Consumer complaint received 2022-02-17
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: VA
Product: Debt collection
Sub-product: Mortgage debt
Issue: Took or threatened to take negative or legal action
Sub-issue: Seized or attempted to seize your property

Complaint:
Bank of America ( Bank ) is engaged in 1. bad-faith dealing ; 2. inducing me to commit a financial felony and 3. unfair business practices. 
1. ON BAD-FAITH DEALING : When I ended the forbearance agreement in XXXX, XXXX, I asked the Bank to defer the unpaid principal and interest accumulated while in a forbearance agreement. The Bank refused and offered instead a loan modification. It would require charging interest on the unpaid interest. I questioned if it is legal for the Bank to charge interest on interest. To induce me to accept those terms, it told me that the maturity would be stretched so the monthly payments would be reduced. I accepted with the understanding that the XXXX XXXX XXXX, the account borrower, will remain the borrower. The Bank agreed. I did not hear from the Bank until the middle of XXXX when I received a call from XXXX XXXX who informed me that the Bank could not do the loan modification unless I assume the mortgage personally and transfer the deed from the trust  to my name. I told XXXX XXXX that it would be a financial crime to transfer the deed to my name as I am not the named beneficiary of the trust. I suggested that XXXX XXXX confers with his legal department. He said he will not do that and is not any obligation to do it. He told me the Bank would foreclose on the property if no agreement is reached. 
On XX/XX/XXXX, I received a notice of acceleration. I called on XX/XX/XXXX and spoke with XXXX XXXX who told me that the borrower would be the Trust but the Bank requires I provide my own financial information and that the application will be in my name. She could not explain why my financial information is needed if I am not to be the borrower. No answer except that it is the requirement of the Bank. She told me she would call me a week later to get the financial information. On XX/XX/XXXX, I called and spoke with XXXX from XXXX, XXXX to inquire about the repayment plan which was not offered in the first discussions back in XXXX. She told me the maximum is six months, but it would still require that I submit my own personal financial information. I asked again why my financial information is needed when I am not the borrower. Again, the answer I got was, it was a requirement. 
2. MAKING ME COMMIT FINANCIAL CRIME : Following the discussion above, the Bank is making me assume the obligation of the trust, and transfer the deed from the Trust to my name personally. As discussed above, I informed the Bank that I am not a beneficiary at all ; that I am just a successor-in-interest trustee. I suggested to the various reps I spoke with that they check with the Bank 's legal department because what it is asking me to do is illegal. The reps refused to check with its legal department. It seems that the Bank wants me to commit an illegal act as a condition for a loan modification. 
3. UNFAIR BUSINESS PRACTICES : The notice of acceleration I received XX/XX/XXXX has a breakdown of late fees of {$43.00} beginning in XXXX, XXXX and continued monthly to the date of the notice, XXXX, XXXX. It also shows other charges and fees of {$140.00}. There never was any communication sent regarding these fees. They were charged even while discussions about loan modification were ongoing. 
The acceleration notice also offered a repayment plan option. I was told that to avail of this option, I would still have to provide my personal financial information. It seems to me that the Bank is just determined to foreclose on the property. So, I informed XXXX XXXX, the last person I spoke with on XX/XX/XXXX, that I have decided to sell the property, but would need from six to nine months, XXXX. since there is a tenant whose lease expires on XX/XX/XXXX. The Bank gave no commitment. I also told XXXX that I do not want the Bank posting notices on the house indicating that it is in foreclosure. The Bank has done it in the past, XXXX, which made the tenant leave and therefore no income to make the payments. I told XXXX XXXX that I do not want this to happen. The Bank right now is receiving the monthly payments while discussions about the unpaid forbearance balance are ongoing. The Bank should give me time to sell the property.

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