Consumer complaint received 2020-08-25
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NJ
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Struggling to pay your loan

Complaint:
I am adding this to my original complaint ID XXXX and its subsequent complaints in a response to the most recent letter dated XX/XX/XXXX sent to me by XXXX XXXX of Bank of America regarding my home equity account. 

The letter reads as follows- Client name : XXXX XXXX Correspondence received from : Consumer Financial Protection Bureau ( CFPB ) on XX/XX/XXXX XXXX XXXX : I'VE CAREFULLY REVIEWED YOUR CORRESPONDENCE AND WANT TO LET YOU KNOW OUR FINAL RESPONSE. 

We previously researched and responded to your concerns in the enclosed letters dated XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XXXX and XXXX XXXX. We've refrained from providing copies of the related enclosures for these responses as they've been provided on several occasions. 

Our records indicate that your loan is paid through the XX/XX/XXXX installment and is in default status. As of the date of this letter, your loan has not been sent to our foreclosure department. 
It is important to understand that the general, industry-wide accepted definition of " collateral, '' in this context, is property ( such as securities ) pledged by a borrower to protect the interest of the lender. The enclosed XXXX XXXX Open-End Mortgage ( which is the instrument securing the property to the loan ) explicitly states : " To secure to lender the repayment of the indebtedness evidenced by the Agreement together with interest thereon, and all renewals, extension, and conversions of or modification to the Agreement ; the payment of all other sums provided in the Agreement or advanced to protect the security of the Mortgage ; and the performance of all other covenants and agreements of Borrower contained herein and in the Agreement, for consideration paid, Borrower hereby mortgages, grants and conveys to Lender, its successors and assigns forever, with statutory power of sale ( if applicable ) and with mortgage covenants, the property described in Exhibit A to this Mortgage ( the Property ). '' This is also supported by the enclosed XXXX Line Agreement ( which is the loan ) under section 5, titled " Security '' : " To secure payment of all sums I owe you under this Agreement, and any extension, renewal, or modification of the Agreement, and to secure all charges under the mortgage of the Property securing the Account, I am giving you a mortgage ( " Mortgage '' ) on my real property located at : XXXX XXXX XXXX XXXX, XXXX, NJ XXXX. '' Although the XXXX XXXX Open-End Mortgage and XXXX Line Agreement do not explicitly use the word " collateral, '' the terms clearly communicate that the property is being pledged by the borrower to protect the interests of the lender. The signatures on these documents dated XX/XX/XXXX, indicated an understanding, acceptance, and agreement of these terms. 

On XX/XX/XXXX, we offered the enclosed Home Equity Payment Reduction Program Trial Period Plan ( TPP ) ; however, our records indicate that you did not accept the TPP. If you need loan assistance or to learn more about the programs available, please visit : https : //bankofamerica.com/homeloanhelp. You can also speak to a customer relationship manager by calling XXXX, Monday through Friday from XXXX XXXX to XXXX XXXX Eastern. 

HERE 'S OUR PROPOSED RESOLUTION We understand your concern regarding the notary seal on the enclosed Modification of Security Instrument dated XX/XX/XXXX. Our research indicates that the notarial certificate is present and valid. 

We reviewed your claims of signature forgery. Our research has uncovered no reasonable factual basis to substantiate your claim. Therefore, we are unable to address your claim in detail at this time. If you wish to pursue this matter further, please have XXXX XXXX provide the following items : * Affidavit of Forged Documents, which requires : * The Bank of America loan number * The names of the specific documents that are related to the claim * A written description of the claim * A notarized signature * Include all documentation supporting the forgery claim, such as, police report ( s ), samples of documents signed by XXXX XXXX Please mail the requested documents to the following address, and we will investigate the matter : Bank of America Fraud Claims XXXX XXXX XXXX Mail code XXXX XXXX, CA XXXX If you have any questions regarding the claim, please call us at XXXX, Monday through Friday, XXXX XXXX. to XXXX XXXX Pacific. 

We've also included these case documents, which you may find helpful : * Previous response letters dated XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XXXX and XX/XX/XXXX, without enclosures * Home Equity Payment Reduction Program Trial Period Plan ( TPP ) dated XX/XX/XXXX * Affidavit of Forged Document ( s ) form * XXXX Line Agreement signed on XX/XX/XXXX * XXXX XXXX Open-End Mortgage signed on XX/XX/XXXX * Modification to Bank of America Equity Maximizer Agreement and Disclosure Statement signed on XXXX XXXX * Modification of Security Instrument signed on XXXX XXXX * Claim notice dated XXXX XXXX * Loan payment history statement dated XXXX XXXX WE'RE HERE TO HELP we understand this may not be the result you were hoping for, but we hope it's clear why we reached this decision. 

Our clients are important to us. If there's anything else you need, please call me at XXXX, extension XXXX Monday through Friday, XXXX : XXXX. to XXXX XXXX. Pacific. 

XXXX XXXX Senior Resolution Specialist Regulatory Complaints Let me begin by stating I have NEVER requested the Equity Payment Reduction Program Trial Period Plan ( TPP ), This letter dated XX/XX/XXXX, reads- " CONGRATULATIONS! YOU'RE ON YOUR WAY TOWARD AN AFFORDABLE HOME EQUITY ACCOUNT PAYMENT. 
TO ACCEPT OUR OFFER, CONTACT US OR MAKE YOUR FIRST TRIAL PERIOD PAYMENT BY XXXX XXXX. '' What I did request was to have a " PRINCIPAL BALANCE REDUCTION ''. and in the CFPB response, dated XX/XX/XXXX, XXXX XXXX the assigned Resolution Specialist Regulatory Complaints of Bank of America declined my request for a reduction of principal balance. She states that " My research reveals that your application for the XXXX Line Agreement was evaluated and approved under the stated income  guidelines in XX/XX/XXXX. Furthermore, the Bank of America Equity Maximizer was also evaluated and approved under the stated income guidelines in XX/XX/XXXX. Research confirms that on your online application in XXXX, you provided a yearly stated income of XXXX. '' I requested a copy of the deed, copy of the mortgage application, copies of the stated income guidelines that were used in the research to evaluate and approve the income verification process, and all other paperwork used to determine my qualifying for the XXXX loan and the Bank of America Equity Maximizer. These documents were never sent! 
How was this verified? Surely, there must be some type of verification! Had the yearly stated income provided on the online application been {>= $1,000,000} and the Modification request be for {$500000.00}, would this also be approved under the stated income guidelines without income verification? 
XXXX XXXX was replaced! 

This letter then states- " We're pleased to inform you that you're approved to start a Home Equity Payment Reduction Program Trial Period Plan. Please read the information below that explains the next steps you need to take to qualify. '' As I wrote earlier, I have never requested this! Not only does this ignore my request for a reduction of the principal balance, but this offer increased the loan amount from {$240000.00} to {$250000.00}. 
This letter states in Step # 2 : " Notify us by XX/XX/XXXX of your intent to accept this trial offer to prevent your loan from starting the foreclosure process or to suspend foreclosure if that process has already begun. 

Mr. XXXX response letter which is dated XX/XX/XXXX states- " On XX/XX/XXXX, we offered the enclosed Home Equity Payment Reduction Program Trial Period Plan ( TPP ) ; however, our records indicate that you did not accept the TPP. '' More than 15 months have passed since the XX/XX/XXXX announced deadline and the forcloseure process has not yet begun. 

Throughout I have been told that they will proceed with a foreclosure sale. And throughout, I informed Bank of America that this would be best resolved by the courts if they were to proceed. I informed Bank of America that in no way would I be able to make the increased payments. 

Bank of America had to know that the TPP offer {$1800.00} a month or XXXX annually was unattainable! If Bank of America took into consideration an income of {$37000.00} annually or {$3000.00} per month, less a real estate tax of approximately {$15000.00} or {$1200.00}, ( which is substantially higher presently ) both of which I informed Bank of America were the amounts during XXXX, this would leave {$1800.00} less the TPP offer of {$1800.00} would leave {$3.00} left to pay Home Insurance and all other bills. Had XXXX XXXX, a Senior Resolution Specialist of Regulatory Complaints done the research as carefully as he states, this information would have most certainly been known to him. This was just another attempt from Bank of America trying to take away attention from the facts! 

Bank of America continues to try and cover up its mistakes! In my written complaints submitted to the CFPB, I mentioned a list of documents which shows all the discrepancies regarding my wife 's signature and other various mistakes. Along with the list I explained what was wrong with each document on the list. In turn, Bank of America sent with their latest response a list of documents, that were produced from their research. However, the list, conveniently, excluded numerous documents that my list contained. These documents are vital as a whole, not just the documents Bank of America chooses. 
Bank of America claims that their research has uncovered no reasonable factual basis to substantiate my claims of forgery! I have explained many reasons that substantiate my claim of forgery which Bank of America chooses to ignore. They have all the documents involved. 

XXXX  Line Agreement Item # 5 Titled 'Security ' states- " To secure payment of all sums I owe you under this Agreement, and any extension, renewal or modification of the Agreement, and to secure all charges under the mortgage of the Property securing the Account, I am giving you a mortgage ( " Mortgage '' ) on my real property located at : XXXX XXXX XXXX XXXX XXXX XXXX XXXX NJ XXXX. '' This property is jointly owned and was not mine alone to give! 
I informed Bank of America that the XXXX Line Agreement document contains only my signature. Below my signature is a space for a 2nd borrower signature which is left blank. This document suggests that the property is my real property alone. Nowhere does it indicate that this is a jointly owned property. Also, nowhere on this document is a XXXX XXXX representatives signature, although on page 1 of 3 there is a space provided with no signature present. 

The XXXX XXXX Open-End Mortgage document shows differences. On 3 separate occasions, I received a copy of this document from Bank of America. One copy shows below the borrowers printed names, in hand written form, on page 1 of 6 the # XXXX with the Maturity Date XX/XX/XXXX. The second copy again shows in hand written form, on page 1 of 6 the # XXXX with the Maturity Date XX/XX/XXXX, however the maturity date is highlighted in yellow. The third copy again shows in hand written form, on page 1 of  6 the # XXXX with the Maturity Date XX/XX/XXXX, except the first 10 digits blacked out. Clearly something is amiss! Which document is the original? 
On page 5 0f 6 on all 3 copies, shows the obvious difference in the signature from XXXX being signed with the R being significantly different along with the spacing of the name and most convincing is the different shades of ink! 
Also, on page 5 of 6. my name is in is in print below my signature and my wife 's name is in hand written form rather than in print form. Lastly, on all 3 copies, the notary certificate is mostly missing and the actual seal is not seen at all. This document shows both myself and my wife listed as BORROWER ( S ) /MORTGAGOR ( S ). Yet, the XXXX Agreement has me alone giving the mortgage!

The CONSENT TO SECURITY AGREEMENT states- " The undersigned is not personally obligated to pay the XXXX  Line Agreement. '' How is this possible if the undersigned grants the Bank a security interest in the property. 
This document is the most important document and yet, Bank of America, conveniently, fails to mention it. There is neither a notary signature nor a notary seal present on this very important document which was done at the same time as the XXXX XXXX Open-End Mortgage document! Both documents witnessed by XXXX XXXX! 

Modification to Bank of America Equity Maximizer Agreement and Disclosure Statement clearly shows that I am the only borrower. It states " IN WITNESS WHEREOF, the Borrower signs this Modification Agreement as an instrument UNDER SEAL, effective as of the date first set forth above. EACH BORROWER ACKNOWLEDGES RECEIPT OF THIS MODIFICATION AGREEMENT. '' No seal is present. 
On paragraph 2. Titled " AGREEMENT '' states - " Borrower is indebted to Bank with the terms and conditions of a certain open-end credit plan which is evidenced by the Agreement dated with an original Credit Limit of {$200000.00} and bearing interest thereon and delivered by Borrower to Bank. '' No date is present! 

Regarding Mr. XXXX XXXX response to the Modification of Security Instrument stating " We understand your concern  regarding the notary seal on the enclosed Modification of Security Instrument dated XX/XX/XXXX. Our research indicates that the notarial certificate is present and valid. '' My copy of the Modification of Security Instrument shows that on Page 1 of 4 my name is the only name present. On Page 3 of 4, my signature is NOT present and yet the notary signature is present and a notary seal ( stamp ) is not visible. On Page 4 of 4 A completely different Notary who resides in Florida signed the Letter Acknowledgement and again no seal ( stamp ) is visible. ON page 2 of 4, there are 2 signatures with neither a notary signature nor a notary seal visible! This page clearly has space for the notary signature and seal to be present, and yet the seal is on a separate page. 
What good are notary seals if they are omitted from the page that have the only signatures on the document? 
In addition, I have 2 copies in which one copy on page 1 of 4 at the  bottom to the right of my name is a space blacked out followed by the number XXXX. The other copy shows just the space followed by the number XXXX! Why the difference? It is obvious that changes were made! 

When Mr XXXX wrote, " We previously researched and responded to your concerns in the enclosed letters dated XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XXXX and XXXX XXXX. We've refrained from providing copies of the related enclosures for these responses as they've been provided on several occasions. '' He did so on behalf of Bank of America. 
Bank of America did not respond to my concerns! Within those letters, I requested copies of all the documents used to evaluate and approve the income verification process. Instead, I was sent documents unrelated to my request. By ignoring my request for those documents, Bank of America assumes, somehow, I will forget about them! And therefore, no need to include them in their research! 

This Modification should never have been approved! Bank of America should have carefully considered the XXXX XXXX  documents and realized their mistakes. Instead, Bank of America added their own mistakes to the list. The XXXX XXXX  credit line was approved using only the stated income. By not verifying income, and without taking into account the real estate taxes and other bills relating to determining whether or not a loan should be approved is totally irresponsible. Therefore, the modification should have been denied! 

I have made numerous attempts to have this issue resolved, but to no avail. 
XXXX XXXX, the latest of many, and Senior Resolution Specialist of Regulatory Complaints assured me that he would  carefully review all the documents along with all the correspondence sent. It is quite obvious to me that the care needed to resolve this issue was not done in earnest. Bank of America is looking out for their own best interest rather than recognizing the wrongdoings. 

Once again, it is obvious, Bank of America has failed to examine the documents and correspondence thoroughly!

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