Consumer complaint received 2018-05-11
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
In XX/XX/XXXX, I refinanced my primary residence/home with XXXX XXXX XXXX. During the closing ( which was completed by a notary public at my home at my dining room table- all within 20 min. of time ), I was rushed to " sign '' the papers and was told that I could contact the mortgage/loan officer with any questions. When I did no one answered phone calls, so I read very thoroughly through all paperwork to discover that this was an adjustable rate with a negative amortization loan. I was 35 years old at the time and had previously owned 2 other homes in my lifetime with no knowledge of these types of interest only/negative amortization loans even existed. I had just purchased this particular home ( my 3rd home owned ) in XX/XX/XXXX, so I owned the home with an existing mortgage for over 36 months. I never had a late payment, etc. So, when I read the fine lines and no one called me back after the first day, I sent a letter to the company within 3 days to rescind this offer and cancel the loan due to the terms that I did not agree with. I am the co-borrower on the loan as well which compounding issues as they also switched the mortgage to my husband 's name as first on loan or applicant and me as co- applicant, yet the home is still listed incorrectly on XXXX XXXX XXXX appraiser and on the deed as : XXXX XXXX not my legal name which is XXXX XXXX . No one responded to my letter, no one contacted me, no one offered resolution despite my certified letter requesting such. I paid my monthly mortgage payments as I did not want to go into default or foreclosure. Then, the economy crashed due to housing bubble in XX/XX/XXXX- XX/XX/XXXX and it was discovered that these " bad loans '' were causing many Americans to lose their homes/property. I was contacted by Bank of America shortly after to " fix '' this loan and " modify '' to make adjustments. I thought to myself, " yes, finally a reputable bank that will assist ''. The problem with this was now my home was worth over $ 50K- 75K less than the loan and mortgage which I took out when I refinanced in XX/XX/XXXX in the amount of {$200000.00}. Now, my home was worth approximately $ 160K due to the housing crash/bubble and decreased home values due to foreclosures across our nation. I paid a lawyer to help correct and I paid Bank of America for trial periods ( almost double my monthly mortgage payment ) and I paid BOA over $ 6K in cash to pay for any changes/arrears, etc. while my loan was modified. In total, I paid the lawyer {$700.00} per month and BOA over {$9000.00} in just 9 months ( this far exceeded my monthly interest only mortgage payment. At the time of refinance, in XX/XX/XXXX, my original loan ( and documented in XXXX XXXX County clerk of courts even today is for {$200000.00} ) yet when BOA took over I now owed $ XXXX -- I was assured that now since the home is worth $ XXXX that I could apply for assistance through HARP or Making Home affordable program and possibly receive a principal reduction on this loan due to the loan type. My problem is and only has been with XXXX XXXX XXXX. I should have never received this loan as I requested within 3 days to rescind and cancel due to signing under pretenses of a conventional loan and also under duress as I was " rushed '' to sign by a notary public. The notary public could not answer any questions as she stated, " I am only a notary public -- you will have to ask a loan officer those questions or contact the mortgage broker or write a letter to cancel, but I am here now so you sign the prepared papers. '' I would like a complaint filed and an investigation into why my cancellation never took place which has affected my loan and payments and balance on this loan. Do you know that at this time ( no late payments ) I owe over {$260000.00} when I borrowed only {$200000.00}. Do you know that is close to $ 60K more than I borrowed a mortgage for on XX/XX/XXXX which is close to 13 years ago. 13 years and not only have I not made one cent payment toward principal- I now owe $ XXXX more than I borrowed which means this ballon note will never be paid off at this rate, yet I am a homeowner fixing and repairing all items such as roof, appliances, paying taxes, insurances, etc. and I am not a homeowner at all as there is no way I will pay this loan off. I have tried to work with the current service provider XXXX , XXXX as this loan went from Countrywide to Bank of America to XXXX XXXX XXXX and now is with XXXX XXXX and serviced by XXXX, XXXX. I have tried to offer a short pay and I have been denied twice since XX/XX/XXXX. I have a medical hardship at this time and I am fearful that I will lose my home due to my medical condition. I would appreciate any help in resolving this matter and again it starts with XXXX XXXX XXXX and the lack of resolution that I received back in XX/XX/XXXX when I asked to cancel this unscrupulous and predatory loan. Is there assistance for this type of predatory loan? Can XXXX XXXX XXXX correct this loan to the original amount or offer me any resolution?

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 explanation