Beals v. Bank of America – Bank of America Sued in Class Action Over Foreclosure Fraud

Bank of America has been hit with a class action on behalf of homeowners seeking damages for alleged disregard of foreclosure process rules.

The suit, filed Wednesday in federal court in Newark, N.J., accuses Bank of America and two subsidiaries, LaSalle Bank and BAC Home Loans Servicing, of “an undisciplined rush to seize homes” through “pervasive and willful disregard of knowledge, facts and statutes.”

Bank of America has filed foreclosure proceedings on many mortgages in New Jersey without holding the necessary rights as the mortgagee or assignee at the time of foreclosure, the suit says.

“Many thousands of foreclosures are plainly void under statute and settled New Jersey case law. Many borrowers never obtain statutorily required notices, and many foreclosure suits are filed entirely based in inaccurate recitations concerning ownership of the mortgage, the note, or the assignment,” the suit says.

The putative class in the suit, Beals v. Bank of America, N.A., 10-cv-05427, consists of all named defendants in pending New Jersey foreclosure actions initiated by Bank of America or its affiliates. The complaint includes counts of common-law fraud, breach of the covenant of good faith and fair dealing and violations of the New Jersey Fair Foreclosure Act and Consumer Fraud Act.

The plaintiffs cite a recent, well-publicized admission by a Bank of America official in a Massachusetts foreclosure case that she signed thousands of foreclosure complaints without reviewing them.

They also say the fact that the bank and its affiliates, by imposing a moratorium on foreclosures from Oct. 8 to Oct. 18 while reviewing their procedures, “have admitted that in all of their foreclosure cases, they, as a moving party, prosecute their claims with a complete disregard of whether or not they have met their burden.”

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You can check out the rest of the article here…

Or you can check out the complaint below…

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4closureFraud.org

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Tips anyone?


I sure could use some…

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Beals v. Bank of America, N.A., 10-cv-05427

Comments
2 Responses to “Beals v. Bank of America – Bank of America Sued in Class Action Over Foreclosure Fraud”
  1. PATRICK FARRELL says:

    Do you have a copy of a federal lawsuit called Dwayne and Melisa Davis vs. Countrywide [B of A]
    so. Indiana 10-CV-01303.
    This may be something about the buyback clause in MBS.
    Patrick 239-283-4807

  2. Lit Gant says:

    Did we really think AG McCollum would do what is right? Haven’t we already seen his hands and they are dirty? Did he fire that robo-signer in his office? No! We knew all along he was not for the people of Florida. Not one time did he make a press release or hold a conference and tell the people of Florida he was with them. Not one time. Now why would he when he really wishes he was Stern? He owes us. He owes us even if he is a lame duck. And he wants to lobby Rick Scott? This sounds strange. He should have known the law about lobbiest. And as AG he did not? Who is doing the legal work up there in the big house? Does he allow robo-signers sign his name to his legal documents? I bet he does. So why would he care about 200,000 cases in Florida where the robo-kids were at their work? Ok, AG McCullum show us something and do it quick or all future political office seeking will be MOOT. Got that, MOOT! We will remember, and we will hold you to the hurt you have caused us by your inaction. Get to work Sir and stop all this mess. Step out and say something, if nothing more than “Hi Flordia this is your AG and I am going to put all those bad foreclosure guys in jail.” Wow, I think I would make a good speech writer for you Sir. May God help us. AG McCullum sure isn’t.

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