Consumer complaint received 2020-03-13
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
On XX/XX/XXXX my loan service transferred from XXXX to Bank of America ( BOA ). I knew immediately that based upon Bank of Americas poor track record of servicing mortgages that there would be issues. 

1. Issue number 1 BOA did not send a welcome letter detailing where the payments were to made with my new loan number. This issue led to other internal issues with setting up an online account which drastically delayed the XXXX payment. 

2. Issue number 2 was that when the loan was modified, When I finally received my first statement I was met with surprise fees over {$300.00}, which when i called BOA they could not explain. Finally my most recent statement stated that these fees were legal fees and Court costs dated XX/XX/XXXX. I can only assume that this was again sloppy work on BOA part and that these may have been trailing fees from a previous foreclosure case. however that case was dismissed due to the loan modification and each party agreed to bear its fees and costs, furthermore it took less than 5 minutes to determine that the fees paid to the Clerk of Court was overpaid and a unclaimed credit exists, which I am being asked to pay for. These fees should not exist and according to BOA representative XXXX who could not tell me what the fees were for would just sit until paid. 

3. Issue number 3 Insurance, XXXX had placed insurance on the property for {$5500.00} ( approx ) and that policy just renewed prior to the servicer transfer, this insurance was priced adequately and due to the difficulty of getting insurance I left that policy in place. BOA comes along and claims that they will purchase a new policy if I do not provide evidence of insurance by XX/XX/XXXX at a cost of {$14000.00} ( approx ) this is almost three times what the previous servicer was able to acquire insurance for. This leads me to believe that BOA has deliberately conspired with a company to gouge its consumers. I am in the process of scrambling to get insurance on the property and was assured by BOA rep that once I have a policy sent over it will be paid from escrow. 

4. Improper escrow analysis : BOA has notified me that it is increasing my Mortgage payment by almost {$1100.00} which is more than I can afford. The notice failed to adequately provide information how these numbers were calculated and I can only assume that it was based upon force placed insurance which has not even been purchased or placed on the property. The taxes that were paid for the year XXXX were not homestead property taxes, the tax year XXXX will be homestead property taxes and the taxes should decrease, BOA improperly analyzed the property taxes and insurance and increased the mortgage payment improperly. 

5. The investor of the loan offered a loan modification which I accepted based upon the number presented and with a proper analysis of escrow, BOA takes over the servicing of this loan and has done a horrible job at boarding this loan, verifying this loan and analyzing the escrow and has mishandled insurance at the detriment to consumers. I recognize I do not have the right to refuse a particular servicer, but I really do not want BOA servicing this loan as in my experience in dealing with distressed homeowners over the last 11 years BOA is in fact the worst servicer in the market and does not have the capabilities, training, knowledge and procedures to properly handle mortgage servicing.

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 monetary relief