Consumer complaint received 2018-11-20
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NJ
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Struggling to pay mortgage

Complaint:
I am adding this to my original complaint ID XXXX and subsequent complaint ID XXXX in a response to the most recent letters sent to me from Bank of America regarding my home equity account. 

These letters are as follows- A letter dated XX/XX/XXXX states- " Dear Mr. XXXX : Our Regulatory Complaints team has received a correspondence that was sent to us on your behalf from the Consumer Financial Protection Bureau ( CFPB ). Thank you for writing to express your concerns. Every customer is important to us, and we'll work hard to resolve the matter. 
My name is XXXX XXXX and I'll be your dedicated single point of contact throughout thls process. 
What you can expect next I'll complete a full review of your concerns, and my goal is to deliver a resolution to you by XX/XX/XXXX. If I am not able to resolve your concerns by this time, I'll provide a new date when you will receive resolution ''. 

A letter dated XX/XX/XXXX states- " Dear Mr. XXXX : In our previous letter, we provided you with an expected date you'd receive a response from us. This letter is to let you know we need more time for research before we can provide you with a response. 
What you can expect next Our goal is to respond to you by XX/XX/XXXX. If we don't meet that goal and have not reached a resolution, we will continue to keep you updated until the matter is resolved. 
XXXX XXXX. '' A letter dated XX/XX/XXXX states- " Dear XXXX XXXX : My name is XXXX XXXX , and I will be your dedicated customer relationship manager ( CRM ). I will continue the work you started with your previous CRM with the same goal of pursuing every available option to assist you with your home loan. The change in CRM does not indicate a change in status to your loan assistance request. 
I will be calling you soon ''. 

A letter dated XX/XX/XXXX states- " Dear XXXX XXXX : My name is XXXX XXXX , and I will be your dedicated customer relationship manager ( CRM ).

I will continue the work you started with your previous CRM with the same goal of pursuing every available option to assist you with your home loan. The change in CRM does not indicate a change in status to your loan assistance request. 
I will be calling you soon ''. 

To date, XXXX XXXX never got back to me and neither XXXX XXXX nor XXXX XXXX ever called me! 

The most recent letter dated XX/XX/XXXX states- " We may be able to help you with your home equity account.  Please contact us as soon as possible. 

What you need to know This is a legally required notice. We are sending this notice to you because you are behind on your mortgage payment. We want to notify you of possible ways to avoid losing your home. We have a right to begin forclosure proceedings based on the terms of your mortgage contract. '' These letters completely ignore the fact that I informed Bank of America that this was a predatory loan and I was not told that this was using my home as collateral. In my original complaint I explained there is no possible way I should have been given this loan had XXXX XXXX and Bank of America properly looked into my being able to afford this loan. This property was and is a homestead and both spouses were required to sign the mortgage instrument along with all other documents pertaining to this loan. 
In my original complaint I explained there is no possible way I should have been given this loan had XXXX XXXX and Bank of America properly looked into my being able to afford this loan.

Bank of America should have immediately challenged XXXX for allowing a homestead mortgage loan to be granted without both owners signatures. 

Instead, Bank of America added {$50000.00} to the original loan that matured in the year XXXX and changed it to a 10 year adjustable interest only loan due in the year XXXX, completely overlooking the fact that this was a homestead and both spouses were required to sign the mortgage instrument. 

Upon review, Bank of America should have immediately challenged XXXX XXXX for allowing a homestead mortgage loan to be granted without both owners signatures on all the documents. 


In response to my complaint, Bank of America sent me various documents ( not all the documents I requested ) showing signatures with my wifes name, but with all signatures being significantly different. I believe that these signatures were forged to make it it appear that my wife agreed to this loan. However, Bank of America sent me a copy of the original XXXX Line Agreement which proves my wife was not made aware, because it contains only my signature! 

Since these documents were supposedly signed on the same day, why would my wifes signature be missing on any loan document for that day? 

It should have been abundently clear that taking into consideration the massive increase in the monthly charge for this loan along with all other expenses ( which I advised Bank of America ) would make it impossible for me to be able to pay. And yet, Bank of America is willing to wait nearly a year to propose possible foreclosure proceedings. Thus, creating a much larger loan balance with the outrageous interest being added each month. 
Bank of America seems to be covering up for XXXX XXXX  for allowing a homestead mortgage loan to be signed by only one owner along with XXXX allowing this loan to be granted knowing quite well that my income minus real estate taxes and other expenses would have made it impossible for me to afford. 

Instead, Bank of America sent me the following documents, all questionable!

1 ) XXXX Line AGREEMENT 2 ) XXXX XXXX Open-End Mortgage ( for use in NJ ) 3 ) XXXX NOTICE OF RIGHT TO CANCEL LINE INCREASE 4 ) XXXX NOTICE OF RIGHT TO CANCEL LINE INCREASE 5 ) XXXX BORROWER 'S LIMITED TITLE AGREEMENT 6 ) XXXX CONSENT TO SECURITY AGREEMENT 7 ) Bank of America MODIFICATION TO BANK OF AMERICA EUITY MAXIMIZER AGREEMENT AND DISCLOSURE STATEMENT 8 ) Bank of America MODIFICATION OF SECURITY INSTRUMENT ( Home Equity Line of Credit ) 9 ) Bank of America NOTICE OF RIGHT TO CANCEL ( HOME EQUITY LINE OF CREDIT ) 10 ) Bank of America OPTIONAL LINE PROTECTION PLAN ADDENDUM ( " ADDENDUM '' ) On the XXXX LINE AGREEMENT document the only signature on it is mine! There is a place for an additional borrower to sign which was left blank. 

On the XXXX XXXX Open-End Mortgage ( for use in NJ ) document, on page 5 of 6, the witness ( XXXX XXXX 's ) printed name is different. 
Suggesting they were signed at different times, or possibly forged. Also, on the XXXX XXXX OPEN-END MORTGAGE ( for use in NJ ) document, on page 5 of 6, the signature of my wife appears nothing like the other signatures. 

On the XXXX  NOTICE OF RIGHT TO CANCEL LINE INCREASE document shows a signature with the tail end flowing down below the signature line. Why are there separate XXXX NOTICE OF RIGHT TO CANCEL LINE INCREASE documents? There is clearly space for both signatures on either page! 

On the XXXX  BORROWER 'S LIMITED TITLE AGREEMENT document shows a signature with the tail end flowing above the signature line. 

On the XXXX CONSENT TO SECURITY AGREEMENT document it states " The undersigned is not personally obligated to pay the XXXX   Line Agreement. '' Also, the witness XXXX XXXX 's signature is completely different than the way she signed the XXXX XXXX Open-End Mortgage document. 


The fact that all these discrepancies exist along with the fact that Bank of America 's records confirm that I was the only borrower for this account and mine was the only signature on the original XXXX LINE AGREEMENT, supports that this is a predatory lending loan which Bank of America is trying to cover up.

Since all the XXXX signatures were done on the same day of the original XXXX LINE AGREEMENT, why did my wife sign these documents and fail to the sign the most important document of that being the original XXXX LINE AGREEMENT? 




On the Bank Of America MODIFICATION TO BANK OF AMERICA EUITY MAXIMIZER AGREEMENT AND DISCLOSURE STATEMENT document dated XX/XX/XXXX shows mine was the only signature on it! 

And to prove this fraud even further, on the Bank of America MODIFICATION OF SECURITY INSTRUMENT ( Home Euity Line Of Credit ) also dated XX/XX/XXXX, page 2 shows my signature along with a pathetic attempt of forging my wifes signature. 



On the Bank of America NOTICE OF RIGHT TO CANCEL ( HOME EQUITY LINE OF CREDIT ) document, my wifes, supposed, signature is nothing more than a scribble! In addition, my name is in printed form without my signature! 

On the Bank of America OPTIONAL LINE PROTECTION PLAN ADDENDUM ( " ADDENDUM '' ) document, my name was listed as the only borrower! 

In all, the number of signatures on the documents sent me from Bank of America are 1- XXXX Line Agreement Dated XX/XX/XXXX Page 1 of 3 2- XXXX XXXX open-end mortgage ( for use in NJ ) Dated XX/XX/XXXX Page 5 of 6 1- XXXX   Notice of right to cancel line increase Dated XX/XX/XXXX Page 1 of 1 1- XXXX Notice of right to cancel line increase Dated XX/XX/XXXX Page 1 of 1 2- XXXX  Borrower 's limited title agreement Dated XX/XX/XXXX Page 1 of 1 1- XXXX   Consent to security agreement Dated XX/XX/XXXX Page 1 of  1 1- Bank of America Modification to B of A equity maximizer agreement and disclosure statement Dated  XX/XX/XXXX Page 2 of 2 2- Bank of America Modification of security instrument ( home equity line of credit ) Dated XX/XX/XXXX Page 2 of 4 1- Bank of America Notice of right to cancel home equity line of credit Dated XX/XX/XXXX Page 1 of 1 1- Bank of America Optional line protection plan Addendum ( " Addendum '' ) Dated XX/XX/XXXX Page 2 of 10 This was a complete predatory lending loan from the beginning! The account was under my name and not a joint account. I was the sole participant. 
Every bank statement and letter along with all other paperwork was addressed to my name only. 

Changing the original loan, which was due in XXXX, to the 10 year adjustable interest only loan due in XXXX was a ruse to cover up both XXXX XXXX  and Bank of Americas deceitful tactics.

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