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Released: July 05, 2011
Borrowers take banks to court after loan modification mishaps
Source: Associated Press, Washington Post (Free Registration)
It seemed Maria Campusano’s financial problems were behind her when the mortgage on her Victorian home in a Massachusetts mill town was chopped by hundreds of dollars a month. She soon learned that her troubles had just begun. Weeks after making her first payment under the new rate, the school district staffer began receiving past-due notices, documents showing wildly inaccurate loan balances and letters threatening foreclosure. She now fears she’ll lose her home. “How can they take away what I have worked so hard for?” Campusano said. Campusano is one of two named plaintiffs in a proposed class-action lawsuit alleging breach of contract by Bank of America NA and subsidiary BAC Home Loans Servicing LP.Read Full Article: Borrowers take banks to court after loan modification mishaps
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