Consumer complaint received 2023-10-05
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Mortgage
Sub-product: Reverse mortgage
Issue: Trouble during payment process
Sub-issue: Paying off the loan

Complaint:
Borrower : XXXX XXXX XXXX Address : XXXX XXXX XXXX XXXX, XXXX XXXX FL XXXX It has taken almost 1 year for Bank of America to research and discover that the lona was " paid in full on XX/XX/XXXX ''. Bank of America conducted research for several months, we provided them a borrowers authoriztion and Bank of America released all the details pertaining to the loan. Speaking with Bank of America 's, XXXX XXXX XXXX XXXX it was determined that the loan was " Satisfied '' and the investor in question would released the lien because the loan was " satisified and paid in full. '' We provided Bank of America with the authorization form that they provided to the investor and XXXX HUD Division to release the details of the loan and so that HUD can reassign the first mortgage back to Bank of America ; in which they did and it was recorded. In turn once assigned to Bank of America, they recorded the " satisfaction of mortgage '' because it was clear and evident the loan was paid off in full on XX/XX/XXXX. 

Recently, Bank of America has stated there was an error but no official document has been provided. As of now I run the risk of loosing my money and investment of {$500000.00} because Bank of America is committing fraud. There is no way that this was an error but a corruption to steal and deceive hard working families with money from their retirement. It is terrible that with all the evidence Bank of America has provided us that there all of sudden is an error, given the facts that executives have been involved and a attorney signed the release ; not to metion HUD reassigned the first mortage back to Bank of America. 

This does not seem like an error but a corruption to steal from a Florida family who runs the risk of loosing {$500000.00} and their life savings. I am not an attorney and I do not know the laws or statues but this is fraud, corruption and decieving to the hard working family. I am request the CFPB helps us in dealing with this theft and deceit because we will loose our life savings on this " so called error or mistake ''. 


On XX/XX/XXXX - XXXX HUD Division XXXX Ticket No XXXX - Lien Release Department - Hello, This loan was transferred to Bank of America . Please contact them for further assistance. 

On XX/XX/XXXX - Bank of America - XXXX XXXX XXXX ( VP ; Senior Operations Consultant ; XXXX XXXX XXXX XXXX XXXX : " This is not for the acquiring of debt, the authorization form is needed in order for us to receive the information from the third party investor in order for us to have the lien released. '' On XX/XX/XXXX - Third Party Authorization Form - XXXX HUD Division XXXX Third Party Authorization provided for release of information. 

On XX/XX/XXXX - Per Bank of America 's request - HUD assigned the XXXX XXXX to Bank of America for a release. 

On XX/XX/XXXX - Bank of America recorded a Mortgage Release, Satisfaction and Discharge. 

On XX/XX/XXXX - Bank of America - XXXX XXXX XXXX - " Can you tell me when the transfer was completed, we reviewed the county and we do not see an assignment. We completed the XXXX XXXXXXXX XXXXe, and Hud would need to provide an assignment for the 2nd mortgage listed. '' On XX/XX/XXXX - Bank of America Home Loans provided the owners with proof the XXXX was " Paid and Satisfied in full on XX/XX/XXXX ''. The deceased borrower did not own any monies and the XXXX was indeed satisfied. 

On XX/XX/XXXX - Bank of America recorded a " Recission of Satisfaction '' without proper notice, reason or justifcation. Given the fact the XXXX XXXX is satisfied and HUD 's second position is inaccurate. 

On XX/XX/XXXX - Bank of America per HUD 's request has obtained an attorney to avoid responsibility and accountability for the cover-up that there is fraud being committed. 

Given the sudden changes on Bank of America 's position, there is evidence this was not an error but a cover up to help HUD and not honor that the loan was " paid and satified in full on XX/XX/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