Bank of America Corp. has reached a settlement with a California couple in a wrongful foreclosure action for far less than a massive judgment imposed earlier this year.
Back in March, a bankruptcy judge ordered the Charlotte, North Carolina-based organization to pay a $46 million judgment for a wrongful foreclosure.
BofA reportedly told the borrowers in 2009 to default on their mortgage so that they could get a loan modification. But after the borrowers defaulted, the bank foreclosed on the property.
Source: Mortgage Daily