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)
Unfortunately it sounds like you were told a bunch of sales messages to try to get you to buy in to some mass joinder or tort litigation scheme.
Recently there has been a lot of action against companies that are claiming such outcomes. The California Attorney General even raided some law offices and seized them as a result. I’ve published a lot of information on these actions but this one article will tell you what they found, read Mass Joinder Receiver Report States What They Found During Raid.
At this point there is no evidence to support that there will be any change to loans. I hate to state the obvious but wouldn’t it make much more sense for you to wait to see if the banks actually agree to modify some loans rather than making a questionable investment in a lawsuit based on the sales pitch of a non-lawyer marketing representative?
Please post your responses and follow-up messages to me on this in the comments section below.