Bank of America HAMP Violations
HAMP Background:
Bank of America (BofA) opted into the program known as Troubled Asset Relief Program (TARP). In exchange for $25 billion, BofA, under TARP, agreed to participate in the Home Affordable Modification Program (HAMP). Under HAMP, BofA was obligated to work with homeowners facing foreclosure.
HAMP Obligations:
BofA must comply with certain obligations under HAMP. BofA must gather information pertaining to the homeowners and based on that information offer a revised 3 month trial payment plan. If the homeowners comply with the trial payment plan and makes all 3 payments, then BofA must offer a permanent modification to the homeowners.
HAMP Violations:
BofA has used devious and illegal tactics to prevent homeowners from qualifying for a home loan modification under HAMP. These tactics include:
- requesting more paperwork than is necessary,
- repeatedly requesting the same document,
- informing homeowners that BofA never received documentation,
- stalling homeowners in order to have the mandatory 3 month re-modification window expire,
- requesting upfront fees to enroll in HAMP,
- advising homeowners to stop paying mortgages in order to qualify for a trial modification, etc…
BofA gains monetarily from purposely delaying loan modifications. BofA is able to profit from late fees and other similar charges tacked on to late mortgage payments.
Litigation:
James, Vernon & Weeks, P.A. seeks to protect the rights of individuals who have been harmed by Bank of America. James, Vernon & Weeks, P.A. represents individuals harmed by Bank of America on a contingency basis. Contingency basis means that there are never any legal fees unless James, Vernon & Weeks, P.A. wins compensation in your case.
