Consumer complaint received 2017-07-16
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Closing on a mortgage

Complaint:
Nature of Complaint : Predatory Loan on Senior Citizens & Improper Deed Modifications.
How can Bank of America stop sale of property that is not encumbered on Deed of Trust as collateral?
How can Bank of America take funds from sale of property that had NO AVAILABLE EQUITY at time Home Equity Line of Credit was issued? HELCO was never in default.
How can Bank of America tie up three pieces of property without disclosing this to homeowner?
How can Bank of America change and modify Deed of Trust 11 years after it was issued without homeowners consent?
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Complaint information : In  XX/XX/XXXX , my husband and I received an unsolicited robo telephone call from Bank of America asking if we would like to receive a Home Equity Line of Credit on our property. We owned four pieces of property.
1.   XXXX   XXXX   XXXX   XXXX  ,  XXXX , NC   XXXX   - House and . XXXX  acre   XXXX   XXXX   Pin #  XXXX  Assessed Value {$160000.00}. No Loans & /or Liens.
2. . XXXX  acre property connected to   XXXX   XXXX   XXXX   XXXX   registered Deed Book  XXXX  Page 124 Value {$1200.00} - No Loans & /or Liens 3. .  XXXX    acre property connected to   XXXX   XXXX   XXXX   XXXX   registered Deed Book  XXXX  Page 064 Value {$1700.00} - No Loans & /or Liens 4.   XXXX   XXXX   XXXX   XXXX  ,  XXXX , NC  XXXX  - House and  XXXX  acres   XXXX   XXXX   Pin #   XXXX   Assessed Value {$590000.00}. with {$290000.00}.   XXXX   XXXX   XXXX   and a {$4.00} million lien from   XXXX   XXXX   XXXX   registered Deed Book  XXXX  Page 50-54 Bank of America issued us a Home Equity Line of Credit in the amount of {$500000.00}. on  XX/XX/XXXX  KNOWING THERE WAS NO AVAILABLE EQUITY ON   XXXX   XXXX   XXXX   XXXX  .
The loan has never been in default. We have paid approximately {$150000.00}. interest to Bank of America over the last ten years.
In XX/XX/XXXX  we entered into contract to sell   XXXX   XXXX   XXXX   XXXX  .   XXXX   XXXX   XXXX   XXXX   advised that Bank of America had lien on   XXXX   XXXX   XXXX   XXXX  . We immediately got copy of Deed of Trust ( which we had never received from Bank of America ). It became very evident that Bank of America had listed   XXXX   XXXX   XXXX   XXXX   as the collateral as the   XXXX   XXXX   pin number was the same as   XXXX   XXXX   XXXX   XXXX  . We contacted Bank of America and requested that they release   XXXX   XXXX   XXXX   XXXX   as this was not the collateral. It could not have been collateral since it had {$4.00} million in loans & /or liens on the property at the time Bank of America issued the HELCO.
After numerous departments and e-mails, on XX/XX/XXXX ,   XXXX   XXXX   Officer, Mortgage Servicing Specialist II Post Closing Operations/Error in Closing Mortgage and Vehicle Servicing Operations from Bank of America responded that   XXXX   XXXX   XXXX   XXXX   was the property encumbered and they had prepared a Modification of Deed of Trust and Partial Release document from   XXXX   XXXX   XXXX  , Assistant Vice President of Bank of America for us to sign and have notarized.
Again, How is that possible?   XXXX   XXXX   XXXX   XXXX   had NO AVAILABLE EQUITY at time of Home Equity Line of Credit was issued!!! How is it possible to modify HELOC facts eleven ( 11 ) years after it has been issued? If they could issue corrected document to release   XXXX   XXXX   XXXX   XXXX    which had no loans & /or liens on it at time of HELOC - they could have issued corrected document to release   XXXX   XXXX   XXXX   XXXX   . How could Bank of America be allowed to tie up three ( 3 ) pieces of our property without our knowledge?
We declined to sign this. The result of this was we had to pay {$52000.00} cash to close on the sale of our property with Bank of America taking {$480000.00} monies from our closing. We lost {$530000.00} from Bank of America 's practice of predatory loans and improper modification of Deed of Trust.

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