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.

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.