“In cases … where Bank of America has offered extraordinary assistance to a customer that has a history of posting false, misleading and defamatory information about our company and employees, we believe it is in the best interest of all parties to consider including the clause to stop the continued posting of misinformation”
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Connecticut Couple Claims Bank of America Would Only Modify Terms of Mortgage If They Kept Quiet About It
WEST HAVEN — Ronni and George Mandell won’t go out with a whimper in the fight to keep their home. And they say because of that, Bank of America won’t modify their mortgage terms to a payment they can afford.
Bank of America offered the couple a chance to modify the loan on the Jones Street house they’ve owned for 10 years in order to make payments more manageable, but only with conditions that include essentially agreeing to a gag-order when it comes to the deal and the financial institution. That means keeping quiet about opinions of the bank on Facebook, blogs, websites and in the media, and taking down any existing postings — something that may be unexpected in a document relating to a financial matter.
The Mandells rejected the settlement.
“I cherish my rights to free speech,” George Mandell said. “We’re prepared to lose the house if we have to, but we’re going to fight it. We’re standing firm not just for ourselves, but hopefully for the rest of the people in the country. Because it’s gotta be cleaned up.”
Rest here…
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If these people only knew the hidden truth is…their mortgages are insolvent, and they are being set up to fail because the FED is insolvent, they would never send them another dime.
I have seen and heard of a number of modifications where ‘non-disclosure’ clauses were included.
For example I have a friend in Florida with a very substantial principle reduction, which they obtained after putting up a tough foreclosure defense through a competent foreclosure defense lawyer.
Plaintiff’s counsel could see the writing on the wall, that they were probably not going to succeed on the merits, and so the plaintiff was forced to come to the table and OFFER a very large principle reduction, You won’t find out about it because of the non-disclosure agreement.
They are more common than you might think. One of the reasons banks and lenders want to keep the agreements secret is because they don’t want other home owners or their lawyers finding out which specific set of facts or affirmative defenses brought them to their knees.
Personally, I believe that non-disclosure clauses in legal settlements should be outlawed, except in domestic cases like divorce. They only help to hide crimes. Same thing with corporations paying a fine but failing to admit any guilt.
Just to show you how ignorant people are…..below is the posting on the original page of this article. I hate to burst this person’s bubble, but BOA is not a private bank; it has shareholders! And it trades stock on the stock exchange! Whoa….these people are almost as scarey as the ones who are running this country….
Justin Ahlquist
Lets be honest here. BofA is a private bank. In the corporate world whether private or government(largest corporation) have NDA’s when contracts are made. There is nothing wrong about this, people will often go outside the realm of truth when complaining. The contract we sign in loans are there to protect the banks and the individuals. We all need to be held to a higher standard when two parties come together. Our issues now are because of lying and omissions. Thank You federal government, The banks wanted nothing to do with this they were forced.
The truth is, they like to blur the line between reality and fiction. The reality is they are insolvent on their balance sheets. The fiction is you owe them your hard earned money or property. You don’t. That is the truth they are hiding.
In my case Ocwen Loan Servicer for Ocwen Fin. Corporation in Florida, took loans using my home title without my knowledge…numero uno #1 .Wachovia-HomEq (Ocwen Fin Corp)-2010 acquisition) – “full reconveyance” is for the amount of $ 1’304K, numero dos #2.- Argent Mtg Co. dba Acreditted Home LOans dba Chase Manhattan Mortgage Bank is for the amount of ” full reconveyance” $ 904K numero tres #3 ” full reconveyance” for the amoint of 265K using robo signer Joan H Anderson and Flagstar Bank, all hidden RECORDED notes that I found in the county records office -thank God I went to that office to find out how many brokers and banks have record my home using my name and taking this money to beome the “new age investors” flipping houses, flipping home loans and destroying families, outrages! so the total grand theft is: $ 2 Million 473 thousand dollars that are recorded also in my credit report! and my home is only worth 257K, we never took this “extra equity” that appear in my home loan like magic…we have neighbors here in Chula Vista, CA dealing with all the forgeries from ReconTrust -Country Wide and B of A -Indy Mac Malcom Lawyers…
we are supposed to be in the settlement already, now is it my fault that these real estates officials took advantage along with the banks and committed fraud along with title co. and escrow officers and CA Brokers and agents?…how do you deal with crooks?..when you are honest, that is.
Good! Don’t agree to the mob’s gag tactics. The people must shun BOA.
FDIC did the same thing to me a few years ago.