Consumer complaint received 2018-04-12
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: OK
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Closing on a mortgage

Complaint:
On XX/XX/XXXX, I purchased property XXXX XXXX XXXX XXXX OK XXXX from the XXXX County Treasurer during the resale for Delinquent Taxes Auction. I have attached documentation proving all parties involved had been notified and were given legal notification of action prior to the auction. 
I owned and proceeded to fix up this home and rent it for over 11 years, then listed it for sale and during the closing process was informed by XXXX XXXX XXXX of the issue to which Bank of America had never released their old Equity loan to the previous owners of XXXX XXXX and XXXX XXXX XXXX. Bank of America would not discuss matters with anyone but the property owner so I called and discussed the issue with a customer service rep on XX/XX/XXXX. I was told I would receive a letter of intent within 2 to 3 days and a lien release processed in approximately 2 to 5 days. This complaint request was issued by Bank of America # XXXX. Their old mortgage # XXXX. The attached email was a follow up email addressed to XXXX on XX/XX/XXXX with attachments of title work presented by XXXX XXXX XXXX as per their request. After hearing nothing from Bank Of America, I called yet again and was informed the original request had been closed due to the fact the original loan had not been modified to remove my property and remained a currently active loan. I was not allowed to discuss the loan information since my name was not listed on the loan. I requested my issue be escalated to the next higher level and a new consumer complaint number was updated and issued to reopen the issue. Case # XXXX by XXXX XXXX on XX/XX/XXXX. I was informed yet again I needed to obtain additional proof that XXXX County had properly informed Bank Of America of the tax sale, so I visited XXXX County Treasurers office and obtained the documents they requested as supportive evidence they had been notified properly and faxed the attached documents to her direct fax # XXXX. I was Yet again informed after receiving these documents I should receive a letter of intent within 2 to 3 business days and a lien release within approximately 2 to 5  days. I had to ask the title company and buyer to please extend closing due to the snag with Bank of America releasing the lean which was granted, first to XX/XX/XXXX, then the second extension request was pushed back to XX/XX/XXXX. I still did not hear anything back from Bank of America. So I called and was informed the second complaint request had been closed because it is an active loan and can not be closed and property released due to the loan being active and my property is collateral in the loan. I was extremely upset because I keep getting bumped to numerous call center employees and kept being told the loan was none of my business and they could not release my property I purchased 11 years prior. Finally after talking to well over 20 different employees I demanded to have my case escalated to the highest manager overseeing consumer affairs. I had been treated terribly and refused to allow this company hold my property hostage while a 30 year loan be slowly paid off by some previous owner that defaulted on his original mortgage and pushed the original mortgage lender into filing foreclosure on their loan, ( XXXX XXXX XXXX. ) I was finally forwarded to supposedly the one person that could finally coordinate the release of my property and get a lien release processed. His name is XXXX XXXX, Executive Escalation Team on XX/XX/XXXX. After reviewing all the documents I had submitted, XXXX verbally agreed this is clearly Bank of Americas fault and should have been addressed 11 years ago. He said he could see where XXXX had attempted to close out the old loan, but stated there needed to be additional work completed by another department prior to that. XXXX also said he had access to the multiple departments and would from here on be my single point of contact and could get this cleared up for me. I explained I had been told on numerous occasions I would receive a lien release within a few days only to later hear nothing land upon follow up inquiry learn my cases had been closed. XXXX also said he will not lie and promise to get this done by closing which was XX/XX/XXXX, however he would flag this to be expedited and hopefully get a letter of intent out as soon as possible. XXXX issued me a third new complaint number XXXX and reiterated he would serve as my sole contact to complete this lien release. At this point I had to request the title company to extend closing to XX/XX/XXXX. I have not received any update from XXXX and called repeatedly again and again. On some days I have called as many as 5 times leaving voicemails requesting to please call me back so I can discuss with him the situation. Today is XX/XX/XXXX and my second extended closing date expires on XX/XX/XXXX. I have yet to receive a letter of intent or anything in writing from Bank of America to present to the closing company. I am going to lose the sale of my property after it being on the market for over a year. I am furious with Bank Of America for refusing to release my property as they agreed. I am furious with Bank Of America for continuously lying and dodging my calls and inquiries. How can any establishment legally hold my property in limbo for over 11 years and continue blocking the sale of my property due to their incompetence and banking errors from 11 years prior. All I ask is a letter of intent ASAP so I do not lose the sale land have to start all over again. I may have no other choice but to sue Bank Of America to get a release as well as the additional expense of carrying the additional costs of two household expenses while they delayed this sale. Is there any possible way to get my property released so I can complete this sale?

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