Consumer complaint received 2022-03-14
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
We suffered serious financial loss due to XXXX and requested forbearance relief from our mortgage in most of the year in XXXX. We began making full payment to get back on track in XXXX of XXXX and have consistently paid monthly payment in full to this current date upon due date. 

On XX/XX/XXXX we made our first request to request a modification/refi or some assistance of our home loan for the outstanding balance prior to the end of forbearance on XX/XX/XXXX. 

We filled out all required forms/signatures ( IRS transcripts etc ) as presented by lender when received via US mail with return XXXX XXXXXXXX envelope. Further communication from lender went dormant until we received a shocking notice of intent to accelerate on XX/XX/XXXX threatening foreclosure We then took the initiative to telephone and inquire as to status. 

Result from phone call initiated by borrower resulted in much more detailed financial information that was never directly communicated either by mail or by written document in our customer file online requesting further information. Attempts to register for their online document portal resulted in constant denial of registration. I was informed by phone attendant I could go to a local branch and have documents faxed free of charge. 

On XX/XX/XXXX I faxed 93 pages to satisfy request of said documents. 

On XX/XX/XXXX we called to inquire if there was any further inquiries. We were told there were several, to which we provided detailed answers over a one and a half hour telephone conversation with representative to convey to " underwriting ''. A follow up was scheduled by same representative the following week in which the same questions as not satisfied, were verbally presented by " underwriting '' which we attempted to address, again. 

We submitted follow up written documents as requested and faxed via lender branch 10 pages on XX/XX/XXXX. We, again, had to call to request receipt of information and update and yet again, the same problem was being raised as a problem for us as well as the lenders intractability to resolve. 

Here are the issues our lender is requiring, we have tried multiple times, that are against all underwriting guidelines that we can not seem to discuss reasonably, due to the following : Lender : Provide P/L of S Corp K-1 form 1120S which borrower is 8.26 % shareholder. 
Borrower : This documentation would not be available to a shareholder with less than 25 % shares. Borrower is an investor NOT an owner, therefore the request is invalid. This is standard underwriting guidelines. 
Lender : It's our requirement to prove income. 
Borrower : That information for investor under 25 % is presented on the K-1 form 1120S, which they have copy, twice now. We are not an owner. We are not self employed. We are just an investor. 
Lender : We still want it. 

Lender : Provide lease agreement for K1 1065 partnership of commercial investment. 
Borrower : This documentation would not be available to a 5 % partner, as clearly indicated on K-1 with less than 25 % investment. Borrower is an investor therefore the request is invalid. This is standard underwriting guidelines. 
Lender : It's our requirement to prove income. 
Borrower : That information for investor financial responsibilities under 25 % is presented on the K-1 Form 1065. We are not an owner. We are not self employed. We are just an investor.

Lender : We still want it. 

The most recent " escalation '' request by borrower, after failing to communicate with a simple representative who answered the call but didn't understand complexities, was made by telephone on XX/XX/XXXX. 

Please help if you can. I have been going in circles for months on end with this lender.

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