News/Media

Bank Of America Institutes a Policy Of Lies And Deceit; Employees Reveal The Disturbing Truth

September 13, 2013

In June of 2013, homeowners all over the country were stunned when seven former Bank of America employees declared under penalty of perjury before the District Court of Massachusetts that Bank of America had made lying, deceiving, and bribing part of their home loan department policy.

Each employee described various deceptive practices Bank of America required of them when dealing with customers who were facing foreclosure and/or trying to obtain a loan modification. For example, one employee described denying modifications for hundreds of homeowners all at once simply because their applications had been on file for more than 60 days. Another employee stated that they were instructed to tell homeowners that they did not receive their email, fax, or FedEx even though their paperwork was entered in their file. Still more Bank of America employees were told to tell homeowners that their loan modification application was being reviewed even though no work had been done on it. Most shocking of all, some employees described receiving cash or gift cards for Bed, Bath, & Beyond, Target, and other retail outlets for meeting their quota on the number of loan modifications they denied in a period of time. The declarations further stated that for every ten homeowners they put into foreclosure, a bonus of $500.00 would be awarded.

This conduct is unquestionably reckless and cruel and amounts to fraud on a grand scale. United Law Center has been alleging the existence of this disgusting behavior for years, based on the testimony and other evidence presented by our clients. We encourage everyone to read through each of the statements linked below. If you read anything in these declarations that has happened to you in your communication with the bank, please contact United Law Center immediately! The actions described in these declarations are in violation of the Home Affordable Modification Program and the Homeowner Bill of Rights and can be used against the bank to stop your foreclosure and/or sue for fraud. Even if you have already been foreclosed on, you still have rights available to you to recover significant monetary damages for the injustice committed against you. Contact us today to schedule a free, no-limit consultation at 916-367-0622!

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