USA Today Reports:
Permanent mortgage modifications, which lower mortgage payments have been given to only about a third of the 1.3 million borrowers.
The class-action lawsuits allege that the trial payment plans are contracts that obligateBank of America and other servicers to abide by them and to give permanent loan modifications to homeowners who otherwise can’t pay their mortgages and would face foreclosure and loss of their homes.
The article should be read in full if you are following the foreclosure crisis. The article states in part:
Whether a Lake Stevens, Wash., couple keep their home may hinge on the outcome of a legal strategy that aims to join struggling homeowners with similar experiences in the HAMP program in a class-action lawsuit against the nation’s largest bank. On Sept. 30 in Nashville, a federal court hearing is scheduled to consider consolidating the Sopers’ case with more than a dozen others against Bank of America….
To review the full article click here.
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