Consumer complaint received 2020-12-03
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Issues with Covid Payment Deferment Program with Bank of America In XXXX of 2020 I requested to be part of a 3-month payment deferment program offered by Bank of America, the bank servicing my mortgage. My deferment started in XX/XX/2020 and concluded at the end of XX/XX/2020. Even though I was not required to make payments during those months, I was comfortable with at least making payments toward interest and escrow. I called in each month to make those payments and instructed the associate how the payments should be applied. 

By making consistent payments to interest and escrow my expectation is that at the end of the deferment period my principal balance would remain the same until I resume making full payment. However, that was not what was shown on my XXXX statement after the deferment ended, and as I learned later that it was the result of payments being posted incorrectly in my mortgage account. 

XXXX statement shows principal balance of {$440000.00} XXXX statement shows principal balance of {$440000.00}, of which, {$3700.00} was itemized as " non interest bearing principal balance. '' I visited a local branch since the issues is a bit complex and learned that they could not assist me in any way because it's a mortgage issue and that I need to speak with the mortgage department over the phone. After two hours of being in the branch and explaining the issue to the mortgage associate over the phone I was assured that the issue will be resolve in a week time and I was given a case ID for reference. 

Case # XXXX I waited for the following month statement to see the correction but no change was made on the XXXX statement. 

I reached out to the mortgage department and spent close to 2 hours waiting on the phone then explained my concerns. I was again reassured that the issue will be resolved and I just need to give them about a week. At this point I was some what skeptical and asked for direct confirmation so that I don't have to wait another month for a new statement to come out and find out that the issue is not resolved. After some checking around, the associate said I will receive notice without having to wait for the statement. 

I did not receive any communication as promised, and when I received my XXXX statement there was no correction made to my mortgage account. 

I reached out again to the mortgage department again on XX/XX/XXXX and went over the same sort of conversation and expressed my frustration to the associate who answered the call. The associate attempted to reach her manager and half an hour later I was told that the manager is not available for me to speak with and that the manager can give me a call back later that day. I did not received a call back. 

On XX/XX/2020 decided to send an email to Bank of America CEO detailing my concerns and frustration. The email got forwarded to XXXX XXXX in the Executive Mortgage Servicing Complaints team. XXXX promptly reached out to me and offered to be the point of contact until my concerns are resolved. I felt some what relieved at this point but a week or so went by and I got a notice from the Bank stating that I am behind on my mortgage and that I could get " free help with foreclosure avoidance programs ... '' I was alarmed by this and reached out to XXXX, he told me to disregard the notice and that the correction is almost completed without explaining why that notice was even sent out at all. 

On XX/XX/XXXX I received an email communication from Bank of America stating " Your mortgage payment request is complete ... adjustments will be shown in Mobile and Online Banking and on your monthly statement. '' I reach out to XXXX on XX/XX/XXXX after the statement came out and it did not address the " non interest bearing principal balance. '' At this point I was tired of waiting for months for a satisfactory solution even though I have spent hours talking on the phone and writing emails. I feel that its unfair that I have to spent all the time that I have and all the running around to fix an issue that originated by the Bank. In the email on XX/XX/XXXXI let XXXX know that the non interest bearing principal balance need to be removed and requested that I need to be compensated for the time and stress that this whole this has caused. I also request direct communication from a person that the problem is resolved and not a system generated message so that I can ask questions in real time to make sure things are resolved correctly and not having to wait another month to find out from my statement. 

XXXX response : My apologies for the delay. I previously worked with the payment team to reapply the payments in the Unapplied funds as regular payments, but was unaware of your concern with the deferred amount. I have now submitted a request to review the Other deferred amounts and will provide a response upon receipt. XX/XX/XXXX XXXX did not address my other requests and as of XX/XX/XXXX I have not received any updates. 

I hope CFPB can help draw attention to me case and expedite the fix, I feel like I have exhausted all possible avenues within BofA to resolve this problem. I am in the process of refinancing my mortgage to move it away from BofA but worry that this pending issue may be an obstacle unless it is resolved quickly. Please let me know if you need any additional information. 

Sincerely, XXXX 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 non-monetary relief