by Brian Mahany
Bank of America never ceases to amaze us. Not a week goes by without someone calling with a new horror story. Although our mortgage foreclosure practice involves class actions and whistleblower cases, lately we too have been fed up by the shoddy way many lenders treat their customers. Today’s story comes courtesy of InvestmentNews. A story about the living dead seemed funny at first until I read that despite numerous calls the bank wouldn’t fix the problem.
While you may think it’s no big deal to be declared “dead,” it isn’t much fun when creditors start cancelling credit cards and loans. According to published reports, BoA reported Arthur Livingston of Prosperity, SC’s “death” to the 3 major credit agencies. Unfortunately Arthur was building a home at the time and couldn’t finish the home because he couldn’t get credit.
The article reports that the bank apologized but has yet to reimburse Mr. Livingston for the thousands of dollars of losses, his aggravation and the loss of his good credit history too.
Many commentators say that Bank of America is simply “too big to fail.” In fact, on November 4th, the Financial Stability Board named 8 U.S. banks that were considered too important to allow to fail. BoA is on that list. Unfortunately, in our opinion, they fail their customers daily.
We have seen many horror stories regarding Bank of America (Bank of New York, Countrywide and Wells Fargo too). If you have a particularly tragic story to share, please let us know. Send it as a comment if you would like us to post it and by email if you would like to talk to us about a potential lawsuit. (If you are a former employee of a mortgage company or a current employee who wishes to become a whistleblower we certainly want to talk to you.)
Currently we have the largest false claims case in the country against a mortgage company – our $2.4 billion claim against Allied Home Mortgage. While most cases are much smaller, every case we take is important to us.
Mahany & Ertl – Giving Homeowners a Voice. Offices in Milwaukee, Wisconsin; Detroit, Michigan; Portland, Maine & Minneapolis, Minnesota. Services available in many jurisdictions.