B9318024218Z.1_20150710142509_000_GFRBAJ0R1.1-0Bank of America to pay VT $1.25 million


This is a burlingtonfreepress.com article.


The state Attorney General’s Office this week announced two settlements that will result in payments to Vermonters impacted by debt collection and mortgage foreclosure.

Bank of America will pay the state $1.25 million under a settlement announced Friday.

Of that amount, $250,000 will be reserved to pay Vermont homeowners who can show that Bank of America billed them incorrectly after a mortgage foreclosure settlement agreement.

“Homeowners faced with foreclosure need to know that when their bank makes a deal to settle the foreclosure action, the deal will be honored,” Attorney General Bill Sorrell said in a statement. “When banks fail to live up to promises they make to Vermont homeowners, there will be consequences.”

Vermonters can apply for payments by submitting documents to the Vermont Attorney General’s Office by Sept. 8.

Any money that remains in the fund at the end of the process will go to housing and foreclosure matters at Vermont Legal Aid and the Vermont Judiciary.

The overall payment for Vermont “includes the State’s fees and costs incurred in investigating and litigating this matter,” according to the settlement document.

Attorney General Sorrell said the remaining $1 million can be appropriated by the Legislature and the governor. The state budget anticipates some settlement revenue through his office each year.

In a separate case, Chase Bank will also pay refunds to Vermont customers following a settlement over debt collection practices.

Vermont will reap $110,000 from the multistate and federal deal, the Attorney General’s Office announced.

Chase will contact any Vermonters who paid more than they actually owed, said Assistant Attorney General James Layman.

“Under the restitution program so far, Chase has paid 10 Vermonters a total of approximately $20,000, and Chase is continuing to review records to identify others who are entitled to payments,” Layman said in an email.

Fewer than 300 Vermonters were affected by the inaccurate billing practices, according to an Attorney General’s Office news release.

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