In two opinions handed down in March 2012, federal district court judges in Maryland and North Carolina independently ruled that plaintiffs in those cases stated a cause of action against Bank of America for its alleged violation of the Homeowners Protection Act of 1998 (“HPA”) related to its No Fee Mortgage Plus (“NFMP”) loan program. In both cases, attorneys for Bank of America attempted to dismiss the cases against their client, but those efforts failed. These cases are important persuasive authority in Virginia for the proposition that Bank of America’s NFMP loans violated federal law to the extent that Bank of America burdened such loans with lender paid mortgage insurance (“LPMI”) at the time of, or even after, closing on the loans.
MartinWren, P.C. has valuable experience representing clients in federal court against a major lender for alleged violations of the HPA. If you have a Bank of America NFMP mortgage and your loan is burdened by LPMI that was placed on your loan without notice to you, you may have a claim against Bank of America for money damages. If you have been frustrated by your inability to take advantage of historically low interest rates because you have a NFMP loan with LPMI, and Bank of America has ignored your pleas for help, please call Jonathan T. Wren or John B. Simpson at MartinWren, P.C. for a free initial consultation, toll free at 855-812-9220, or contact them by email at firstname.lastname@example.org or email@example.com. If you intend to pursue litigation against Bank of America for this wrong, please do not delay – the HPA has a statute of limitation that may bar your claim if you do not act promptly.