Consumer complaint received 2022-01-31
Company: BOK FINANCIAL CORP
State: CO
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
Dear Sir or Madam, I have requested and received a loan modification offer from my bank, BOKF, while my loan was in forbearance due to Covid19. I rejected this offer in XX/XX/XXXX because I did not believe the terms were in my best interest. In fact, I believe the bank structured the terms in a way that the bank would benefit and not me. On XX/XX/XXXX, I received a phone call from XXXX at BOKF and she told me I must either accept the offer or bring my loan current. And a day later, on XX/XX/XXXX I received another phone call from XXXX pressuring me to accept the offer or bring the loan current. I told both of them at the time that I reject the offer because of the unfavorable terms. I asked for a better deal and was told by both that was not a possibility and the only options that are available to me is either to accept the offer or bring the loan current. Therefore, I agreed to bring the loan current. Please note that neither one of them told me at the time, bringing the loan current would disqualify me from getting a more favorable terms on another loan modification offer. I was so frustrated with their deceptive and pressure tactics I decided to file a complaint with the CFPB on XX/XX/XXXX. Case # XXXX. Please reference this case when investigating this complaint. 

Please note that they knew all along that I was sending them a payment to bring my account current, because they asked for it, the payment. And no one at this institution had the decency to inform me that sending a payment would eliminate my chances for a favorable loan modification. I believe that BOKF had no intention of really modifying my loan knowing that bringing my loan current would disqualify me. I wrote them at least three times in XXXX of XXXX telling them that I will be sending them a payment. And no one, no one ever advised me that would eliminate my chances of receiving a loan modification. Moreover, when I spoke to my relationship manager XXXX XXXX, he assured me that no negative information was reported to the credit bureaus. But my credit score tells a different story. Please see attachments. 

I believe as a result of my original CFPB complaint, I received a more favorable loan modification offer from BOKF dated XX/XX/XXXX. I accepted this offer, and I was making arrangements to start paying my mortgage payment on XX/XX/XXXX, as agreed. And then all of the sudden, on XX/XX/XXXX, I receive a phone call from XXXX the one I spoke with on XX/XX/XXXX, who was pressuring me to bring my account current or else- telling me the Bank is withdrawing the offer because my account is now current. They forced me to bring my account current and now they are saying I dont qualify for a loan modification because my account is current.! I am being penalized for following their instructions. And not only did they withdraw the offer, but they also reported my account to XXXX which lowered my credit score from XXXX on XX/XX/XXXX, to XXXX on XX/XX/XXXX. The irony here is that they reported my account as modified and under partial payment agreement, an agreement that-according to BOKF- is not available to me anymore and is now null and void! And the fact that my account is showing under a partial payment agreement destroyed my credit. And now I am being told that this negative information is going to stay on my credit report for seven years. I have always maintained a perfect credit rating as can be seen from my credit history and I demand that BOKF restore my perfect credit ratings as soon as possible. I dont know if it was the incompetence of the employees at this institution, or it was an act of retaliation to my original complaint to the CFPB that caused all of these problems for me, but Either way, I want this fixed. 


Under the Covid19 federal forbearance guidelines, banks are not allowed to report negative information to the credit bureaus. And therefore, BOKF must restore my credit to the way it was before they ruined it. In addition, BOKF must honor the second loan modification offer they presented to me. The offer that I already accepted. The offer that destroyed my credit even though it was not given to me.! I did not cause any of the issues that prevented me from getting the loan modification that we both agreed on, but rather it was the bank employees ignorance, manipulation and deceptive tactics that caused the problems and not me. The bank should take responsibility and do the right thing by remedying this situation. 


Currently, instead of loan modification, BOKF wants me to enter into a loss mitigation agreement. 


Enclosures : will be attached to the CFPB complaint. 


Sincerely,

Company response to consumer: Closed with explanation