For all persons who were the mortgagor party to a residential mortgage on real property located in New York State serviced by Bank of America for which all authorized principal, interest and all other amounts or otherwise owed by law was completely paid between July 12, 2010 and November 27, 2015, but Bank of America failed to present a certificate of discharge or satisfaction of mortgage within 30 days to the recording officer of the county where the mortgage was recorded, then you are eligible for a potential award from the Bank of America Mortgage Lien Release Class Action Lawsuit. According to the lawsuit, BofA allege that the bank neglected to present documentation that their mortgages had been fully satisfied to the recording officer in the New York State. Bank of America has continued to deny the allegations set forth in the claims, however they have agreed to the settlement in order to avoid the further risk, expenses and delay of ongoing litigation. So if you are eligible, file a claim by 7/18/2016 to receive your potential award!
Bank of America Class Action Lawsuit:
- BofA Mortgage Lien Release Claim Form
- Claim Form Deadline: 7/18/2016
- Who’s Eligible: “All persons and/or entities who were the mortgagor party to a residential mortgage on real property located in New York State serviced by Bank of America for which all authorized principal, interest and all other amounts due or otherwise owed by law was completely paid between July 12, 2010 and November 27, 2015, but Bank of America failed to present a certificate of discharge or satisfaction of mortgage within 30 days to the recording officer of the county where the mortgage was recorded (the proposed ‘Settlement Class’). Serviced means that Bank of America acted as (a) the entity to which payments under the residential mortgage were required to be made or (b) such entity’s personal representative, agent, successor or assign.”
- Estimated Amount: $180-$780
- Proof of Purchase: N/A
- Case Name & Number: Denise Jaffe and Daniel Adler v. Bank of America N.A., Case No. 13-cv-04866-VB, in the U.S. District Court for the Southern District of New York.
How to File a Claim:
- Head on over to the BofA Mortgage Lien Claim Form.
- Read over the claim form to see if you qualify.
- Fill out the claim form with your information.
- You must submit your claim by 7/18/2016 to receive your potential award!
Bottom Line:
If you are a class member who was the mortgagor party to a residential mortgage on real property located in New York State serviced by Bank of American for which all authorized principal, interest and all other amounts or otherwise owed by law was completely paid between July 12, 2010 and November 27, 2015, but Bank of America failed to present a certificate of discharge, then you are eligible for a potential award from the BoA Mortgage Lien Release Class Action Lawsuit. According to the lawsuit, BofA failed to present documentation that their mortgages had been fully satisfied to the recording officer in New York State. So if you qualify, file a claim by 7/18/2016 to receive your potential award! Don’t forget to take a look at our full list of Class Action Lawsuit Settlements!
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Doug says
This is still happening. The Bank of America website FAQ says they will present the certificate of satisfaction to the City/County within 15 business days. It has been 45 days and Bank of America customer service keeps telling me I have to wait 90 days before they will even send the letter of satisfaction to the City/County…not to mention how long it will then take the City/County to process releasing the lien on their end.