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News for Real Estate Investors and Landlords — bank of america

BofA Employees Given Bonuses for Forcing Borrowers Into Foreclosure

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Please "share" this post on your facebook pages, twitter accounts, and LinkedIn accounts. I just stumbled across this, and the news is two months old!  More people need to know about this. In sworn testimony, six former Bank of America employees admitted they were instructed to lie by their supervisors. They were told, "The more you delay approving loan modifications, the more money BofA will make."  Employees were paid cash bonuses and given gift cards for forcing borrowers into foreclosure! Click HERE for the full article on the NBC News website. Here's another story that talks about employees falsifying documents...

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More: Bank of America Delayed Loan Modifications

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This is an update to my earlier post on this topic.  I spoke with the Attorney General's Office for the State of Alabama regarding problems with Bank of America refusing to convert trial payment loan modifications to permanent modifications.  Others are being told the bank will not honor original loan modification agreements but, instead, wants higher payments and higher interest rates. The Attorney General's office told me that people still having to deal with those issues should file complaints with one or all of the following: If you are a resident of Alabama, or the property is in Alabama, contact...

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Short Sales and Title Defects: Be Prepared!

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I am in the final stages of a short sale closing.  There is a problem because when the first and second mortgages were originated in 2004, the mortgage company made a mistake when they assigned the first mortgage to Countrywide. Because of the mistake, they actually assigned the second mortgage, not the first. Technically, the mortgage company still owns the first mortgage. Yes, Countrywide and then Bank of America have been collecting payments all these years. Yes, Bank of America agreed to the short sale. But, they technically did not own the mortgage. So... The title insurance company for my...

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Video of Couple Foreclosing on Bank of America!!!

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Here's a good video with the story about the Naples, Florida couple who turned the tables on Bank of America and had sheriff's deputies seize bank assets!  Great shots of moving van and armed deputies outside the branch bank.  The manager apparently locked himself in his office while he tried to get someone in Corporate to get him out of this mess. Forward this to all of your friends who need a smile today!  

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Florida Couple Forecloses on Bank of America

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A Florida couple bought a foreclosed home from Bank of America and paid $165,000 in cash.  About a year later, Bank of America started foreclosure proceedings on their home!  It was all a terrible mistake. The bank stopped the foreclosure, and apologized. BUT, the court ordered them to pay the homeowners $2,500 to reimburse their legal fees. Unfortunately, over the course of a year, BofA never got around to paying the debt. Guess they were busy stringing people along on short sales and loan mods and then foreclosing on THEM. Frustrated, the couple had Sheriff's deputies begin seizing furniture and...

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