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Bank of America lied to distressed homeowners, former employees say

Bank of America systematically worked to deny thousands of loan modifications with specific delay tactics that included lying to homeowners and repeatedly requesting documents employees knew were already in the system, according to statements added last week to a multi-district lawsuit filed in federal court.

The suit, which is seeking class-action status and includes a Boynton Beach homeowner, claims the lender purposefully hindered modifications requested by borrowers through the federal Home Affordable Modification Program.

According to former employees of the Charlotte, North Carolina-based bank, loan modification agents handled up to 400 cases at a time and eligible borrowers were pushed into foreclosure during periodic “blitzes” where any file with documents 50 days old or older was automatically denied.

“This included files in which the homeowner had provided all required financial documents and fully complied with terms of the trial period,”…

Excerpt:

“Beginning in 2009, I regularly spoke to people who had received HAMP Trial Period Plans, made their trial payments, and who were calling to inquire about the status of their expected permanent loan modification. I also saw records showing that Bank of America employees had told people that documents had not been received when, in fact, the computer system showed that Bank of America had received the documents. This was consistent with the instructions my colleagues and I were given. We were told to lie to the customers and claim that Bank of America had not received documents it had requested, and that it had not received trial payments (when in fact it had). We were told that admitting that the Bank received documents would open a can of worms since the Bank was required to underwrite the loan modification within 30 days of receiving those documents…