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Homeowners denied mortgage reduction program accuse Bank of America of fraud

in Local Courts by

Twenty homeowners are suing Bank of America for fraud after the bank denied them a program that would lower mortgage payments. Home Affordable Modification Program (HAMP) was designed to help homeowners affected by the market crash in 2008. The program would reduce monthly mortgage payments to 31 percent of the borrower’s pretax monthly income. Eligibility for the program is based on five factors: — You struggle to make mortgage payments due to financial hardship — You are delinquent or in…

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