IRVINE, CA (AttorneyNewswire.com) — July 8, 2010 — Fifteen residents of Texas are suing mega-lender Bank of America for operating a system of lending that forces homeowners into foreclosure. The fifteen claim that the lender misleads borrowers, prevents modification of loans, and ignores promises to lower payments.
Attorneys for the fifteen low income Texans claim that their clients tried to work out a deal with the lender to modify their loans and avoid foreclosure but were consistently fed inconsistent information, had their modification documents lost, and failed to keep the borrowers updated on the status of their loans. The alleged victims also claim that Bank of America continued to pursue foreclosure even after forbearance and modification agreements were made.
Timothy McFarlin, a foreclosure attorney in Irvine, CA, believes that these kinds of lawsuits are necessary to bring attention to the faults of the lenders.
“As an attorney I’ve represented a countless number of clients who were well deserving of loan modifications and other assistance. These people weren’t crooks or con-men, but average citizens who were just asking for help through a legitimate financial hardship. I understand that Bank of America wants to make a profit, but at what cost to their borrowers? It isn’t like these borrowers don’t want to pay their debts at all, they’re just asking for a little more time and a little less interest to lower their monthly payments. From a legal standpoint this type of situation would almost be comical if it wasn’t so sad. Who would have thought that a borrower would have to sue their lender just so the borrower could continue to pay off their debt? If this is what it takes to get the lenders to start fixing the problem that they are mostly responsible for creating, then I think every American facing foreclosure should seriously consider legal action against their uncooperative lenders.”
McFarlin advises every person facing an uncooperative or unhelpful lender to seek legal advice before pursuing litigation.
About McFarlin & Geurts:
McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California and throughout the United States. McFarlin & Geurts attorneys possess a keen sense of the law and markets, along with an astute business background that is invaluable in bankruptcy and business litigation. The McFarlin & Geurts team includes five leading attorneys and supporting staff to assure clients that their needs are placed at the forefront of any engagement. Legal representation and counseling is critical in our complex modern world, and McFarlin & Geurts is driven by a desire for excellence and commitment to provide quality, personalized service with integrity.
Media Contact:
Talien Barsamian
(888) 728-0044
To learn more about services offered by McFarlin & Geurts Law Firm, visit www.McFarlinLaw.com.
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