Consumer complaint received 2017-08-10
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NJ
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
I obtained a mortgage loan from XXXX XXXX XXXX XXXX in XX/XX/XXXX. My income was stated, the interest rate was 8.875 %, and the bank over appraised the house. The house sold for {$310000.00} while similar houses in the area sold for about {$250000.00} to {$280000.00}. My down payment was 10 %, ( {$31000.00} ) and the loan amount was {$280000.00}. My mortgage payment plus taxes and insurance is over {$3000.00}. I lost my business in XX/XX/XXXX. My last payment was made in XX/XX/XXXX. I had moved out of the house in XX/XX/XXXX, and I continued to make mortgage payments till XX/XX/XXXX. The current principal amount the loan servicer claims I owe right now is {$250000.00}, interest is {$120000.00}, Corporate Advances is {$10000.00}, and Escrow Advance is {$53000.00}. I was in the process of fixing the house for rental, when one day, my husband and I got to the house, and saw that the house had been boarded up with plywood. Our initial thought was that the house was foreclosed since we had fallen behind on payments. We had also fallen behind in payments with our primary residence and we went for counselling and help. We applied for the New Jersey Home Savers Program, and we were told that we could not be approved because we had another house in New Jersey. We were told that the house could not be foreclosed unless we went to court. We were however able to get our primary residence a loan modification by the mortgage company, and we 've been current ever since. We proceeded to remove the plywood from the house in question, which at this time had already been winterized. We went to the township to turn the water back on, the loan servicer had sent a letter to the township, stating that the house was foreclosed, and had changed the water bill from my name to the name of the loan servicer. There was lot of damages, we had to get a permit to run a new gas line because the water and gas lines had bursted for lack of proper winterization. We fixed the house the best we could, and rented it out. 
Then, the harrassment started. The bank assigned a property management company called XXXX XXXX XXXX XXXX. They came to the house every month, saw that tenants had moved into the house, water was turned on, and the lights were on, but they continued to come into the house every month, with tenants occupy the house. At times, they broke the doors, and tenants complained a lot that items went missing. I called the loan servicer and the property management company to tell them to stop coming, but nothing changed. They completely disregarded the fact that the house was been rented out, they came every month for over a year, after tenants had moved in. They also constantly referred to the house as " foreclosed '' prior to filing a foreclosure with the courts. 
They eventually stopped after a female tenant filed a police report stating that one of the employees of the property management company had made some XXXX XXXX towards her. Then a few months followed, and I eventually got a foreclosure notice in XX/XX/XXXX. Five years after the last mortgage payment was made.The mortgage holder went from XXXX XXXX XXXX XXXX, Bank of America, to various other loan servicer, and now XXXX XXXX XXXX XXXX XXXX XXXX, f/k/a XXXX XXXX XXXX XXXX XXXX, as Trustee for the Certificate holders of the XXXX XXXX., Asset-Backed Certificates,  Series XXXX are the plaintiff. 
I then requested for a loan modification, which they denied stating that " You do not qualify for the above referenced modification, because your rental income exceeds your mortgage payment ''. My current mortgage payment exceeds {$3000.00}. The principal is {$2300.00} plus {$650.00} in taxes, and {$96.00} in insurance every month. The bank denied an approval at the rate of 3.50000 %, of which if I was approved at the rate of 3.5 %, I would have a mortgage payment of {$1500.00}. I was denied because I receive {$1500.00} in rent from the property. The bank has now filed a " Motion for Summary Judgement '' against my property, not wanting to give me a chance to save my  house, nor go to trial. The loan servicer has also been changed again from XXXX to XXXX XXXX XXXX while in the middle of the loan modification denial appeal process and in the middle of foreclosure.

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