If Bank of America has filed a foreclosure action against you in New Jersey, a foreclosure defense attorney at Friscia & Associates, LLC can review the details of your case, identify all available legal defenses, and take action to protect your home. We represent homeowners across the entire state of New Jersey in foreclosure proceedings involving Bank of America and offer a free initial consultation at (973) 500-8024.
Who Is Bank of America?
Bank of America, N.A. is one of the largest financial institutions in the United States, headquartered in Charlotte, North Carolina. Bank of America operates as both a mortgage originator and a loan servicer. In addition to loans it originated directly, Bank of America acquired a massive portfolio of mortgage loans through its acquisition of Countrywide Financial in 2008, significantly expanding its exposure to residential mortgage foreclosures nationwide. In New Jersey, Bank of America appears as a plaintiff in foreclosure actions either as the holder of the original note and mortgage, as the successor to Countrywide-originated loans, or as the servicer acting on behalf of a securitized trust or investor. The complexity of Bank of America’s loan portfolio, particularly the legacy Countrywide loans, creates unique issues in foreclosure defense.
Common Issues Homeowners Face with Bank of America
Homeowners involved in foreclosure actions brought by Bank of America encounter a range of servicing problems that can directly affect their ability to defend against foreclosure and retain their homes.
Legacy Countrywide Loan Issues: Many Bank of America foreclosure cases in New Jersey involve loans originally originated by Countrywide Financial. These loans were frequently securitized and sold into trusts, and the documentation surrounding these transfers is often incomplete or defective. Homeowners may benefit from a thorough review of the assignment chain for these legacy loans.
Servicing Errors and Payment Misapplication: Given the volume of loans Bank of America services, homeowners have reported that payments were misapplied, credited to the wrong account, or allocated to fees and costs rather than principal and interest. These errors can create or exaggerate a delinquency and inflate the total amount claimed in the foreclosure proceeding.
Loss Mitigation Application Difficulties: Homeowners seeking loan modifications or other loss mitigation options through Bank of America have reported experiencing significant delays, lost documentation, repeated requests for information already submitted, and denials that did not adequately explain the basis for the decision. Federal regulations under RESPA (12 C.F.R. § 1024.41) impose specific obligations on servicers during this process.
Communication Failures: Borrowers have described difficulties communicating with Bank of America, including being transferred between departments, receiving inconsistent information about account status, and being unable to reach representatives with the authority to resolve their issues.
Improper Fees and Escrow Issues: Foreclosure-related fees, inspection charges, attorney fees, and escrow shortages added to a borrower’s account can substantially inflate the amount Bank of America claims is owed. If these charges were not properly disclosed, were unreasonable, or resulted from the servicer’s own errors, they may be challenged.
Legal Defenses Against Bank of America Foreclosure in New Jersey
New Jersey law provides homeowners with multiple legal defenses that may apply in a Bank of America foreclosure. An experienced attorney can analyze your case and assert every available defense on your behalf.
Lack of Standing
Standing is frequently a contested issue in Bank of America foreclosures, particularly where the loan was originated by Countrywide and subsequently securitized. The foreclosing party must demonstrate that it holds the note and mortgage through a valid and unbroken chain of assignments. If assignments were defective, executed after a securitized trust’s closing date, or if the note was not properly endorsed, the entity filing the foreclosure may lack standing. These issues are especially prevalent with legacy Countrywide loans that were pooled into mortgage-backed securities.
New Jersey Fair Foreclosure Act Violations
The New Jersey Fair Foreclosure Act (N.J.S.A. 2A:50-53 et seq.) requires that the borrower receive written notice of intent to foreclose at least 30 days before the complaint is filed. This notice must contain specific information, including the amount required to cure the default and the borrower’s right to cure. If Bank of America failed to send proper notice, sent it to an incorrect address, or omitted required information, this may constitute a defense to the foreclosure.
RESPA Violations (12 C.F.R. § 1024.41)
RESPA requires mortgage servicers to follow specific loss mitigation procedures. Bank of America must acknowledge receipt of a loss mitigation application within five business days, exercise reasonable diligence in obtaining documents, and evaluate the borrower for all available options before referring the loan to foreclosure. If Bank of America proceeded with foreclosure while a complete application was pending, or failed to properly evaluate you for available options, these violations may constitute a defense.
Truth in Lending Act (TILA) Issues
If the original lender, whether Bank of America itself or Countrywide, failed to make accurate disclosures at origination as required by TILA, including the annual percentage rate, finance charges, and material loan terms, these violations may provide grounds to challenge the enforceability of the mortgage obligation.
Predatory Lending and Unconscionability
Loans originated during the pre-2008 period, particularly by Countrywide, may have involved practices that constitute predatory lending under New Jersey law, including deceptive terms, inflated appraisals, or fundamentally unfair conditions. The New Jersey Consumer Fraud Act (N.J.S.A. 56:8-1 et seq.) may also apply.
Why You Need an Attorney for Bank of America Foreclosure Defense
Foreclosure in New Jersey is a judicial process conducted through the Superior Court. Bank of America retains large foreclosure law firms that handle thousands of cases. Without legal representation, you risk missing critical response deadlines, waiving defenses, and losing your home to a default judgment. An attorney can review the entire loan file, trace the chain of assignments, identify servicing errors and procedural defects, and represent you at every stage of the proceedings.
How Friscia & Associates Helps Homeowners Fight Bank of America
Friscia & Associates, LLC represents homeowners in all 21 counties of New Jersey in foreclosure defense matters. Our firm handles cases involving Bank of America, including those involving legacy Countrywide loans, and has experience identifying the chain-of-title and servicing issues that are common in these cases.
We provide a free initial consultation to review your situation and explain your legal options. If we identify viable defenses, we will develop a strategy to protect your home and your rights throughout the foreclosure process.
Contact Friscia & Associates Today
If Bank of America has filed a foreclosure action against you in New Jersey, do not wait. Call Friscia & Associates, LLC today at (973) 500-8024 for a free consultation. We serve homeowners throughout the entire state of New Jersey.
Frequently Asked Questions
Can I fight a Bank of America foreclosure in New Jersey?
Yes. New Jersey homeowners have legal defenses available in Bank of America foreclosure cases, including standing challenges, Fair Foreclosure Act violations, RESPA claims, and TILA defenses. An attorney can evaluate your specific situation.
Does Bank of America still service mortgage loans?
Bank of America continues to originate and service mortgage loans. However, Bank of America has also transferred servicing on many loans to other companies. If your loan was transferred, the new servicer must comply with all applicable servicing regulations.
Does Friscia & Associates offer free consultations for Bank of America foreclosure cases?
Yes. Friscia & Associates, LLC provides a free initial consultation to New Jersey homeowners facing foreclosure by Bank of America. Call (973) 500-8024 to schedule yours.
What should I do if I received a foreclosure notice from Bank of America?
If you received a notice of intent to foreclose or have been served with a foreclosure complaint, contact a foreclosure defense attorney immediately. There are strict deadlines to respond, and failure to act promptly may result in a default judgment.
Legal Disclaimer: The information on this page is for general informational purposes only and does not constitute legal advice. No attorney-client relationship is formed by reading this content. Every foreclosure case is different, and outcomes depend on the specific facts and circumstances involved. If you are facing foreclosure, you should consult with a qualified attorney to discuss your individual situation. Past results do not guarantee future outcomes.