Hidden Hills, CA (Vocus/PRWEB) January 25, 2011
Facing a national storm of criticism more than therapy of homeowners and illegal mortgage foreclosures, and most lately sued by Arizona and Nevada more than home-loan modification programs intended to maintain property owners who borrowed from its Countrywide mortgage unit out of foreclosure, Bank of America is becoming exposed as a major issue in making the problems property owners face in the ongoing foreclosure crisis, according to Mitchell J. Stein, Esq. of Mitchell J. Stein & Associates.

There is a disturbing pattern of the way Bank of America treats folks getting revealed through consumer feedback and the tremendous amount of negative media coverage, which merely put, is regularly terrible, said Mitchell J. Stein, Esq., a 25-year award-winning litigator, trial lawyer, and philanthropist committed to protecting shoppers and victims’ rights in reigning in abusive practices of banks, lenders and other individuals. It is vital that the behaviors of the banks that have helped develop this crisis get national attention to assist protect buyers, resolve the crisis and recognize the Banks true function in it.

Even though all 50 U.S. states are investigating whether banks and loan servicers used false documents and signatures to justify hundreds of thousands of foreclosures, Bank of America was sued in December, 2010 by Arizona and Nevada over home-loan modification programs intended to hold property owners who borrowed from its Countrywide mortgage unit out of foreclosure. A judgment in 2009 to resolve a lawsuit alleging Countrywide engaged in fraud necessary the Bank create a loan modification system for former Countrywide borrowers in those states.

According to the Arizona lawyer common, rather of working to modify loans on a timely basis, Bank of America apparently proceeded with foreclosures while borrowers requests for modifications were still pending, mentioned Mitchell J. Stein, Esq. This is yet another of several examples in the foreclosure crisis of Bank of America allegedly ignoring the law to pursue earnings above people.

In the Arizona and Nevada suits, the bank is accused of misleading shoppers about needs for the modification system and how extended it would take for requests to be decided. The bank supplied inaccurate and deceptive reasons for denying modification requests, according to the suits.

From throwing peoples belongings into the street throughout wrongful foreclosures to foreclosing on homeowners operating for loan modifications, there is a typical and despicable lack of consideration by the Bank for its buyers, specifically men and women in jeopardy of becoming evicted since the Bank repeatedly doesnt fulfill its legal responsibilities in dealing with them and their mortgages, mentioned Mitchell J. Stein, Esq.

The Arizona lawsuit seeks a court order holding the bank in contempt for violating the agreement and requiring it to pay as considerably as $ 25,000 for every single violation of the accord plus as considerably as $ ten,000 for each and every violation of the states customer-fraud law. Nevadas complaint seeks unspecified civil penalties and restitution.

The Arizona case is Arizona v Bank of America, CV2010- 33580, Maricopa County Superior Court (Phoenix). The Nevada case is Nevada v. Bank of America, Eighth Judicial District Court, Clark County (Las Vegas).

ABOUT MITCHELL J. STEIN & ASSOCIATES
Mitchell J. Stein & Associates is a California-based law firm founded by M.J. Stein, Esq. a 25-year award-winning litigator, trial lawyer, financier, and entrepreneur who has represented many of the world’s biggest organizations and has been involved in some of the highest profile circumstances in the Nation’s history. The Firms philosophy is primarily based on the belief that their consumers needs are of the utmost value and, as a result, a higher percentage of the Firms enterprise has been from repeat buyers and referrals. The Firms practice places include Complex Litigation, Bank Difficulties, Mergers & Acquisitions, Commercial and Residential Foreclosures , and Bankruptcy Litigation. Mr. Stein is also the founder of VIPS Foundation (Victims of Injustice Discomfort and Suffering), via which victims nationwide, over the last 15-years, have received assistance following unfortunate events that subjected them to oppression or mistreatment. In that regard, Mr. Stein received the inaugural Mitchell J. Stein Benefactor Award from the National Organization for Victims Help (NOVA) for his work in safeguarding victims rights. Go to http://www.mjsteinassociates.com or http://www.dobielaw.org for much more info.

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