Consumer complaint received 2020-10-14
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD
Product: Mortgage
Sub-product: FHA mortgage
Issue: Struggling to pay mortgage

Complaint:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX, MD XXXX XX/XX/XXXX Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX, Washington, DC XXXX Case # XXXX ( submitted by Settlement company ) Re : Case # XXXX ( submitted by myself ) / Reference ID : XXXX Re : Loan # XXXX To Whom It May Concern : On XX/XX/XXXX, I experienced financial trouble and requested a loan modification from Bank of America ( BOA ) on a first and second mortgage for the property at XXXX XXXX XXXX XXXX, Washington, DC XXXX. On XX/XX/XXXX, they sent me a loan modification letter with a reduced balance as I had requested in my hardship letter. At that time, I contacted BOA for details. BOA said they restructured my loan to be 40 years instead of 30 years and that I would not be responsible for the second mortgage. I paid PMI on my second mortgage and I was told they could collect from my insurance. Eleven years later when selling the property for XXXX less than the purchase price, the title company finds a deed in trust where BOA transferred the loan to XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX company alerted my title company that there is a balance on the loan and BOA after weeks of requests for information has no knowledge of what occurred with the loan. I have never received any communication from the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX about any amount due during the past 11 years. 

The loan modification employed unfair, deceptive, and abusive practices ( UDAAP ). 
DECEPTIVE Upon reviewing a history of payments on the loan, I noticed that BOA charged me closing costs to restructure the loan in the amount of {$4600.00} but never alerted me of this charge. They only alerted me that they reduced my payments as requested. In terms of Truth in Lending regulations, they are required to give me important details on the loan restructuring including adding an amount to the principal for the modification. 
ABUSIVE AND UNFAIR The bank informed me that I was not responsible for the second mortgage. Therefore, I paid for 11 years on the loan totaling approximately {$120000.00} while only reducing the principal by $ XXXX. I paid for years when the property was empty including 12 months during the covid-19 epidemic. The property has not recovered to the amount I paid for it. I waited 11 years to break even on the property before selling it. But instead of breaking even, I would need to bring {$44000.00} in the amount of the second mortgage to the closing or foreclose on the loan since I can no longer afford to pay for it empty. 
POOR DOCUMENTATION The title company and myself contacted BOA and requested a release of a deed of trust. After two weeks, the bank can provide no information on what occurred with the second mortgage and has not confirmed whether they can provide the release. They can not even tell me if they had indeed transferred the loan. 

Borrower : XXXX XXXX XXXX Original First Loan Number : XXXX Original Second Loan Number : XXXX Date of Deed of Trust : XX/XX/XXXX Original Balance : {$44000.00} Sincerely, 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