Bank of America Hit With Class Action Lawsuit For Forcing Property Owners to Buy Excess Flood Coverage

Bank of America was recently hit with a putative class action lawsuit in Florida for forcing property owners to buy excess flood coverage as a condition for mortgage loans.  The complaint accuses Bank of America of buying insurance directly from a subsidiary and adding the premium to loan balances.  The large corporate bank apparently required homeowners in flood zones to purchase or maintain flood insurance on their property in excess of the amounts required by federal law.  Homeowners have expressed outrage with Bank of America in recent years claiming that the massive institution made large profits by bullying them into buying expensive flood insurance which they did not need.  These allegations are especially concerning in light of the recent economic downturn where people are truly struggling to make their mortgage payments.  A similar class action lawsuit is being considered in Pennsylvania and a class action was filed against Chase Bank in New York for similiar practices.  The attorneys at Balkan & Patterson, LLP are experienced in class action litigation against corporate wrongdoers.  If you believe you have potential for a class action, please contact us immediately and we will review your case at no charge.

The law firm of Balkan & Patterson, LLP was founded in 2006 and is headquartered in Boca Raton, Florida, at 601 S. Federal Highway, Suite 302, with offices in Broward County. Mr. Balkan and Mr. Patterson can be contacted at (561) 750-9191. Additional information about Balkan & Patterson, LLP may be obtained from the firm’s website at www.balkanpatterson.com.