Bank of America Class Action Attorneys

We can help you recover your losses. Get in touch with our trial lawyers today.

As a condition for home loans it has issued, Bank of America (“BofA”) requires that certain borrowers open a mortgage escrow account to which the home purchaser makes monthly payments to ensure payment of obligations such as property taxes and insurance. The payments into the escrow account are paid as part of the monthly mortgage statements. Although BofA controls the escrow account, the funds that is deposited into the escrow account is owned by the borrower, and these accounts often carry a significant positive balance, and therefore, accrue significant interest throughout each year.

However, for the life of a large number of mortgage and escrow accounts, BofA has never paid any interest accrued in the escrow account back to the borrower. This is a direct violation of the laws of many states, including California, New York, Massachusetts, Maryland and many others. There currently exists a class action lawsuit regarding this issue in California. The Ninth Circuit Court of Appeals issued an opinion in that case on March 2, 2018, confirming the enforceability of California law’s requirement that mortgage lenders, including BofA, pay interest back to the borrower every year.

If you have a mortgage with BofA or another lender and are making payments into an escrow account as part of your mortgage payments, but are not receiving a payment back of interest accrued on the escrow account every year, then you may have been harmed by the mortgage lender’s violation of your state’s laws. Please contact the law firm of McCune Wright Arevalo to learn more about your rights and whether you may have a right to collect back interest from Bank of America.

Find Out If You Have A Case 855.328.2310