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1 Fat Bastard Vegetarian  Wed, Dec 7, 2011 4:43:35am

Class action?... so this isn't a "system glitch". Damn.

2 Shropshire_Slasher  Wed, Dec 7, 2011 4:47:18am

Well, just to be an asshole(me :), maybe they set up an escrow account with BOA to include payment of taxes and insurance, common practice, and then decided not to pay. Now that I finished my sentence I remember, I'm playing devil's advocate.

3 AK-47%  Wed, Dec 7, 2011 4:47:50am

"Class action" is just a codeword for "class warfare".

/

4 RogueOne  Wed, Dec 7, 2011 4:57:27am

I thought all mortgages were paid this way. Part of my monthly payment goes into an escrow account to pay property taxes and insurance. I thought that was pretty standard.

5 RogueOne  Wed, Dec 7, 2011 5:09:19am

I read something that said it was my decision if the mortgage holder kept an escrow account but after some research I think that's mistaken. According to the federal RESPA regs it is up to the lender to decide.

[Link: portal.hud.gov...]

Does RESPA require borrowers to maintain an escrow account?

NO. It is the lender's decision whether the borrower must maintain an escrow account for the purpose of paying taxes and other items.

6 funky chicken  Wed, Dec 7, 2011 6:03:30am

We have a mortgage with ING and they don't hold escrow. We do have to remember to pay the city and county taxes and the HI insurance, which is kind of a hassle. But it's no big deal...and they aren't sitting on a pile of our cash.

7 Daniel Ballard  Wed, Dec 7, 2011 6:31:59am

Obdicut, I'd say this is one of your best catches yet. well done.

8 Obdicut  Wed, Dec 7, 2011 7:28:35am

It's the not telling them, not even bothering to tell them they were screwing them that gets me.

9 (I Stand By What I Said Whatever It Was)  Wed, Dec 7, 2011 9:38:07am

So are more than 50 % of what banks do illegal already or no?

The time might have come to seriously consider a national bank in order to effectively stop this bullshit.

10 lawhawk  Wed, Dec 7, 2011 10:00:13am

re: #4 RogueOne

I thought all mortgages were paid this way. Part of my monthly payment goes into an escrow account to pay property taxes and insurance. I thought that was pretty standard.

Not all mortgages are set up with escrow accounts. Some lendees can arrange to pay for the taxes themselves, and there is an opt-out on forms to eliminate the escrow for taxes and fees.

However, what appears to have happened here is that the bank acted as though there was an escrow account, took the funds necessary to cover the escrow, and then claimed the homeowners were deficient. This is a paper trail situation - did the homeowners actually opt out or did the bank ignore the opt-out. If the paperwork is in order, this should be a pretty straight forward situation to resolve.

That they've gone class-action suggests that this was a ploy to push a certain group of homeowners into default, in which case criminal charges should be pending in addition to all other civil penalties that can be assessed.


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