Was approached by Precision Law Center about Tort litigation.
Was told that BofA violated some of the MERS rules/regulation (electronic document transfers)
Was told that BofA is likely to settle. Part of the settlement is a loan re-organization at 80% current value @ 2% interest on a 30 yeat fixed.
Was also told that ther could likely be up to a $75,000 renumeration for damages, and that all this was likely to take place in the next 6-14 months.
I know BofA is in trouble with many, including some potential litigation brought on by governmental agencies. Question: Knowing the damanges is likely to be completely minimized with any mass suit (even at long odds) what would be the likelyhood of the loan re-do? (which would represent a principle and interest rate reduction)
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.Precision Law Center Said Bank of America Violated Our Mortgage. - Lane by Steve Rhode