Consumer complaint received 2018-05-03
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: DC
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I am a Successor-in-Interest/Executor of my late mother s estate and appealing to the Consumer Financial Protection Bureau ( CFPB ) to intervene on the unfair practices of Bank of America. My mother passed away on XX/XX/XXXX. From that date to present, I have timely continued to pay the mortgage note because I am vested in the property as my name is on the deed and Deed of Trust. This is the home where I was born and raised and moved back to live with my mother for the past ten years to assist her in any way possible. Thus, it was imperative that I continue to pay the monthly mortgage payments on time. I contacted Bank of America for an assumption loan of the current unpaid principal balance of approximately {$160000.00} on or around XX/XX/XXXX. Although I intended to obtain an Assumption loan, the Bank of America representative encouraged me to apply for a loan modification. What concerns me is that I was constantly told the loan must be delinquent before I apply for the modification, which I believe is a potential violation of RESPA 12 C.F.R 1024.41 ( a ). Additionally, this advice appears to be an unfair practice ( UDAAP ) as I was being steered to purposely move the loan in a default status resulting in an imminent foreclosure. The XXXX CFPB rules clearly state that A borrower does not have to be delinquent to apply for a loan modification. I had no interest in defaulting and submitted application for the Assumption Loan which turned out to be a frustrating experience because Bank of America continued to request documentation that I had already submitted. Subsequently, I was informed that the loan was denied without a valid reason or notification ; this appears to be a potential ECOA violation ( 12 C.F.R 1002.9 Notification of Action Taken ). After discussing my options with Bank of America, I was told to apply for the better option of a modification on or around XX/XX/XXXX and went through another process of repeated requests for documentation that was also already provided. As I am clearly demonstrating that my primary interest is to prevent a default and keep my family home that is now valued at {$630000.00} with a current loan balance of approximately {$150000.00}. On XX/XX/XXXX, a Bank of America representative told me over the phone that my modification was denied because the mortgage loan was not delinquent. 

As a consumer and professional/government regulator, I initiated my mortgage acquisition process in good faith adhering to and complying with everything Bank of America required of me. However, Bank of America failed to treat me fairly, legally and without prejudice inclusive of potential racial concerns for the purposes of redlining and gentrification. I am appealing to the CFPB to intervene and review the practices of Bank of America.

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