Consumer complaint received 2022-01-10
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NJ
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Hello, I am writing to you out of a sense of urgency and need for consumer protection. My name is XXXX XXXX. The purpose of this correspondence is to elicit a review of documents and record of transactions pertaining to my mortgage with Bank of America. I have been with Bank of America for over 15 years and have found myself to be continually placed in a compromising position due to lack of knowledge or thorough review of discrepancies between what was stated to me and what materialized.The current issue I am facing involves covid forbearance. My forbearance expired in XX/XX/2021. Prior to expiration I spoke to Bank of America representatives numerous times to ensure that the best course of action would be implemented by me to ensure a favorable outcome. I was told the options considered would likely be a modification to place all deferred payments at the end of my mortgage or exploring the possibility of placing deferred balance with HUD. Both of the options suggested would assist with lowering my monthly mortgage payment and bring me current. Although it was confirmed that I was not required to make mortgage payments during this time, I was encouraged to do so as it would demonstrate good faith, effort, and proof of ability to pay. I took the suggestion with the understanding that the money paid would go toward my mortgage moving forward. I am now in receipt of modification paperwork that is due to be signed and returned by XX/XX/XXXX. I am reluctant to sign at this time because after thorough review I was able to note what I consider to be egregious business terms. For these reasons I sought to refinance my loan with another bank that is willing to offer better rates and terms in addition to affording me the ability to own my home in 15 years instead of the 30 plus year loan that Bank of America is arranging for me to complete with XXXX, the bank they are selling my loan to. This is to be finalized by Bank of America and XXXX on XX/XX/XXXX. My efforts to achieve a resolution that is in the best interest for me and my family has been thwarted by the business practices of Bank of America. They have in effect held me XXXX by nullifying my efforts by holding the 5 to 6 mortgage payments I have made in a suspense account or was it paid toward my most delinquent forbearance payment due? These are the remarks I received when I questioned where my payments were being applied and why weren't other lenders able to see other said payments reflected on my mortgage payment ledger. I met resistance in trying to obtain proof of transactions and documents for review until recently. But even now I as well as potential lenders are unable to decipher reasoning employed. In essence the way in which Bank of America is able to keep me XXXX is entrenched in how they have documented or hidden my payments as stated above. By doing it this way other lenders are unable to verify that at least 3 to 6 consecutive on time payments have been received after the end of forbearance ( this is required to be considered for refinance ). Instead it appears that I am behind because each payment made is being applied to the most delinquent balance. In closing I am seeking both a sensible and equitable resolution or outcome in this situation. For these reasons I implore you to please ensure that this account has a full audit and review of how payments are being reported to credit agencies and to my mortgage account transactions noting that 98 % of these transactions were made in this case. Attached you will also find the documents I was able to retrieve from Bank of America regarding my current status. Thank you for your time, effort and thoughtful consideration in this matter. 

Sincerely, XXXX XXXX XXXX XXXX ) XXXX

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