Consumer complaint received 2022-11-10
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD
Product: Debt collection
Sub-product: Mortgage debt
Issue: False statements or representation
Sub-issue: Attempted to collect wrong amount

Complaint:
XXXX XXXX XXXX XXXXs Agent, XXXX XXXX XXXX received my loan from Bank of America on XX/XX/2022. My Bank of America Modified Loan Agreement terms, by law, remain the same after the transfer, yet XXXX XXXX has not honored those terms and instead have assigned to my account an interest rate three times the amount of that specified in my confirmed loan agreement and a monthly payment amount also roughly three times of what I am required to pay. Please note that under the terms of the transfer by law The assignment, sale or transfer of the servicing of the mortgage loan does not affect any term or condition of the mortgage instruments, other than terms directly related to the servicing of your loan. 

After a month and a half of constant erroneous accounting by XXXX XXXX XXXX regarding my loan and blocking me from their website so that I can not manage or observe my account, I again, contacted XXXX XXXX XXXX on XX/XX/2022. I spoke to a representative named XXXX, and I immediately followed up with an email attaching my confirmed loan agreement which, as stated, should not be altered by XXXX XXXX due to the transfer of servicing from Bank of America to XXXX XXXX XXXX. Ive yet to hear back from XXXX or anyone, after being assured by him a review would take place. Exactly what needs to be reviewed is unclear since this is a matter of law and specific numbers. The time allotted for this so-called review period of ten days has long since been exhausted. What official loan agreement documents are the XXXX XXXX XXXX claims based on? 

As of today, there have been two occasions where I asked to speak to a manager at XXXX XXXX XXXX, [ ( XXXX ) XXXX Customer Service ] and no one was put on the phone to talk to me about a review that should have ended weeks ago. Instead, I was put on hold for more than 15 minutes and then disconnected. 

I have been harmed by XXXX XXXX failure to comply with the terms of my agreement in the following ways : I can not access my account online due to XXXX XXXX blocking me from doing so based on their claim that my account is in a delinquent status. 
I am at risk of having late fees applied when there should not be any late fees and they have indicated a willingness to report negatively to the credit unions if I do not comply with their ILLEGAL demands of inflated payments. 
When I initially went to the XXXX XXXX XXXX ( www.selenefinance.com ) website to set up ACH payments, XXXX took out the wrong amount which far exceeded the amount I specified on the online application. My bank, Bank of America investigated and concluded XXXX was at fault for removing an unapproved amount which caused me to be without funds that should have never been debited from my checking account, for more than a week. 
The life of the loan payments began on XX/XX/2022. Since then I have made XXXX monthly payments of {$110.00} as specified by the terms of my loan agreement on the following dates of completed processing : XX/XX/XXXX ( for XXXX ) XX/XX/XXXX ( for XXXX ), XX/XX/XXXX ( For XXXX ), and XX/XX/XXXX ( For XXXX ). I owe {$110.00} for XXXX due on XX/XX/XXXX and that payment has been scheduled through my bank, Bank of America. Therefore, I am not delinquent, and XXXX XXXX should reflect that. Incidentally, XXXX automated response did not account for the XX/XX/XXXX payment. The most recent payment for XX/XX/2022 was processed on Friday XX/XX/XXXX. 

On Friday XX/XX/2022, I received yet another threatening letter from XXXX XXXX XXXX dated XX/XX/XXXX, stating that I owe {$320.00} each month and that I am delinquent for the payment due on XX/XX/XXXX. The notice states that my credit rating could be negatively impacted. Again, my modified loan agreement that was transferred to XXXX XXXX XXXX and XXXX XXXX XXXX from Bank of America made effective on XX/XX/2022, states that I am to pay {$110.00} each month until the year XXXX at a locked interest rate of 3 %. 

I can only conclude based on XXXX XXXX persistent mismanagement of my account, incompetent customer service representatives and threatening letters, that XXXX XXXX XXXX and XXXX XXXX XXXX are designed in part to swindle people out of their properties through mismanagement and outright fraud. They must be held to account for the fraudulent and incompetent behavior that they are currently exhibiting toward me. I just discovered a website ( XXXX XXXX XXXX XXXX dedicated to highlighting the misdeeds of XXXX XXXX XXXX and how they acquire mortgages working to separate people from their property via schemes and tricks. I am hereby asking the Maryland Attorney General to criminally prosecute XXXX XXXX XXXX and XXXX if through investigation you find they have broken laws, such as, under Maryland Consumer Protection Act Article - Commercial Law Statute : 13301. 

Unfair, abusive, or deceptive trade practices include any : ( 1 ) False, falsely disparaging, or misleading oral or written statement, visual description, or other representation of any kind which has the capacity, tendency, or effect of deceiving or misleading consumers ; ( 3 ) Failure to state a material fact if the failure deceives or tends to deceive ; ( 4 ) Disparagement of the goods, realty, services, or business of another by a false or misleading representation of a matter ( 7 ) Knowingly false statement that a service, replacement, or repair is needed ; ( For example, XXXX XXXX XXXX XX/XX/XXXX letter to me demanding I pay {$320.00} each month knowing I am under the terms of paying {$110.00} each month and then threatening my credit rating if I do not comply with their illegal demands. ) Also under Title 12 my modification loan agreement transferred to XXXX XXXX XXXX does not permit changes to my interest rate which is set at 3 % XXXX XXXX is currently charging me at least 8.5 % which is illegal under the terms of my agreement. 

I asked XXXX customer service ( XXXX XXXX XXXX ) to furnish me the form to fill out so that my partner and co-owner of the property can speak on my behalf, and they have not furnished me the form. 

I will be sending documents such as XXXX XXXX billing statements and my loan modification agreement which Bank of America sold to them last 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 explanation