Bank of America has recently had run of negative publicity, and a good portion of it involves inept execution in its handling of foreclosures. Allegations of wrongful foreclosures, inaccurate title documents, and questionable foreclosure tactics, have not put Bank of America in a positive light.
Lynn Szymnoniak, an attorney in Palm Beach County, Florida, was instrumental in uncovering mortgage and foreclosure fraud involving JPMorgan Chase, Wells Fargo, Ally Financial, Citigroup, and Bank of America. Her lawsuit alleged the aforementioned financial institutions engaged in a nationwide practice of failing to obtain required documents used to identify the true owner of a mortgage. In far too many cases those financial institutions initiated foreclosure proceedings even though they were not the true owners of the property. They were involved in outright fraud in their representation and/or questionable actions in their zeal to foreclose. A settlement was reached in the amount of $25 billion.
In Palm Beach County, Florida alone, Bank of America has sued itself eleven times in foreclosure cases. Ms. Szymnoniak said, “There are likely at least 100 examples of the same thing happening across the state.” One example of Bank of America suing itself; on March 29, 2012, in a foreclosure matter filed in Palm Beach County, Bank of America is listed as plaintiff and Alegandro Caro, Nicola Revell and Bank of America are listed as defendants.
Zjumana Bauwens, a Bank of America spokesperson, has said, “We are servicing the first mortgage on behalf of an investor and we own the second mortgage. Naming the second lien holder in the suit is necessary to eliminate the junior interest.”
Read the rest of the article at Fort Lauderdale Business Law Examiner
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