search

The Real Deal Logo

Trending

How NYC fits into the broker commission battleHow NYC fits into the broker commission battleLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aEvictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and ManorEvictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and ManorMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loan
South Florida

Class action suit alleges ARM misfired

Sign Up for the undefined Newsletter

An adjustable-rate mortgage holder initiated a class action lawsuit against Bank of America, claiming it increased his house payment inaccurately; he suspects the same happened to other borrowers. The plaintiff is the mayor of Lauderhill, Richard J. Kaplan, who said the bank used the wrong date, perhaps intentionally, to identify the value of an index used to set the new monthly payment on his home loan. The alleged mistake bumped his mortgage interest up about $300 a year, and his effort to correct the error has come to no avail.