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Has ANYONE heard about a lawsuit against CitiMortgage or BOA for taking stimulus funds and not helping people with them?

I heard about this, and there is a bank who does refinancing loans that told us about it. It is $6K to sue, and they get 30% of whatever you get awarded. Does this seem like a scam to you? I am not good at researching things online. If you won it would be worth it but who knows if this is even real?

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Asked by JackieGirl007 at 11:21 PM on Dec. 26, 2010 in Money & Work

Level 35 (73,191 Credits)
Answers (6)
  • I haven't heard about it.. but I am NOT at ALL shocked.

    Answer by Jambo4 at 11:25 PM on Dec. 26, 2010

  • I heard about this. But I don't think it was a lawsuit. I think it was the result of a federal investigation. There SHOULD be a lawsuit, a class action suit representing all the homeowners who got screwed. I think what you are describing is a scam. It doesn't smell right to me.

    Answer by Inloveagain at 12:00 AM on Dec. 27, 2010

  • While there may actually be a class action lawsuit (I'm not for sure that there is), if you were qualified to join the lawsuit you would be able to do so free of charge and the lawyers would take their fees out of the money that was awarded. What you are describing is a scam. They want you to pay $6000 up front and if you win they will also take 30% of the award, but I highly doubt that there would ever be a lawsuit on your behalf. They are just going to walk away with your $6000. If you are in a place where a lawsuit is a consideration for you, it's because you are having difficulties paying your mortgage, so I don't think that you have $6000 to give away to a scam.

    Answer by slw123 at 9:51 AM on Dec. 27, 2010

  • I haven't heard of it. If you want to verify that it's real, you might want to do a search on a reputable news channel or newspaper's website.

    Answer by HotMama330 at 11:44 AM on Dec. 27, 2010

  • Another bank is suing them and charging you money for it? That seems a bit iffy doesn't it?

    Answer by Erica_Smerica at 7:10 PM on Dec. 27, 2010

  • yes it seems like a scam, that's why i was asking if anyone else has heard of it. And slw123 you are right, we do not have money for a lawyer. Especially not for a scam:)

    Comment by JackieGirl007 (original poster) at 9:10 PM on Dec. 27, 2010

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