Where is Bank of America Today?

by on Bank of America Foreclosures

Where is Bank of America Today

When it comes to the real estate market crash and resulting foreclosure crisis, Bank of America has been one of the prime suspects.

From robosigning and encouraging employees to lie to engaging in other unethical actions with investors and homeowners suffering the consequences, Bank of America is definitely not held in high regard with the general public (or with many investors).

In fact, over the years many people have become fed up with the bank’s ability to get away with just about anything – never really receiving sufficient punishment for their wrongdoings. Others have even pegged Bank of America as being “too big to fail.”

These opinions (in addition to a variety of other factors including ridiculously-low compensation checks) have led to homeowners taking matters into their own hands. From initiating foreclosure on the banks themselves to occupy protests, borrowers have continued to express their outrage with these big banks.

In 2011 A Lawyer Helped Homeowners Foreclose On Bank of America

Back in 2011, a couple of homeowners and their lawyer initiated foreclosure on a Bank of America branch in Naples, Florida. In a creative movement to speak out against the lender’s actions, these individuals had moving trucks pull up in front of the bank – definitely drawing attention to a situation that has plagued many homeowners who have lost their homes over the last few years.

What, exactly, led to this situation?

In 2009, a man and his wife purchased their property with cash. However, in 2010 they received a foreclosure notice. Eventually Bank of America dropped the matter; however, by that time the couple had acquired over $2,500 in legal fees trying to fight this ridiculous situation.

A court ruled that Bank of America had to reimburse them for these out-of-pocket expenses, but the bank failed to act. In fact, the couple sent several letters and requested payment for five months straight without receiving a response.

Not knowing what else to do, the couple filed foreclosure against the bank.

Needless to say, this situation definitely got the attention of the bank, with the couple finally receiving a check of $5,772.88.

Although this situation is resolved, there is a bigger issue here that continues to be at play today, two years later. This couple, who did nothing wrong and paid for the property 100% in cash, was battling with this bank for over a year. The unnecessary stress and lack of sleep was all for nothing. Furthermore, this is only one example of numerous, similar situations that have taken place over the years not only with Bank of America, but also with other major lenders such as Wells Fargo.

Surely, with situations like this occurring throughout 2009 and 2010, these banks are now paying the price – especially after the foreclosure settlement agreements, right? Wrong.

Banks Continue to Exceed Profits

Sure, Bank of America is planning to lay off employees in some parts of the country such as in Fresno and is shutting the doors at two branches near Norfolk, VA; however, who is really suffering from these closures? Apparently not major lenders.

In fact, the “Big Four” banks are actually continuing to exceed analyst expectations when it comes to profits. Therefore, as homeowners struggle to stay in their properties, investors count their losses due to purchasing bad mortgages, and as employees are accused of lying and are at risk of being laid off – the bank itself continues to post profits and prosper.

There is no wonder that former employees are rebelling against Bank of America and homeowners are livid about the insufficient settlement checks.

Image source: topnews.in