Is Bank Of America Playing Fair With Mortgage Holders?

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An investigation into the foreclosure practices of Bank of America has uncovered some surprising facts, and some activities that may be downright illegal. The group Anonymous, known for hacking as a form of public service, has released a number of emails that were leaked by an individual who used to be an employee of Bank of America. The emails provided by the former employee appear to show that foreclosure information was altered by a subsidiary of the large bank and by bank employees.

 

Anonymous claims that Balboa Insurance, the Bank of America subsidiary in question, has intentionally and illegally deceived the public by hiding foreclosure data. The emails which were leaked show discussions between the employees at Balboa Insurance about loan documentation altering designed to benefit the company, The spokesman for BofA has claimed that the emails were not related to foreclosures by the bank and are actually stolen property taken by a disgruntled employee when leaving the company.

 

The emails also bring into question the possibility of forced insurance scams perpetrated to deceive and fleece mortgage borrowers. Both the alteration of loan documents and any scams involving forced place insurance could cause borrowers to be placed in illegal foreclosure, and many consumer groups are demanding that something is done. Since Balboa Insurance is owned by Bank of America a forced insurance policy benefits both companies at the expense of the mortgage holder.

 

When a homeowner misses a payment on the required insurance policy covering the home in the mortgage contract then the mortgage lender is allowed to purchase this coverage for the borrower, and the costs of the policy are added to the mortgage debt. When Bank of America purchases this policy from Balboa Insurance then the result is an inflated premium that is much higher than the original policy in place and this puts an already struggling borrower further behind, and makes foreclosure a very real possibility.

 

One scheme hinted at in the leaked Bank of America emails involves back dating a forced place policy by as much as 9 months. The homeowner is billed for past insurance coverage that was not even in place at the time, and the insurance company knows that there will not be any claims because the period covered has already past.

 

One clue that your mortgage information and balance may be incorrect or that you have been a victim of these scams is a mortgage balance amount that goes up considerably when a couple of mortgage payments are missed. If you think you are the victim of forced insurance fraud or illegal foreclosure practices then you need professional legal help. These practices could leave you drowning in debt and could end up with your home being foreclosed on.

 

The bankruptcy attorneys at Richard West Law can provide a free debt consolidation consultation to help you find the right answer for your unique debt problems and circumstances. We will make sure that your debt is handled properly and work to eliminate any fraud or illegal foreclosure activity. Visit https://www.debtfreeohio.com or call (513)771-8700 or (937)748-1749 to get the answers you want, and the financial relief you are looking for.

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