Tuesday, December 17, 2013

Bank of America Faces Lawsuit for Violating Consumer Protection Act and Vermont Foreclosure Laws

From:  LoanSafe

(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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