Bank Of America And Other Banks Probed For Alleged Misdeeds Towards Mortgage Holders
Officials have opened up an investigation looking into the alleged Mortgage misconduct committed by the Bank Of America and other banks against their customers, possibly leading to a class action lawsuit.
Mortgage Loan Originators Harmed Customers Nationwide – Allegations
Per different online reports, several reports have suggested that Bank of America has disenfranchised its mortgage-holding customers.
It is said that the bank allegedly charged aspiring homeowners of property inspections that were said to be totally unnecessary. Additionally, some of the said property inspections did not even happen at all.
Property inspections are different compared to home inspections. The former is usually conducted at the request of the mortgage lender if they see and consider the borrower has a very high chance of defaulting on their mortgage payments.
Although they are relatively cheap, online estimates say that the costliest property inspection typically costs no more than twenty bucks.
Different sources say that Bank of America has ordered property inspections that were not totally necessary, which they ended up adding to their customers’ mortgage total.
If stacked and added altogether, though, as time passes by, they may cause a significant financial impact on a payor. In fact, the added costs are subject to rates and other banking policies.
On the other hand, Bank of America is also accused of placing insurance coverage on properties to many properties under a mortgage. Again, these force-placed insurance imposed by the bank were said to be totally unnecessary.
Bank of America Not Sole Bank To Answer To Allegations; Officials Invite Victims To Share Their Stories
The abovementioned incidents are not unique to Bank of America customers, though. It is also believed that other banks have implemented such practices that have affected their mortgage borrowers.
Legal experts are inviting Bank of America mortgage holders and those from other banks to share their experiences and stories. Those who ended up getting charged for unnecessary property inspection fees and/or had their mortgaged homes placed under insurance policies as directed by the bank can have their ordeals examined by attorneys and other firms.
Some may even end up being qualified to join or form a Class and pursue legal action against Bank of America or any other bank nationwide.
Editor’s Note on Bank Of America Mortgage Fees Class Action Lawsuit Investigation 2021:
This report details the alleged violations of the law carried out by banks all over the country, such as Bank of America, towards mortgage loan holders as they impose charges that were reportedly totally uncalled for.
Case Name(s) & No.: Bank Of America Mortgage Fees Class Action Lawsuit Investigation 2021
Jurisdiction: United States
Products/Services Involved: Mortgage Fees
Allegation(s): Bank of America and other banks in the United States have harmed their banking clients after they have taken advantage of their positions as loan originators to their house mortgage financing.
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