BOA Settlement: Would it be wise to remain in the settlement class?

[Egon678]

State: Maryland

I recieved a notice/card in the mail this week about the Bank of America Settlement. I was a customer of Bank of America. I was wondering whether or not it is wise to remain in the settlement class and await to recieve an unknown payment amount assuming it being only up to $75 (or) will it be best that I not only remain in the settlement but also get a lawyer to personally represent me in order to recieve more money for the damage the bank has caused me and two others within my family?

[AFFA]

I wish to inform you that the chances which you may have regarding winning a case will determine your settlement. If you accept settlement then you will receive settlement amount but you may not be allowed to file a suit. If you go in to litigation then you may not settle the matter. Further the outcome of litigation is always uncertain. You may thus decide keeping in view available evidence and chances of your success.

AFF

[Lexus]

As we could not predict the outcome of a legal litigation it is better advised that you may consult with a Banking Attorney who can give a proper advice in this regard. If you go for settlement you cannot initiate any litigation if there any discrepancies. You have to simply accept the settlement amount and satisfy with the same. As you believe that bank has caused damage to you and two other members of the family, it is wise to have a legal consultation.

[Friend In Court]

Originally Posted by Egon678 State: Maryland I recieved a notice/card in the mail this week about the Bank of America Settlement. I was a customer of Bank of America. I was wondering whether or not it is wise to remain in the settlement class and await to recieve an unknown payment amount assuming it being only up to $75 (or) will it be best that I not only remain in the settlement but also get a lawyer to personally represent me in order to recieve more money for the damage the bank has caused me and two others within my family?

If the issue is your home mortgage, then by all means see an attorney who specializes in mortgage and foreclosure defense for the amount of damages, not to mention what the financial boon could be to you if you defend against the mortgage and get principal and/or interest reduced could be. On one hand you are looking at $75. If the mortgage is challenged you could be talking instead tens of thousands or even six figures.

Due to the electronic system of registering mortgages, in hundreds of thousands of cases the lender cannot produce the note and mortgage for they were destroyed. That means they cannot prove they even own the mortgage and have the right to collect. I am working with people every day to get their mortgages reduced by tens of thousands and, in some cases, they get their homes free and clear.

B of A along with most of the major banks, and especially Countrywide that B of A bought violated TILA, RESPA, HOEPA, and made predatory loans in 85% to 95% of their transactions. When these violations of federal and state fraud laws are found, they risk losing the entire mortgage when one stands up to defend.

If it were me, I would not take $75 but get an attorney who specializes in mortgage and foreclosure defense.