Bank Of America Employee Allegedly Demanded Illegal Fees To Prevent Foreclosures

Bank Of America Employee Allegedly Demanded Illegal Fees To Prevent Foreclosures

It’s bad enough that banks have been negligent at implementing the government’s loan modification program, but now a BoA mortgage loan officer is being sued for making extra money illegally on struggling homeowners. According to the Boston Globe, a new lawsuit claims the employee was demanding as much as $1,500 from each borrower before offering help foreclosure help, and routing the funds through his own company, Foreclosure Alternatives. The lawsuit also alleges that the man falsely represented himself as an attorney for BoA. [More]