Consumer complaint received 2018-09-05
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
To Whom it may concern : I XXXX XXXX XXXX XXXX home owner, with loan # XXXX at Bank Of America. Our Address XXXX XXXX XXXX XXXX XXXX, Ca. XXXX would like to file a complain against Bank Of America as our loan financer regarding the assistance provided to us by XXXX XXXX XXXX XXXX during the time we had hardship due my XXXX and unemployment which happened onXX/XX/XXXX were XXXX XXXX XXXX XXXX funded us for the amount of {$60000.00} which was deposited to Bank Of America on XX/XX/XXXX for mortgage reinstatement as advised by XXXX XXXX XXXX XXXX to be applied to our principal mortgage for us to have lower and affordable monthly mortgage payment. I contacted Bank of America at least 2-3 times a week starting the time that we were funded by XXXX XXXX XXXX XXXX   assuring us that it will be applied to our principal mortgage and will be processed. Bank of America told us to follow up every week for the status of the reinstatement which lasted for 3 months following these matters. OnXX/XX/XXXX we called  Bank of America regarding the status, but was informed me that there was a reversal payment of the amount of {$60000.00} back to XX/XX/XXXX which Bank of America claimed how the reversal happened. Bank of America advised me to re apply again for mortgage assistance from XXXX XXXX XXXX XXXX and for the meantime because Bank of America is at fault for not figuring out why and who reversed the mortgage payment they will just do loan modification. We asked Bank of America why they did not send me any letter or authorization regarding the reversal payment, but no answer was given instead Bank of America insisted to offer me loan modification from XXXX loan to conventional loan wherein it was approved by them on XX/XX/XXXX. 
Recently upon reviewing our mortgage, my property tax is increasing again which I compared with my neighbors, my property tax is at least more than {$2500.00}. During these modification, my interest rate went down from 4.75 to 4.25, which is still unaffordable to me, but I don't have any choice but to submit and agreed at that time since I was mentally and emotionally stress, feeling hopeless losing my property. On top of it, I have XXXX children and my husband was unemployed at that time. Im also wondering why at that time of modification, Bank of America never mentioned or offered the advantage of the equity for my property, but took advantage of me putting my loan back to 30 years with my current loan amount even I already have equity and not considering the amount that I paid for 5 year already. At this time, I am very much affected and having difficulties with my monthly mortgage payment which lead to have triple job affecting my quality time with my children and family. I am asking your assistance to help me and my family to have Bank of America pay for all the struggles and hardship that was caused by them. I am also looking forward for them to repay what was funded to us that could have helped my monthly mortgage a lot lower with what I am paying this time and pay for the damages and for taking advantage which we believed my family was abused. I am more happy to get help from your office to regain what I have lost. Thank you very much for your help and considerations. I am looking forward regarding these matters.

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