Consumer complaint received 2020-09-24
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: SC
Product: Mortgage
Sub-product: FHA mortgage
Issue: Trouble during payment process

Complaint:
The mortgage on my primary residence was refinanced on XX/XX/XXXX. I chose another financial institution for the refinance, to pay off my existing mortgage at Bank of America. The closing attorney 's office wired the payoff proceeds to Bank of America on XX/XX/XXXX ( in the amount of {$140000.00} ), the amount printed the payoff statement dated XX/XX/XXXX, ( with payoff good through XX/XX/XXXX ) - which was sent to the closing attorney 's office by BofA. To date, XX/XX/XXXX, the payoff has not been credited to my mortgage. It has been 28 days since the loan closing, and 24 days since the funds were wired without any resolution. After weeks of telling me they were unable to locate the wire, I was finally able to confirm twice ( on XX/XX/XXXX and XX/XX/XXXX ) that the wire was received by their bank, and the funds are sitting in a general account - but have not been applied. I've made numerous calls to their mortgage customer service line in an attempt to get this issue resolved - spending an excessive amount of time on hold ( more than 24 total hours ) without resolution and getting a different response from each associate I've spoken with. As of now, I've received 2 calls from BofA 's Collections team requesting a payment, and beginning last week, each time I attempt to contact the mortgage department 's customer service, I am automatically directed to Collections and I have to explain the issue again in order to get transferred to a different department. 
The wire has not been returned. And no one from BofA has reached out to me - other than Collections. 
On XXXX XXXX, I met with a local branch manager to attempt to get assistance from someone face to face. Through that meeting, I finally learned that the payoff submitted on XXXX XXXX no longer matched the amount owed on my mortgage due to an extreme shortage in my escrow account. The shortage was caused by BofA 's Escrow and Insurance Department making a duplicate payment to the carrier of my home owners insurance policy - the first payment was on XX/XX/XXXX and second on XXXX. Until now, I have received no phone calls, emails or letters from Bank of America indicating that I need to pay an additional amount in order to officially payoff my loan. I have spoken with a different person every time I've called the XXXX number for existing mortgages. I have gotten a different explanation or excuse each time, and no one has helped me. This has been an absolute nightmare. We are quickly approaching the end of the month and I am increasingly worried about being reported to the credit bureau and having this affect my credit score. On XXXX XXXX, at the advice of the branch manager and an associate from the bank 's Payoff dept., I wired additional funds to cover the difference owed. I  emailed a copy of the wire transmittal immediately to both of them. As of this moment ( XX/XX/XXXX XXXX ) neither wire has been credited to my account. This morning, I received notification of updated correspondence from BofA. The notification was an updated statement for the month of XXXX indicating that I owe more than double my normal monthly payment. I was advised to make payment immediately - for a mortgage loan that has already been paid in full. 
I have serious concerns about why the payoff funds have been sitting in a suspense account for this long and that no one has made an effort to look into why or contact me. This has been the worst customer service experience I've ever had. BofA is not taking any ownership for this. Instead they are trying to point fingers at me. I have done everything within my power to resolve the problem and have documents to back up my claims. This entire process has been extremely stressful, discouraging and negligent. 

I am happy to provide copies of documentation to support my claims if needed.

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