From: LoanSafe
posted by on December 13, 2013 in Latest Bank News
(Source: Attorney General William H. Sorrell) – The
Office of Vermont Attorney General William H. Sorrell has filed suit
against Bank of America for violating Vermont’s foreclosure mediation
statute and Consumer Protection Act in foreclosure actions brought by
the Bank against local homeowners.
According to the complaint filed in Washington Superior Court in
Montpelier, Bank of America, based in Charlotte, North Carolina, (a)
failed or refused to comply with mediation settlements in Vermont state
court foreclosure actions to which it previously agreed; (b) billed
foreclosure defendants (the homeowners) for more money than their
mediation settlements provided; and (c) sent mailings to homeowners
containing misrepresentations, including misrepresentations about the
amount of money due the Bank and the status of the foreclosure action.
The complaint describes two such foreclosure cases involving repeated
breaches by the Bank of negotiated settlements reached during the
course of mediation. It asks the court to prohibit future violations of
law, award appropriate monetary relief to affected Vermont homeowners,
impose $10,000 in civil penalties for each violation of law, reimburse
the State’s fees and costs, and grant other appropriate relief. Any
Vermont homeowner who was sued in foreclosure by Bank of America and
entered into a settlement of the case through mediation, but where the
Bank did not comply with the terms of the settlement, is asked to
contact the Attorney General’s Office at (802) 828-5507, or by email to glavely@atg.state.vt.us.
Source: Attorney General William H. Sorrell
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