Foreclosures have become an increasingly major issue in the U.S. in recent years. In the past few years, the federal government has tried many different ways to address foreclosure issues.
Our post yesterday discussed the overall breach of contract claim in lawsuits filed against Bank of America for HAMP mortgage modifications. However, the homeowner complaints against Bank of America allege problems much deeper than just "they denied my modification against the terms of the contract." The complaints allege that Bank of America did not act in good faith during the modification process.
Most people consider their home one of the most important things in their life. A house should be a secure place for people to relax in and to enjoy time with their families. In this economic downturn, home ownership has become a struggle for some. Many homes are "under water" and while most people try to pay their mortgage on time, they are finding it harder to do. Banks are not making things any easier.