Bank of America to Pay $20 million for Wrongfully Foreclosing on Active Duty Military Personnel
Bank of America has agreed to a $20 million settlement for wrongfully foreclosing on 160 service members without checking on their military status. The suit was filed by the U.S. Department of Justice against BAC Home Loans Servicing, formerly Countrywide Home Loans Servicing. Allegedly, the lender did not consistently check the active duty status of borrowers on whom it foreclosed. The Justice Department asserts that Countrywide knew, or should have known, about their military status prior to initiating foreclosure proceedings. The Servicemembers Civil Relief Act was implemented by Congress in order to protect military personnel from civil requirements, such as mortgage payments, pending trials, outstanding credit-card debt and taxes.
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