Consumer complaint received 2018-07-23
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
My complaint surrounds multiple infractions that have essentially negated my abilities to obtain a loan modification for several years with Bank of America (  BAC ). The purpose of the modification request is so that I will be allowed to retain my primary residence. 

This complaint outlines actions performed by BAC, in the form of negligent misrepresentation, misleading conduct, violations to the FDCPA, and non-transparency during the loan modification review process. All of these actions embodied violations and provisions set forth under HAMP while it was still available and The National Mortgage Settlement ( NMS ) of XXXX and rules set forth by the CFPB. 

The investor of my loan is XXXX XXXX XXXX XXXX of XXXX ( XXXX ) was originally chartered in XXXX for the purpose of providing member financial institutions with financial products and services that assist and enhance the financing of housing and community lending. These groups of banks are overseen by the Securities and Exchange Commission ( SEC ). The SEC, has strong interests with issues that surround activities of financial professionals and mutual fund trading to prevent fraud and intentional deception.

In an effort to bailout the 5 national banks the Obama administration enacted a mortgage bail out for the Top 5 banks with billions in mortgage relief funds as well as the administration rolled out the Making Homes Affordable ( MHA ) programs.

As a result of the top 5 banks mishandling the bailout money for execution of the MHA, the banks were sanctioned with fines and new underwriting conditions were put in place, which also gave birth to the National Mortgage Settlement ( NMS ) and the Consumer Financial Protection Bureau ( CFPB ). Also Special Inspector General for the Troubled Asset Relief Program ( TARP ) was charged with oversight of banks that mishandled these funds.

There are obligations by both BAC and XXXX, to have offered some type of home loan retention options for a number of reasons. It is a fact that BAC, is the loan servicer of my loan and has been for the life of the loan. For countless years now, BAC, has failed to provide or ensure accountability, transparency, or maintain integrity during the review process of my mortgage loan. 

My financial hardships began back in XXXX, when my self-employment was negatively impacted by the collapse of the housing market. At the time I owned a construction business which primarily built new homes and housing subdivisions. This business came to a screeching halt and I was forced into filing chapter XXXX bankruptcy in XXXX. Since then Ive managed to regain fulltime employment however, Ive been rejected for any attempt at retaining ownership of my home. 

Ive applied for more than one dozen loan modifications throughout the years and I have been declined for loan modification every single time with no real tangible explanations as to why. These requests are intensely tedious and consist of an extremely redundant process of faxing document after document in to BACs loss mitigation department, to no avail. Still, we received more and more request for documentation ; even identical documentation request for the underwriters review. 

Recently as of XX/XX/XXXX, we were told that our investor hasnt approved a medication because we have sufficient cash reserves or assets that give our family the ability to pay our mortgage current. This statement is false and misleading and lacks any supporting documentation which would support such a claim. At the time of this particular review our accounts did not reflect large amounts of reserve funds which could bring our account current. Furthermore our income was sufficient at approximately {$6000.00}, which could more than serve as adequate debt to income, in order to be able to resume making payments on our loan ; and has been for many years now with no options. BAC, has grossly miscalculated my income as well as our abilities to repayment of our home loan. Each area of misconduct has contains several layers of wrongdoing and supporting documentation. 

Every time our loan is reviewed we are given every excuse from BAC as to why the loan will not be modified. This is very odd considering in XXXX, the U.S. Department of the Treasury created the Hardest Hit Fund to provide targeted aid to homeowners in the states most affected by the housing market crash. As part of this program, {$7.00} billion in aid was allocated to the 18 statesincluding Indianathat experienced the most extreme home price declines and high unemployment rates as a result of the economic crisis. In XXXX, the states received another {$2.00} billion so they could continue their foreclosure prevention efforts. For these reasons, I demand a detailed explanation as to how and why our family has been offered NOT 1, opportunity to save our home over these past 8 years. It is most certainly not due to lack of trying as our records will indicate with both BAC as well as our county foreclosure cause number which will reflect 2 years of multiple attempts to complete modification under Indianas foreclosure settlement conferences statutes, IC 32-30-10.5, Chapter 10.5. Foreclosure Prevention Agreements for Residential Mortgages. These dates in which we attended settlement conferences range from XXXX through XXXX, to no avail. Again it was NOT DUE to the lack of our family from trying to be approved. Its almost as though BAC, nor XXXX, has ever had any intentions to allow us to modify the loan in question. 


This matter creates an environment of pure outrage! BACs egregious negligence, misguided servicing, misleading conduct, unethical underwriting practices, and failure to comply with the terms of MHA, TARP, or NMS, requires immediate attention or filing a civil lawsuit on my part. Even the statements made by BACs agents on multiple occasions throughout the past year further support our claims. 
Our family and representing third party has relied upon the guidance of these agents statements and activities. I have also been harmed financially by BAC, over multiple years due to them refusing to modify my loan. BAC, continues to add frivolous foreclosure junk fees which adjust to my account every month in the form of late fees, compounded interest, property evaluation fees, inspection fees, legal fees, escrow fees, and the list goes on. All this time we have been bearing the financial burden of negative credit reporting violations to the fair credit reporting act ( FCRA ). It appears that all these communications have been ill advised. All of the above actions have directly and negatively affected our ability to cure our delinquency and restore our account into good standing. 




See exhibit A Indiana cause # XXXX - settlement conference hearing dates. 

See exhibit B Recent decline letters from BAC.

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