Can Bank of America foreclose on a homeowner without showing any evidence that their client actually owns the promissory note?
Can a Mortgage-Backed Security sue for damages after they have already been made whole through credit default swaps
and a negotiated settlement with the originator of the security?
One Georgia couple is about to find out.
They’ve filed a civil action against Bank of America claiming they were “induced” to default on their loan
in order to qualify for a mortgage modification program,
and that the bank is attempting to foreclose on them without showing that their client has any right to the debt owed on their home.
Like so many others in their situation,
they followed instructions to the letter
only to have Bank of America renege and commence foreclosure proceedings.