Major Banks Accused of Overcharging Veterans

A lawsuit has been instituted against 13 banks and mortgage companies for overcharging American Veterans. Among the banks sued in this lawsuit are Bank of America, JP Morgan Chase, PNC Bank and Wells Fargo Bank. The lawsuit alleges that the banks had hidden charges and illegal fees that were passed on to the American Military Veterans when they refinanced the mortgages on their homes.

Under the rules set forth by the Department of Veterans Affairs, lenders cannot charge certain fees. To get around these rules, financial institutions “increased another set of fees”. They did this without explaining to the Veterans what they were doing.

Veterans Overcharged In Hundreds of Thousands of Cases

The lawsuit claims that hundreds of thousands of veterans were overcharged when they refinanced their homes. Each of the veterans paid between $300.00 and $1,000.00 more than what was fair and reasonable under this program supervised by the U.S. Department of Veterans Affairs. The lawsuit claimed that these loans were fraudulent and misleading. It is estimated that approximately 30,000 cases of overcharging veterans exist. Most of these real estate transactions took place before 2007.

Wells Fargo Agrees to Ten Million Dollar In Refunds

In February of 2011, Wells Fargo Bank entered into an agreement to refund ten million dollars to veterans who were overcharged. JP Morgan Chase has acknowledged that it also overcharged thousands of military veterans and active military personnel with regard to mortgages. The company also admits to improperly foreclosing on twenty homes owned by American military personnel. The overcharging of veterans by financial institutions is just another example of improper bank practices that defraud consumers in the United States.

Long Island Foreclosure Defense Lawyers New York Foreclosure Defense Lawyers

The foreclosure defense lawyers at the Law Office of Elliot Schlissel have been representing homeowners fighting to keep their homes for more than 20 years. Our law firm represents homeowners throughout the Metropolitan New York area with regard to foreclosure lawsuits. We attend foreclosure court conferences on behalf of our clients. We submit a variety of foreclosure defenses in our Answers to Complaints served on our clients. Among the defenses utilized by our office are predatory lending, defective foreclosure lawsuits, and defective mortgages. Our office has extensive experience in dealing with all types of real estate related cases.

Filing bankruptcy is another means of Long Island bankruptcy lawyers dealing with foreclosure lawsuits. Our office also files both Chapter 7 and Chapter 13 bankruptcies on behalf of our clients. The filing of bankruptcy eliminates credit card debts, as well as all other types of debts. Filing for bankruptcy stops foreclosures from moving forward and stops all other types of debt collection activity. Call us for a free consultation. We will explain all of your foreclosure options at that time.

Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick, Bellmore

We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

Copyright © 2017 By The Law Office Of Elliot Schlissel. All Rights Reserved. Concept, Design and Hosting by GetLegal Web Development Team.