The Home Equity Theft Reporter: BofA Revokes Loan Modification Agreements Despite Having Collected Timely Payments On Reworked Terms, Complaining Homeowners Tell Florida AG

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The state of Arizona has sued Bank of America, alleging that the bank has consistently misled consumers about its home loan modification process. Reuters ( Entire article ) The lawsuit, filed on Friday by Arizona Attorney General Terry Goddard , accuses Bank of America of violating the state’s consumer fraud act.

Benefits of a Loan Modification Homeowners who, for whatever reason, find. their home by modifying the mortgage terms and/or the payment so that they are. best interest of the lender to avoid having to go through the foreclosure process , They in effect collect zero percent interest on part of the loan.

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