From an interesting article out of the Seattle Post-Intelligencer, two Seattle-area homeowners have filed a class-action suit against Bank of America claiming the bank has failed to work with owners facing foreclosure.
It’s about time.
We see first hand every day, how difficult lenders make it – especially Bank of America – for someone to do a short sale. We rarely get involved in the loan modification process, but by all accounts, it’s even more difficult than a short sale. Whether the lenders want to admit it or not, both loss mitigation practices save lenders far more money than the alternative, foreclosure.
Still, lenders take their time, bumble through the process and more often than we’d like to see, screw the deal up.
Now, someone is going to do something about it. Bravo! We’ll be watching this one and will provide updates as they become available…
*Not to be outdone, it looks like Chase is being sued as well! In an article featured on The Huffington Post, a California couple was told to go delinquent (which unfortunately is very common), before the mass confusion/incompetence that is your typical loss mitigation department "accidentally" led to foreclosure. Remarkable...
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