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Homeowners denied mortgage reduction program accuse Bank of America of fraud

Livinglies's Weblog

by Jade Isaacs, St Petersblog

Twenty homeowners are suing Bank of America for fraud after the bank denied them a program that would lower mortgage payments.

Home Affordable Modification Program (HAMP) was designed to help homeowners affected by the market crash in 2008. The program would reduce monthly mortgage payments to 31 percent of the borrower’s pretax monthly income.

Eligibility for the program is based on five factors:

— You struggle to make mortgage payments due to financial hardship

— You are delinquent or in danger of missing payments

— Your mortgage was set before 2009

— Your property isn’t condemned

— You owe less than $729,750 on the property

Mortgage companies across the nation took part in the HAMP program.

In April 2009, HAMP was adopted by Bank of America. In exchange, the government provided the…

View original post 419 more words

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