Bank of America FHA-Insured Loan Class Action Settlement

Settlement Structure: Claims Made

Active: Closed

Closed Settlement Statement:

According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions.

Case Summary:

The plaintiff in this lawsuit alleges that Bank of America breached the promissory notes underlying consumers' FHA-insured home loans when they collected post-payment interest without providing an FHA-approved payoff disclosure to borrowers who made a pre-payment inquiry, request for payoff figures, or tender of prepayment.

Docket Number:

1:16-cv-21147-UU

Company: Bank of America

Class Period: June 1, 1996 to January 20, 2015

Objection Deadline: February 6, 2017

Exclusion Deadline: February 6, 2017

Final Approval Hearing: March 23, 2017

Proof of Purchase: Eligibility:

 

This settlement includes any person who had a FHA-insured loan for which:

  • The loan was originated between June 1, 1996 and January 20, 2015
  • One of the Releasees—as of the date the total amount due on the loan was brought to zero—was the lender, mortgagee, or otherwise held legal title to the note
  • One of the Releasees collected interest for any period after the total amount due on the loan was brought to zero
  • One of the Releasees collected post-payment interest during the statue of limitations period applicable fo the loan
Typical Settlement Amount:

Claimants will receive a refund of a percentage of the amount of post-payment interest collected with the paid-off FHA-insured mortgage loan.

Total Settlement Amount: $29,000,000

Class Representative Proposed Incentive Fee:

$10,000

Law Firm:
Bondurant Mixson Elmore LLP

Case Name: Dorado v. Bank of America, N.A.

Settlement Website: Dorado v. Bank of America, N.A.

Claims Administrator:
Garden City Group

Claims Administrator Contact Information:

Dorado v. Bank of America
c/o GCG
P.O. Box 10340
Dublin, OH 43017-5540
Phone: 1-866-990-9556

Tags: Adding Unauthorized Fees During Collection, Unlawful Debt Collection