I know this will not fly with the "By God everyone should have their homes foreclosed and anyone who ever signs a contract for anything and doesn't live off the grid by cash only with six thousand pounds of cornmeal in the storm cellar is an idiot" Freepers. However, these meganational corporations do a lot of underhanded tricks. BOA bought a lot of mortgages. They are now attempting to rewrite the conditions of the original contracts by claiming that because they're a national corporation, they do not have to abide by the state laws in effect when the original contracts were written.
One of these tricks is making it impossible to talk to anyone. If you call their toll free number, the person you talk to only has authorization to take a payment. The number to talk to someone who CAN negotiate usually rings for forty-five minutes or so an then disconnects without anyone answering.
Any corporation that does business in a state has to abide by the rules of that state. The move to take it to Federal court is a cheap ploy. BOA isn't violating Federal law. They are in violation of state law. If BOA bought the contracts, they are legally bound by the original provisions of the contract.
Not sure if this is true in every state but I do know this to be true here in Illinois, so this would make sense to me.
......(snip) If BOA bought the contracts, they are legally bound by the original provisions of the contract.
As somone who worked for a major mortgage lender I know this to be exactly correct. If BofA is not able to meet the original provisions as set out in Utah law then they are the ones in violation of the contract and must remedy the situation by either opening up offices and having physical presence, or sell off those loans to a mortgager/processor/holder within the state. By the way, I didn't know BofA didn't have physical offices in Utah.
Thanks. I wrote because I did not know, and BOA has bought my home loan.