on their forms signed by the office manager or dealership owner), you drive off with it, they've even given you all the docs for registering it, then they call you up and tell you they cancelled the deal, bring the car back. If you ask why the deal is off, they come up with various and sundry reasons, but no opportunity would be offered to 'fix' that deal, right? You would probably call the news media, right? That would be the a similar situation to what BofA does.
In the real world with that car dealership, if they found something to correct about a deal, they would tell you exactly what the problem was just as soon as they found a problem (so appropriate an analogy since some of the cash-for-clunkers contracts have run into problems). Did you notice how QUICKLY THOSE situations are brought to light? Did you notice that some of the dealerships are picking up the tab? With those situations, there was an actual CONDITIONAL WAIVER form that was part of the CONTRACT. The dealership did not continue to tell you that all was well when they really already had cancelled your contract. No, you got told within just the next DAY! Not the months of delays in telling you the contact was canceled that occurs with BofA.
When you have a problem paying the mortgage, people are not wanting to have to take their problem public and there is a certain segment of the population who would not even realize they have been scammed.
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OMG! You MUST read this! 
Re: OMG! You MUST read this! ((Yet another story about denied loan mods)) 
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