BUSINESS

To Avoid Foreclosure, Banks Require Borrowers To Waive Rights

05/09/2011 09:36 am ET | Updated Jul 09, 2011

A few months ago, Bank of America offered Sergio Cortez of Staten Island, N.Y., the help he desperately needed to stay in his home: a break on his mortgage. Like millions of others, he was facing foreclosure. But there was a catch buried in the fine print. Cortez had to waive any possibility of ever suing the bank for anything relating to the loan.

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