The Federal Trade Commission (FTC) announced Bank of America (BAC) mortgage-servicing department will refund $36 million in fees to settle allegations of default-related fees.
BAC Home Loans Servicing charged many homeowners fees for default-related services that were allegedly illegal or not authorized under their loan documents. Also alleged –
BAC Home Loans Servicing charged fees for title services that were much higher than the maximum $500 disclosed on the company’s website.
BAC Home Loans Servicing, which also did business as Countrywide Home Loans Servicing (see footnote), agreed to the FTC settlement as part of a $25 billion global civil settlement reached yesterday (February 9, 2012) along with four other U.S. banks (Citigroup, JPMorgan Chase, Wells Fargo and Ally Financial, Inc. which was formerly GMAC).
Keith A. Gantenbein, Jr. is a Colorado foreclosure defense attorney located in Denver and servicing all of Colorado. He also handles bankruptcies, mortgage negotiations, lender liability, real estate, civil litigation, contracts and landlord/tenant. If you think you will be facing foreclosure, or are in the foreclosure process, or have had a wrongful foreclosure, contact Keith Gantenbein at (303) 618-2122 for a one-hour consultation where he will discuss your situation and go over all your options with you.
This article is not intended as legal advice. The opinions of this article are solely the opinion of the author.