Archive Monthly Archives: June 2013

Bank Employees Given Bonuses To Foreclose? Instead of HAMP? Hmmm…

An ex-Bank of America employee in court documents has alleging that Bank of America gave bonuses out to their employees for foreclosing on homeowners. 

It is alleged that employees were rewarded with gift cards and cash incentives to meet specified quotas of foreclosures. 

Well, what do you know, this statement says that they were told to postpone and drag out the home modification requests. Hmmm, I wonder if all those homeowners that called us to do a short sale for them here in Wellington, Royal Palm Beach, Lake Worth, Port St Lucie, Miami and Cooper City and West Palm Beach after they were served with those home modification decline notices and on the same day being served with their foreclosure lis pendens papers. 

We always did find that too much of a coincidance. 

One of the loss mitigation specialists said that they were drilled on knowing that it was their job to maximize the banks’ fees by pushing out the modification process by “any means we could”. While I totally get that the bank is to look after their investors and shareholders it is not ethical to lie about it. Just say you are not doing loan modifications! Don’t pull people along in false hopes. 

They were instructed to tell the homeowners when they called in to check the status of their modification request that their modification was under review when in fact it was not under review. 

Homeowners who were turned down for permanent loan modifications have hired attorneys to take their claims to court. The attorneys representing the homeowners say that they have more than one witness. That they have at least 7 former employees that are verfifying the allegations. 

Bank of America has denied the allegations.