Consumer complaint received 2021-07-29
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
For almost 4 years i have been filing complaints about Bank of America and their " modification '' process. I had a 15 year Home Equity loan and paid it faithfully until the time I had several financial situations including ( Hurricane Sandy ) rendering me unable to make payments. I applied for a modification.. I have been in the process of modification for years. This bank has offered modifications several times and each time they have excuses that it can not go through. Amount them is while making the 3rd trial payment, the pay by phone took out 8 payments instead of 1, and we had to start over, You can see prior complaints for the past 5 years that were filed. This past modification, while under the sole guidance of Mr. XXXX XXXX ( Regulatory complaint commission ) I was sent a trial offer of {$380.00} at 2.75 % This offer was affordable to me. The prior offers all included taxes and insurance ( problems with that too ) making the payments way to high. During this long modification process, I managed to pay off my 1st mortgage, ( also held by bank of America ) and have been successfully paying my taxes and insurance on my own for the past several years. I have had bad experience with Bank of America in the past ( 1st mortgage ) that between them giving my mortgage to XXXX XXXX and taking it back, they BOTH failed to pay my taxes. I was informed by the town that the taxes were due and immediately contacted the bank. it was finally rectified and because of this I do not want them handling my taxes and insurance bill. In regard to this past " modification '' XX/XX/XXXX XXXX and i agreed the amount {$380.00} was fine and i made 2 of 3 trial payments. I made the 3rd trial payment and for some reason Bank of America had no record of it. I however, did and I sent them a copy of the bank statement. After 2 weeks Bank of America send the 3rd payment back for no reason. I was advised to re send the 3rd payment which i did. I then received the " permanent '' modification indicating that the payment is now {$760.00}. that was NOT agreed on and when I spoke to XXXX XXXX he told me he had it in " escalation and not to sign and return the permanent modification or i would be bound to it. he told me to continue to make the {$38000.00} which I have ( last one XX/XX/XXXX ) He assured me that he had it all under control and i would have the New modification with NO escrow by XX/XX/XXXX. Since then several representatives ( XXXX and XXXX ) both called to tell me I HAD to pay the taxes and insurance through them. All I am asking is to make my principle and interest payments on this bank loan. I am NOT interested in turning it into a first mortgage and I will NOT let them handle anything as important as my taxes and insurance ever again. This bank is poorly managed and has lied and manipulated their customers. Please arrange to speak to Mr. XXXX XXXX I have been jerked around for more than 3 years. Please help. XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with non-monetary relief