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BofA will Pay for Illegal Foreclosures, Literally

Bank of America will pay over $100,000 to each of the servicemembers whose homes it illegally foreclosed on. This amount is in addition to compensation for lost equity due to its indiscretions.

The settlement is the largest 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.

Under the settlement, Bank of America agreed to pay $20 million the almost 160 members of the armed forces whose homes were illegally foreclosed on from 2006 to the middle of 2009. The bank must also provide information about its foreclosures from mid 2009-2010, and pay the same minimum amount agreed upon for any additional illegal foreclosures.

Foreclosure and the Servicemembers Civil Relief Act

LawInfo has a wide array of foreclosure resources. Here is more information about Frequently Asked Legal Questions, and here is the link to LawInfo’s Foreclosure page.

If you are a servicemember, and believe that your home was illegally foreclosed upon, click here to find out more information about your rights, or to contact an SCRA attorney.


11 Responses

  1. @dee,
    A modification is a new contract.
    If you owed someone else prior to the modification (or if a pretender was telling you they were going to foreclose on you and they may not have had the note nor the obilgation), and if you did a modification to keep your home, then the contract you signed established a new obligation.

    No law impairing the obligations of contracts shall be made.

    That new obligation binds you to them.

    If it was done in fraud, you’d be hard pressed to prove it with a clean signature indicating you knew you gave up all rights to get something from them.

    They made an offer of give up your rights and we’ll give you this thing, and you accepted their offer and gave up all rights to get that thing, and they gave the thing, and there was a meeting of the minds.

    All the things a valid contract requires, offer/acceptance/consideration/meeting of the minds.

    You could protect your rights with a counter offer of accepting their offer but protecting your rights in accepting their offer.

    Your rights for their ‘thing’. That appears to be the deal.

    You gave something of value to them but of no value to you, and they gave something of value to you, but of no value to them.

    You see, these people know many things. One is that they can only do things by your own Free Will.

    If they do something against you and against your Free Will and they are discovered in their actions, they have to pay dearly financially and spiritually.

    We can all look at our lives and see who we are punished for past deeds or past trespasses we’ve made on other lives.

    What’s happening now with this very blog post is; there is no way someone fighting in a war will of their own Free Will want to lose their home without an opportunity to protect it.

    So the protections are in place by the contract they signed with the government to fight the war.

    The banks have to go through the OCC Cease and Desist provisions because there are foreclosures that were done not of someone’s Free Will and it was before they pushed the Modification thing as strongly as they do now (before HAMP could be useful). Some people went through bankruptcy and that was a contract that should have protected them while they were liquidating their inheritance, but if banks went against the rules for protecting them in bankruptcy, they have to pay dearly…maybe not pay the homeowner dearly, but the Trustee of the bankruptcy has some clout and I’m certain penalties are damaging to them.

    Then there are people who like me, for some reason or another our home was taken without us going through bankruptcy (we weren’t going to liquidate our assets (known and unknown) to keep what is rightfully ours), and we didn’t ask for a modification (we were not going to contract with a criminal to keep what was rightfully ours…or some just out of fear that what contract they had was violated, why enter into another and go out of the frying pan and into the fire)…for us, who were violated against our free will, where there is no contract, no offer/acceptance/consideration/meeting of the minds, we will get a settlement.

    Why? Because they need a signature to release the cloud on the titles that are still out there that are broken. The original homeowner has to give it up for something else.

    That OCC settlement is not from OCC. I read it. Its’ the banks settlement. I knew something was fishy with it and how it was portrayed on these blogs. It’s the banks, and I felt something was wrong with the contract that said the homeowner ‘lost the home’. My first post was that it must have been written by the banks own attorney.

    Those banks need to go back through their foreclosures…they know what needs to be in place to lawfully convey property.

    The first ones filling out thos applications for a review are probably the first ones who will not get what they are seeking.

    All foreclosures done between 2009 and 2010 that were done improperly must be reviewed by an independent group, and I don’t have to fill out a form to get them to do that…my property is within the window. They will do it anyway.

    Why, because there was a court case, and an eviction, and there’s documentation of their status and standing (or lack there of) on file in the county where they stole my home.

    Banks will get people to enter into contracts to legitimize their ability to collect money.

    If you don’t trust a document you sign, then indicate it before you sign it.

    We, the adults, who will lead our youths, need not be afraid to indicate we know we are giving up our rights or we reserve our rights when we are signing documents.

    If the document says you give up your rights and you sign it.

    Well sorry to say, and maybe I’m not sorry to say.
    Isn’t that what was agreed to?

    I won’t point at you, but if you agree to something, don’t you think you should be at peace with your choice?

    I want everyone to be at peace with the decisions they make.

    Its water under the bridge, we live, we learn, we move on.

    There are things along the way, that had I known, I probably could have prevented the theft, but I didn’t know those things then, and maybe I went through what I did, to learn them now, so a new ‘thing’ can’t cause me grief.

    I am at peace with what I’ve done to protect my home. My neighbors..some have moved on..some are still there…the neighborhood is not the only place in this whole wide world that I could live. I wanted to be there, but someone ‘suffered my feet to be moved’.

    So I am somewhere else.

    Home is where the ‘heart’ is. So where ever I am, I am home.

    I was in a line one day and doing an application process for a state id. The woman asked, ‘so you live at ‘blah blah address’. I told her, Yes, when I’m there I live there, right now I live here.

    She looked at me as if…

    Well at least I knew where my heart was and where I am at home at all times.

    This process is not an us and them only, it’s a soul test as well. How do we fare when our brothers and sisters go against us and take things from us? How do we forgive? How do we Love unconditionally? How do we say, ‘No. That’s mine. You can’t have it, and if you take it you are stealing from me against my free will.’

    The Universal Law, the law of Free Will, is the only reason the banks have to come back and make things right for those of us who did not enter new contracts to keep what was already ours.

    The Meek will inherit the earth.

    Check out how Free Will works with One who is Sovereign.
    We are all sovereign in some ways and not sovereign in others.
    We are told we are a slave, or that our life is tied to our birth certificate, but we are born sovereign, that’s a birth right that we give up when we choose to be a citizen.

    A sheriff is sovereign. He does things of his own Free Will. No one can make him do anything. If they tell him to put someone out of their home in a unlawful detainer or writ of possession, it is of his own free will that he obeys the order of a judge and kicks a family out of their home. He doesn’t have to obey any judge or federal officer. He is a People. He represents the County of the State (of the People).

    Blackfox wrote that his resignation is of his own free will and is effective immediately.

    Notice the word free will.

    Sheriff Robert Spence, in a news release issued Monday, said Officer Phil Buress resigned “of his own free will” Friday, in the aftermath of the July 18 escape of Cody Maple.

    Notice the word free will.
    Sept 20, 2011

    “They resigned on their own free will, he said of the officers.

    Energy Secretary Steven Chu, for his part, is defending the program and claiming that Silver left of his own free will.

    Free will is important, that’s why signatures (indicators of One’s free will to enter into the contract) are important if One intends to enforce the obligations of a contract.

    Light and Love,
    Trespass Unwanted, corporeal, life, free, jure divino, a living state.

  2. Which is about how much they paid for all those “mortgages” they “purchased” and are foreclosing on lacking any investment…zip…

  3. I’ll believe they’ll pay, when I see them pay…so far as far as I know, they haven’t paid a dime in restitution for any of their settlements; stipulations or judgments I’m aware of.

  4. Money Talks. Look at the BANKS STOCK UNDER $6.00 for second straight day.


  5. Enraged but what about the soldiers siblings parents uncles children grandparents friends etc.. that are getting foreclosed?


  6. @zurenarrh,

    Of course, it is! Everytime we lift a stone, there is another big insane doodoo underneath. Didn’t you hear that Obama was particularly interested in helping our militaries avoid foreclosure? He said so a few times. How, otherwise, could he count on them for that forethcoming showdown against China? You know, the one he is preparing by setting up camp in Australia? Naw, he’s got to show them that he cares if he wants their loyalty, don’t you think?

  7. Enraged,
    Yeah, I knew that they can’t foreclose on active servicepeople. But I wonder if the foreclosures at issue here involve the same shenanigans as the ones on us non-military types. If so, why no admission of illegality in our cases? Could it really be that your career choice determines whether a bank can screw you over or not? In other words, just because I didn’t choose a military career, the banks can have their way with me? That’s insane.

  8. @zurenarrh,

    Most militaries being foreclosed on are those who were fighting, can’t be here to defend themselves and come back to… a completed foreclosure. From what I have understood thus far (and I haven’t researched that specific settlement) our military benefit from a special program that allows them to receive special conditions. They are foreclosure-proof if they were fighting in Iraq or Afghanistan when the banks was screwing up with their loans and banks have to go through a lengthy procedure that, in most instances, they simply ignored.

    Remember last year when Chase ended up having to pay one military over $21 millions for foreclosing on him while he was on the front?

    That story has been repeated hundred if not thousands of times in the past 5 or 6 years and it’s pretty much the same one all across the board: refusal to play by the rules, whether they are spelled out or not.

  9. How can a sevicers or lender modifiy loans they do not owe? I would like to know if your loan is modifiy does the servicer owe the loan now? What if you uncover fraud after signing your modification. Have you wave your rights to sue the lender.

  10. Also, does ANYONE know ANYONE that received a dime from the supposed stipulated judgment obtained by now governor MoonBeam for $8.4 billion back in Oct. of 2008 (or any of the other settlements they agreed to)?

    Yeah, right…

  11. Well, this is interesting. Anybody have any more details on what exactly was illegal about the foreclosures?

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