Consumer complaint received 2020-04-30
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Hello, On XX/XX/2020 I have made a closing on my house mortgage with Bank of America as a lender. The problem I have with the deal is that the very last moment, on the day of closing, they failed to deliver a special credit/grant money in the amount of {$7500.00} which was promised to me all the way through the application process. 

This is my story : Between XXXX and XXXX this year I had been shopping for a lender for my mortgage. By XX/XX/XXXX I was down to 2 lenders, XXXX XXXX  and Bank of America. Both were offering me very similar deals. 

On XX/XX/XXXX, BofA informed me in writing that my property is eligible for additional {$7500.00} grant money. This huge change made my decision to start application with this lender, while still trying to get better deal with XXXX. 

While mortgage papers were in process, by XX/XX/XXXX I clearly was understanding that XXXX would not be able to match grant money offer from BofA and I proceeded with BofA as my only lender. During multiple phone conversations with BofA rep, he was assuring me that my grant money will be available and it is not a question of if, but when. 

BofA was working on the grant money papers until the very last minute even on the day of closing. Then, on the day of closing, just before leaving home to go to the closing meeting, I received a phone call from their rep that this credit would not be available to me. The reason was that since the last written/verbal commitment from them and before they locked my final interest rate ( took about 1 business day ), the rules of the program have changed and now it requires income verification, which doesnt qualify me since my income is higher than whatever limit they have. 

I was outraged to hear such news from my lender on the day of closing that I am going to pay {$7500.00} extra at my closing. This money was the ONLY reason I chose them as my mortgage provider. They apologized and said that nothing else they could do. That I could proceed with them as a lender or choose different lender ( XXXX ). Obviously, I had no time to change lender as this is not a 1 day process and I would be charged $ XXXX/day for any delay on closing. So I went ahead and closed the deal with BofA the same day. 

I feel nasty about the whole situation that I did not receive {$7500.00} from the bank which clearly stated in their e-mail and phone conversations that I would get the money. 

I would like to know if there is a chance for me to hold BofA by their word and legally get a compensation for such a miscalculation from their side. 

P.S. I want to note that BofA never officially, using signed form or whatever, confirmed that I would get the money. The only proof I have are e-mails and phone calls ( no recordings ) from their VP that I WILL get the money. 
Also I would like to mention that during paper process they asked me to sign a form stating that I may be eligible for grant money while simultaneously the person was assuring me that the money will be mine and that form was just a formality. 

I can provide the form I signed and the e-mails I received if necessary. 

Thanks,

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 monetary relief