Consumer complaint received 2022-06-10
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Subject of the complaint : A notice dated XX/XX/XXXX from Bank of America was mailed to XXXX XXXX stating that the interest rate of our mortgage loan that they own and service will increase by 0.750 % for 272 months and a final balloon payment of {$250000.00}. We adamantly state again that this mortgage loan modification issued by XXXX XXXX  XXXX in XXXX is fraudulent. The original loan was {$330000.00} and the loan modification exploded it to {$720000.00} which includes a balloon payment of {$210000.00} has a 44 yr. term with escalating interest rates. Additionally, without notifying us, Bank of America extended the loan term to 52 years. We state that the mortgage loan is fraudulent because of documented proof that it was derived from mortgage fraud consisting of unlawful financial policies, manipulated processing times, misrepresentation of information and illegal business practices. 
Purpose of the complaint : We are again appealing to Bank of America on legal, moral, ethical and humane grounds to stop perpetuating this mortgage crime and grave injustice done against the XXXX family. There is urgency to this complaint because Bank of America is about to implement the most formidable and financially damaging period of our mortgage loan. As a hard working family of XXXX descent with roots in XXXX and XXXX we are living in our home for the past 27 years. However we attribute this achievement and our survival from losing our home not only to our persistent tenacity to fight against the injustice done against us but primarily to our faith in the power of Almighty God. 
We are aware that Bank of America has stated exemption from any blame of mortgage fraud related to the mortgage loan that they currently own and service on our home. Their basis for this claim is that it was not them, but XXXX XXXX XXXX that processed the terms and conditions of our loan. But to us their position is analogous to thieves laundering their stolen money in a bank that benefits from the profits and when confronted about the crime they claim innocence or ignorance. Similarly, the case with our home is analogous to a hard working, honest, individual who was criminally and purposefully setup for theft of {$720000.00} and was sentenced to 52 years of punishment for a crime they did not commit. 
Our perspective : We are among the thousands of US citizens, and particularly those of XXXX descent who were victimized by massive mortgage financial crimes committed in XXXX. Our current monthly payments continue to feed the greed of investors with dividends from our fraudulent mortgage loan that was encased in a toxic asset titled XXXX XXXX XXXX XXXX, XXXX for XXXX XXXX  XXXX XXXX XXXX Pass-Through Certificates, Series XXXX. The illegal business strategy all servicers applied to our loan over the 10-yr period was implemented on several levels. First was the abusive and premature action to begin the foreclosure process after only two missed payments and while we were making full monthly payments. Second was the persistent practice of ignoring phone calls and letters about our loan. Third, were the incessant requests by servicers for the exact documents that we had previously submitted. Fourth was the repeated submission of loan modification applications with no approval. Fifth was the practice of changing servicers who regularly demanded starting over the application process. However, the most pervasive strategy was the purposeful and unconscionable manipulation of processing time to extend it so that the excessive charges, missed payments and miscellaneous fees including monthly inspections of the property will accumulate to a financially insurmountable amount. The ultimate goal was for us lose our home. 
Synopsis of the complaint : All information is backed by documentation ) Prior to responding to a solicitation to refinance in XXXX, we had lived in our home for ten ( 10 ) years. The loan was originally made to XXXX XXXX and spouse XXXX XXXX in XXXX each with 50 % ownership certificates to XXXX XXXX. 
XXXX we refinanced for {$330000.00} at 10 % for 30 yrs. with XXXX XXXX XXXX. There were two closings. The loan was finally made to XXXX XXXX and son, XXXX XXXX. Interest rate was to be lowered if we paid the {$2500.00} on time for 6 months and we did. But also six months later the former owners sued the title company XXXX XXXX for issuing a fraudulent title deed with their forged signatures. Refer to court XXXX XXXX XXXX. XXXX XXXX XXXX XXXX XXXX. We incurred {$25000.00} in legal fees to litigate clearing of the title. 
XXXX XXXX XXXX - Countrywide XXXX XXXX. Two periods of unemployment and legal costs caused us to miss two mortgage payments. XXXX XXXX resumed work in XX/XX/XXXX and XXXX soon also after. Payments resumed from XXXX. Our request to put the two payments at the end of the loan was repeatedly refused. 
XXXX Countrywide  returned mortgage payments made in XX/XX/XXXX and XX/XX/XXXX stating that our home was in foreclosure proceedings. We sent the first letter requesting mortgage forbearance or any other applicable loan modification option. Countrywide  did not respond. 
XXXX we sent six letters to Countrywide  XXXX  XXXX requesting mortgage forbearance or any other applicable loan modification option. No response. 
XXXX The case involving title deed, lasted 3 yrs and was settled with the title cleared and plaintiffs receiving {$25000.00}. We requested an application from Countrywide  for the Home Affordable Mortgage Program offered by the Obama administration for which we more than qualified. Total income was {$82000.00} per yr. No response. We also contacted Senator XXXX for assistance. He responded but was not able to change conditions. 
XXXX XXXX XXXX Bank of America XXXX Countrywide  XXXX XXXX. The same problem of no response to our request for a HAMP loan modification application continued. Instead, they offered in-house loan modification programs for {$2800.00} to {$4000.00} monthly. We declined offers and continued to request application for HAMP program that was developed for home owners like us. 
XXXX - New servicer- a ) XXXX XXXX XXXX offered HAMP application but maintained the same business policy of repeatedly requesting the same documents with no loan approval. b ) XXXX XXXX XXXX XXXX, XXXX for XXXX Mortgage XXXX XXXX XXXX Pass-Through Certificates, Series XXXX filed a status report for foreclosure action against us. We responded XXXX XXXX requesting with stated reasons that the court dismiss the plaintiffs action with prejudice. The foreclosure case was placed on hold. 
XXXX a ) On legal advice XXXX XXXX XXXX for bankruptcy to qualify for approval under a loan modification program in Florida. The program required paying XXXX XXXX XXXX and XXXX {$1400.00} per month through bankruptcy court and attending mediation for XXXX weeks. We complied with both, and paid a total of {$30000.00}. b ) On XX/XX/XXXX when XXXX denied the loan modification application stating insufficient income. This was most offensive because XXXX purposefully disregarded repeated submission of combined income from XXXX resident family members. They chose to isolate XXXX 's income and use for evaluation. Combined income was {$60000.00}. 
XXXX a ) XXXX XXXX XXXX told our attorney to have XXXX XXXX XXXX XXXX bank statements showing that we pay rent to him. We absolutely refused on the legal grounds of falsifying documents and violating the citys residential code about property. b ) XXXX asked the attorney to have XXXX father deposit his social security check into XXXX bank account. We again refused this illegal request, and mutually ended legal services. We filed our XXXX Consumer Financial Protection Bureau complaint against Select Portfolio Servicing for their illegal business practices with purposeful delays in processing approval of our XXXX loan modification application. 
XXXX a ) We received a notice from the court that XXXX XXXX XXXX XXXX XXXX XXXX for XXXX XXXX  XXXX XXXX XXXX XXXX XXXX, Series XXXXXXXX had withdrawn the foreclosure action. b ) We filed a second CFPB complaint against XXXX because they continued the same pattern of illegal business practices of purposeful delay tactics to make our indebtedness impossible to regain and retain ownership of our home. c ) XXXX notified us by telephone that they had approved our HAMP loan modification. But no forms were sent for signatures. Our calls about the matter were ignored for weeks. But in late XX/XX/XXXX, XXXX XXXX XXXX notified us that our loan and processing was transferred to a new servicer. This was vitriolic. 
XXXX New servicer XXXX XXXX  XXXX . a ) On contact with XXXX  about our approved HAMP loan modification from XXXX XXXX XXXX they told us that we had to start over the application process. b ) We filed a first CFPB complaint against XXXX XXXX XXXX. They responded that XXXX  reported our application as incomplete and that the HAMP program ended on XX/XX/XXXX. XXXX  stated that they can only offer us an in-house loan modification program. Again this was clearly a collaborative reaction. c ) But We completed and returned the application to XXXX. ( d ) On XX/XX/XXXX we received a letter from XXXX XXXX  XXXX informing us of impending foreclosure proceedings on behalf of their client, XXXX. ( XXXX ) On XX/XX/XXXX we filed a second CFPB complaint against XXXX  and XXXX because it was clear that they were determined to use fraudulent and illegal means to forcefully rob us of our home. ( f ) In late XX/XX/XXXX XXXX XXXX called from XXXX XXXX  XXXX about approval of a loan modification with a trial date of XXXX. But he added that we must pay {$10000.00} to begin the trial period. What ensued was a high volume response from me telling him that his company is attempting to extort money illegally from us, and our intent is to file another CFPB complaint. He quickly got off the telephone and returned soon after with perfuse apologies that he was mistakenly looking at another clients file. 
XXXX a ) We accepted the loan modification from XXXX XXXX XXXX with a written statement that we adamantly deny owing the fraudulent loan balance of {$720000.00}. 27 and we were accepting it under duress. b ) We were convinced that had we rejected it, XXXX would sell our property to a predatory investor for a fraction of what they were demanding from us. During this period It was routine for cars to stop in front of our home and look until we came out our cell phones in hand. We firmly believed then and now that the {$10000.00} demand and enormous loan balance were calculated to force us to reject the loan offer and abandon our home. c ) We contacted XXXX XXXX XXXX and spoke XXXX XXXX about our concerns with the loan and followed up with a letter as well as emails to the XXXX Loss Mitigation and Escalation departments. d ) We asked for a 90-day grace period to appeal the XXXX standard loan modification. XXXX XXXX XXXX responded with a letter stating that our loan was owned by XXXX XXXX XXXX XXXX, XXXX for XXXX XXXX  XXXX XXXX XXXX Pass-Through Certificates, Series XXXX and ignored our requests. 
XXXX New servicer Bank of America XXXX This was our second and now current involvement with this bank. ( a ) They charged us {$8500.00} for lender placed hazard insurance on XX/XX/XXXX. We contacted BOA by on-line message to point out the major discrepancy with their price and that of the prior servicer, XXXX XXXX  XXXX  who purchased the LPI for the period XXXX period at {$3700.00}, making Bank of Americas cost over 200 % more. Bank of America stated that it was due to LPI coverage calculated on the loan balance of {$710000.00}. b ) We pointed out that XXXX XXXX  XXXX documented that the LPI was based on the current appraised home value not on the loan balance. We got no response but later noticed a refund of {$8500.00} on the account, and since then the LPI costs are under {$4000.00}. ( b ) In XXXX we filed a CFPB complaint for Bank of America to extend access to a COVID-19 loan deferral program to us. This was done. 
Conclusion : Below are the main damages sustained in our fight for justice and to retain our home. 1 ) Intense emotional and mental stress. Writing tens of letters, and making numerous phone calls with no response, as well as filing complaints are very distressing mentally and emotionally. 2 ) Severe financial damage and losses : - This mainly applies to the fraudulent and illegal 52-year loan balance of {$720000.00}, with yearly increasing interest rates. But it also includes the significant costs of almost {$70000.00} we incurred for the legal and business services we used in our struggle to obtain a loan modification and preserve ownership of our home. 3 ) Currently, there is no path for us to access equity in our home or to sell it for a profit due to the colossal mortgage balance. Therefore at XXXX XXXX XXXX and still in grief for my husband who passed away on XX/XX/XXXX, this situation with our home is ominous, but for Gods presence in my life. This severe injustice put the dream of passing on our home free and clear to our sons at risk, unless circumstances change. 4 ) Devastation of our credit : - Even if I wanted to accept a reverse mortgage on my home, I do not qualify for obvious reasons. Yet we remain confident that we will be vindicated and receive justice, whether it comes from a judge in a court of law or by the power of Almighty God.

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