Consumer complaint received 2018-05-25
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CO
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Struggling to pay mortgage

Complaint:
In XX/XX/XXXX we did a Cash for Keys agreement with Bank of America. We had tried for several years to get a loan modification when the economy crashed in XXXX XXXX, but it was never completed. We had decided things wouldnt get any better for us and we were going to move back to XXXX to be around our family. Our house at that time was {$200000.00} upside down. It was at this time we obtained an attorney and decided the Cash for Keys was our best option. Upon inspection of the property Bank of America paid us {$5000.00} to vacate the property. We were told they would take possession of the home and in 2 years we could try to purchase a new home in XXXX. Our credit took a hit. 

In XX/XX/XXXX we went to look for a new home in XXXX. Our credit was checked at that time and it showed we still owned a home in XXXX. Bank of America never took title to the property even though taxes were paid by them and they also were paying H.O.A. fees. There is now a lien against the property for H.O.A. fees with penalties. Our attorney reached out to B of A and they said they had no agreement with us and that we would have to sue them before anything would be done. 

Our attorney filed a case for Breach of Contract. The case was moved to Federal Court. Our attorney informed us we had a bad judge & it didnt look like she would rule in our favor. The case was dropped and our attorney proceeded from another angle. We sued B of A for not taking action within the Statue of Limitations. Several months ago our attorney informed us the state of XXXX  was no longer honoring the Statute of Limitations. The judge said she couldnt rule based on the statute of limitations, but was curious as to why B of A never took title to the property. The judge reviewed the case and decided that we didnt have quantifiable damages as a result of their breach. The case was dismissed again. We have copies of all emails from our attorney if you need to see them. 

In the meantime we were informed of our attorney 's death. We are now stuck with no attorney and haven't found another one to take our case without paying a large retainer fee. Bank of America has said that they plan on going through with the foreclosure. As of today we have not received a foreclosure date but did get notification from XXXX XXXX XXXX XXXX. We feel like this is just not fair. That is why we are reaching out to you. If they are allowed to foreclose our credit will be hit again and we are afraid that the laws now will result in a large XXXX fee. We will never be able to finally get settled in a home here. Right now our money has all been wasted on rent ( {$1500.00} a month ) and our entire home has been in a storage unit ( at {$170.00} per month ) since XX/XX/XXXX. 

Attached you will find copies of the Cash for Keys check & the inspection letter. We also attached a couple of other letters pertaining to the Cash for Keys agreement.

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