Bank of america foreclosures for sale in michigan,homes for sale in maryland redfin x-out,foreclosure listings in oradell nj news - Plans Download

05.10.2015
After the foreclosure settlement agreements and the hot water that lenders have been in over the last few years due to the real estate market crash, surely, lenders are now engaging in ethical actions and all their wrongful deeds have been uncovered.
Despite the conclusion of the foreclosure settlement agreements and resulting compensation checks, Bank of America cannot seem to stay out of the spotlight. We recently highlighted the fact that Bank of America was headed to court to face off against AIG and is being sued by New York as a result of failing to comply with foreclosure settlement agreement terms. However, even with these two problems, the bank is yet again in the spotlight for their questionable actions. Bank of America has apparently been rewarding their employees for meeting foreclosure quotas, rewarding them with everything from gift cards to bonuses.
Specifically, employees were paid a $500 bonus if they completed at least 10 foreclosures per month. As a result, many requests for a loan modification (under the Home Affordable Modification Program or HAMP) have been rejected even if they met the qualification requirements. Employees even claim that they were told to tell homeowners that they never received documents required for loan modification, even if the documents were received by the bank. All of this information, which was revealed last week in court in Boston, shows that Bank of America was engaging in unethical actions and having their employees lie to homeowners all in an effort to avoid loan modification and increase foreclosure. Clearly, the lender was failing to help homeowners avoid foreclosure despite the requirements to help encourage loan modification and other alternatives to foreclosure. In conclusion, Bank of America is up to no good yet again and their unethical actions and cruel intentions are being brought to the spotlight again.
Have you ever received a notice in the mail that your mortgage rights were purchased by another entity (typically an investor such as Fannie Mae, Freddie Mac, etc.)? It is common practice for lenders to sell of mortgage servicing rights to investors, meaning that homeowners will be making payments and learning about mortgage-related information from the new service provider. Due to the decline in the lucrativeness of the mortgage servicing business, Bank of America and other major lenders such as Wells Fargo are scaling back on their mortgage servicing commitments by selling these rights to investors. Although the transfer or mortgage rights is common practice in the mortgage industry, many homeowners are finding that their online accounts for monitoring their mortgage information are not working in addition to other delays during the transition. Bank of America is not only selling off mortgage rights to residential properties, but apparently the desire to reduce their mortgage servicing commitments extends to the commercial real estate industry.
In conclusion, Bank of America has its hands full with the pending lawsuit and other mortgage dilemmas; therefore, it is looking to reduce its stressors and will be selling off mortgage servicing rights to investors as part of its plan moving forward. Recently, former employees of Bank of America accused the major lender of rewarding them for lying and pushing foreclosure in an effort to avoid HAMP loan modifications. According to the bank, these employees did not have access (or had little access) to processing HAMP and therefore would be unable to witness anything that would support their accusations. So far, the employees have not issued their rebuttal of these claims and time will tell whether these individuals can provide solid proof that their allegations are accurate instead of a fabrication to get back at the bank for terminating them. Although this major lender has been involved in the real estate market crash and foreclosure settlement agreements in addition to a variety of other legal matters over the last few years, the bank somehow continues to prosper. Bank of America will release its earnings report on Wednesday, with most people projecting that the bank will show a significant increase in earnings for the second quarter. At the end of the day, Bank of America continues to excel with a positive projection for Q2 profits. Bank of America is a big-name bank throughout the United States and the globe, and is ranked as the 3rd largest company in the entire world by Forbesin 2010.


In fact, if you have been searching for foreclosures, then you may wish to consider Bank of America foreclosures – properties that are actually owned by the bank itself. When a homeowner gets behind on their mortgage payments and fails to pay the delinquent payments and associated fees for a period of time, the home enters into the foreclosure process. If the homeowner is unable to pay the mortgage payments and the property is not sold at auction (after being repossessed), then the bank acquires the home making it the property of the lender. Typically a lender will have someone outside of the company market and sell the foreclosure properties for them; therefore, realtors tend to have lists of Bank of America foreclosures for sale.
Those looking to purchase foreclosures can also search US bank foreclosure listings to find everything from bank auctions to US bank REO properties that are already on the market. Bank Foreclosure properties are often great investment opportunities for investors and potential homebuyers because they can often be purchased for well below market value. Of all of the banks within the United States that have been part of the foreclosure settlement agreements, Bank of America has been in the spotlight more than any other lender. If you have been keeping up with big banks throughout the last few years, specifically in regards to the foreclosure settlement agreements reached as a result of lender unethical actions, then you more than likely have heard how major banks are too big to fail.
When it comes to the real estate market crash, most people agree that lenders played a major role in the crash and continued with unethical actions that led to wrongful foreclosures after the crash. Amidst the foreclosure settlement agreements and other litigation surrounding the real estate market crash, Bank of America was also being pursued by federal prosecutors in regards to bad home loans that Countrywide Financial sold to Fannie Mae and Freddie Mac. In what is yet another foreclosure-related punishment for Bank of America, the Charlotte-based corporation was fined $220,000 by a U.S.
Bank of America, the second largest bank in the country, has been in the middle of foreclosure crisis since the very beginning.
Bank of America has been one of the key lenders involved in the foreclosure settlement agreements.
Imagine losing your home due to bank negligence and robo-signing and then struggling to keep your head above water in the following months, all while the lender that is responsible for your circumstances is sitting back and continuing to bask in its assets without much of a concern in the world. This video discusses how the “mortgage crisis” continues to drag on, specifically discussing how Bank of America has reached an agreement with Fannie Mae worth $10 billion in addition to the most recent foreclosure settlement agreement of $8.5 billion involving 10 lenders and halting the independent foreclosure review process.
This video shows that Bank of America stocks are increasing and credit card usage is rising, while also obtaining a stock upgrade.
Unfortunately for them, the spotlight is magnifying their unethical practices, which is bad PR to say the least. Specifically, Bank of America is being accused of encouraging employees to lie and rewarding them for pushing foreclosure. When a bank is rewarding these types of practices, employees often find themselves engaging in actions to help increase their chances of receiving these rewards. Furthermore, these employees were told to force homeowners into foreclosures and clearly were rewarded personally for pushing foreclosures. Furthermore, employees delayed processing HAMP applications – a delay that Bank of America strongly encouraged.
In short, Bank of America required employees to flat out lie to homeowners – all to meet a quota. How long will these lenders – like Bank of America – continue to engage in unethical actions? Some individuals are even having issues with completing short sales that were approved by Bank of America, but were not approved by their new mortgage servicer.


Part of the foreclosure settlement agreement included a handful of new mandates that are being placed on these lenders in an effort to regulate their actions. Keycorp will be the recipient of this massive commercial portfolio, which will put the company with around a $205 billion portfolio for commercial mortgage servicing. Specifically, analysts suspect that the bank’s earnings rose approximately 32% from Q2 of 2012. This success is amidst its involvement in the real estate market crash and the resulting foreclosure settlement agreements, as well as a plethora of other legal issues that continue to plague the bank. Being one of the primary mortgage lenders throughout the country from its headquarters in Charlotte, North Carolina, Bank of America has its share of foreclosure properties.
If Bank of America is the lender for the home loan and the homeowner does not pay the delinquent payments, then a notice of foreclosure is provided to the homeowner and the individual has until the property date of sale to get the property back in good standings with the bank. Once these properties are acquired by the lender, they become BOA foreclosures, which are also often referred to as bank owned foreclosures or REO properties. These properties are known as bank foreclosed homes and are frequently listed below market value, making them great investment opportunities for those looking for a new home. Bank of America acquired Countrywide Financial in 2008 and the lawsuit covers actions from 2007 to 2009.
Bank of America’s unethical practices have come to light over the years, along with the questionable actions and inactions of other major lenders, with the result being several foreclosure settlement agreements. Unlike other lenders, Bank of America has had somewhat of a scapegoat throughout the entire process. This reputation has definitely been brought into question due to the robo-signing issues and other questionable actions and inactions that has put the bank in the spotlight.
This resentment and overall feeling of helplessness and frustration is exactly what many Americans have felt ever since the real estate market crash. As long as they continue to get away with it and only get a slap on the wrist, these actions will more than likely continue – all trying to meet the agenda of the lenders and failing to meet the needs of the homeowners. However, lenders are finding these regulations are a bit burdensome, especially when it comes to resources (time, money, etc.). This transition of mortgage servicing rights will place Keycorp in the top three in terms of having the largest commercial mortgage servicing portfolios within the United States. For example, the Bank of America foreclosure department has all essential information on the foreclosure homes that are currently in the bank’s inventory. Specifically, Bank of America has placed a majority of the blame on Countrywide Financial, which Bank of America acquired in 2008. As a result, mortgage servicing is becoming more expensive and therefore less attractive, leading many major lenders to sell their mortgage rights off to investors. Moynihan, the bank?s CEO has commented on how Countrywide Financial has been a burden to the lender, primarily throughout the foreclosure settlement agreement process. Although two major foreclosure settlement agreements have been reached, Bank of America?s reputation has been affected.



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