The long list of complaints about Bank of America’s lending practices has gotten longer. After complaints by two borrowers in Michigan and one borrower in Wisconsin, the U. S. Department of Housing and Urban Development has charged Bank of America with discriminating against homebuyers with disabilities. In a statement released by HUD, the department charges that Bank of America imposed “unnecessary and burdensome requirements on borrowers who relied on disability income to qualify for their home loans and required some disabled borrowers to provide physician statements to qualify for home loans.” Bank of America is also charged with asking borrowers for proof of their disabilities and/or documentation of their Social Security income before approving loans.
The Fair Housing Act makes this type of activity illegal. Under the Act, a lender cannot impose different application of qualification criteria on a borrower because they are disabled. According to John Trasvina, HUD Assistant Secretary for Fair Housing and Equal Opportunity, “mortgage companies may verify income and have eligibility standards but they may not single out homebuyers with disabilities to delay or deny financing when they are otherwise eligible.”
If you are disabled and applied for a mortgage loan with Bank of America and were subjected to these practices, or were otherwise discriminated against by any lender in connection with a loan application, please contacts us to discuss your legal rights.