BofA will pay $116,785 to each military servicemember whose home was unlawfully foreclosed upon

[The Straight Story]

BofA Coughs It Up for Illegal Foreclosures
By DAVID LEE
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(CN) - Bank of America will pay $116,785 to each military servicemember whose home was unlawfully foreclosed upon, plus compensation for lost equity, the Justice Department said. It's the largest settlement ever under the Servicemember Civil Relief Act.

The payments are part of a settlement between the federal government and Bank of America subsidiary BAC Home Loans Servicing, fka Countrywide Home Loans Servicing.

Bank of America agreed to pay $20 million to about 160 members of the armed forces whose homes were foreclosed on illegally between 2006 and the middle of 2009. It also must provide information about its foreclosures from mid 2009-2010, and pay the same minimum amount for each of those illegal foreclosures.

Beginning today (Nov. 14) letters will be sent to 157 servicemembers to notify them of the money that they may receive under the settlement.

http://www.courthousenews.com/2011/11/14/41398.htm

[HopeHoops]

1. Doesn't sound like enough to compensate them for what the bank took.

[Uben]

4. You can dispute the numbers, but......

....there's a fee for that! Ha! While I was joking, I wouldn't be surprised to see it.

[The Straight Story]

5. They will probably give them a debit card with the money on it and charge them to use it

:rofl:

[HopeHoops]

6. OUCH! Joke or not, it is probably true!

[MineralMan]

15. They'll also be getting paid for any lost equity.

In many cases, the amount will be enough for many of them to purchase a home outright. Here in St. Paul, there are many homes available for that amount or less, and there's nothing wrong with any of them. I imagine that's true in a lot of places, with the exception of some areas where housing prices are still high.

[slackmaster]

2. K&R - Bank of America sucks donkey balls

:kick:

[KansDem]

3. "unlawfully?"

Bank of America agreed to pay $20 million to about 160 members of the armed forces whose homes were foreclosed on illegally between 2006 and the middle of 2009.

And what would constitute "unlawful" and "illegal?"

[rfranklin]

8. with enough money you never have to go to jail...

it's the American Way!

[aquart]

7. Uh, GIVE BACK THE HOMES.

Seriously. They were HOMES. There were neighbors. Classmates. Community relationships destroyed.

[geardaddy]

9. +1000

[jeff47]

17. In many cases, that would require throwing someone out of the home.

They've already destroyed those community relationships once. Doesn't make sense to do it to the people who have since moved in.

[Vincardog]

10. IF I unlawfully take money from BOA will I get to make a settlement?

[Jumping John]

11. I wonder if any have committed suicide already? eom

[PoliticAverse]

12. Will there be any criminal charges for all this 'unlawful' and 'illegal' activity ? n/t

[rocktivity]

14. DING DING DING! PoliticAverse, you're our grand prize winner!

Will there be any criminal charges for all this 'unlawful' and 'illegal' activity ?

The law is explicit: You CANNOT foreclose on a home that is owned by someone on active military duty.

The people responsible will be fired at best and criminally punished at best.

:headbang:
rocktivity

[rocktivity]

13. Dupe, sorry n/t

.

[kestrel91316]

16. Are they also being forced to GIVE THE HOMES BACK? And repair their

destroyed cridit? Because if they don't, the punishment doesn't come close to fitting the crime.

[jeff47]

18. Can't give the homes back. In many cases, someone else already lives there.

Taking away their house would be compounding the errors.