Consumer complaint received 2023-05-05
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: DC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
I have a Mortgage from XXXX XXXX XXXXXXXX which originated on XX/XX/XXXX. The Deed of Trust ( attached ) was executed on XX/XX/XXXX and was filed and recorded on XX/XX/XXXX in the Official Records of the XXXX , DC Recorder of Deeds. 

On XX/XX/XXXX an Assignment of Deed of Trust ( attached ), prepared by Bank of America and executed on XX/XX/XXXX, was filed and recorded in the Official Records of the XXXX XXXX DC Recorder of Deeds. 

The Assignment of Deed of Trust states : " For Value Received, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ) as beneficiary. solely as a nominee for XXXX XXXXXXXX XXXX XXXX XXXX, It's successor and assigns ( herein " Assignor '' _, whose address is XXXX XXXX XXXX, XXXX, MI XXXX, does hereby grant, assign, transfer and convey unto XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  XXXX as Trustee for the Certificateholders of XXXX, XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX ( herein " Assignee '' ), whose address is XXXX XXXX XXXXXXXX XXXX XXXX NY XXXX XXXX and its successors and assigns all its right, title and interest in and to a certain Deed of Trust described below... Original Trustee : XXXX XXXX. XXXX, XXXX. '' I was not informed of this assignment of Deed of Trust which Bank of America prepared and presumably filed or had filed. The filing did not happen within the required thirty days of execution but almost three months later. Was this intentional? 

My request for Covid-19 forbearance was granted on XX/XX/XXXX by Bank of America while the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  ( XXXX XXXX XXXX  ) was the trustee. 

My understanding from telephone conversations between XXXX and XXXX with Bank of America employees was that Bank of America was the owner of the loan because Bank of America bought XXXX ( See : XXXX : XXXX ). 

The XX/XX/XXXX Note ( attached ) states : " The Lender is XXXX XXXX XXXX XXXX XXXX. I signed this note on XX/XX/XXXX. XXXX did not sign it and at some later date somebody stamped the loan with a XXXX XXXXXXXX XXXX XXXX XXXX XXXX Pay to the order of '' stamp that has a blank space where there presumably should be a payee. '' There are five or more publicly available depositions of XXXX XXXX where she agrees stamps with her name on them were used by countless employees. ( XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX ) XXXX XXXX currently works for Bank of America ( XXXX XXXX XXXXXXXX XXXX and previously worked at XXXX 

If Bank of America purchased XXXX XXXX XXXX in XXXX did they become the owner of the XXXX Note? The Note ( attached ) states : " I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called the " Note Holder. '' Is the XX/XX/XXXX, Assignment of Deed of Trust prepared by XXXX XXXX XXXX of Bank of America valid? How can a Trustee ( in this case XXXX XXXX XXXX XXXX XXXXXXXX XXXX. XXXX, XXXX. ) be changed from a Trustee to a bank ( in this case XXXX XXXX XXXX XXXX XXXX  ) acting as Trustee for the Certificate holders of XXXX XXXX, XXXXXXXX XXXX XXXXXXXX XXXX XXXX when that trust closed in XXXX? 

To put it differently, how can the assignment of a new trustee in XXXX result in the placement of the deed of trust into a pass through trust that closed in XXXX. 

I have been told many times in the past three years by Bank of America that they were just following the rules of XXXX XXXX XXXX XXXX XXXXXXXX the owner of the loan. This raises the question what were the rules of XXXX XXXX XXXX XXXX XXXX XXXX XXXX between XXXX and XX/XX/XXXX when they were the Trustee or was Bank of America as the purchaser of XXXX as the Note Holder making the rules or was it XXXX? 


These issues have been discussed in Congress : SUBCOMMITTEE ON HOUSING AND COMMUNITY OPPORTUNITY, ROBO-SIGNING, CHAIN OF TITLE, LOSS MITIGATION, AND OTHER ISSUES IN MORTGAGE SERVICINGXXXX XXXX XXXX XXXX ) ; In the the Media : XXXX XXXX XXXX  ( " Former Bank of America employees gave sworn statements that the bank lied to homeowners, denied loan modifications for bogus reasons and rewarded employees for sending homeowners to foreclosure. " ). 

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX  and the Mortgage Crisis : Obfuscating Loan Ownership and the Need for Clarity ( XXXX XXXX XXXXXXXX? XXXX & XXXX & XXXX & 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