Consumer complaint received 2019-03-11
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NJ
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
I am adding this to my original complaint ID XXXX and subsequent complaints ID XXXX and ID XXXX in a response to the most recent letters sent to me from Bank of America and by XXXX XXXX regarding my home equity account. 

These letters are as follows- A letter dated XX/XX/XXXX Case number XXXX Loan number XXXX XXXX XXXX We're researching your claim that one or more documents associated with your loan were forged and additional information is needed. 

What you need to do Please mail the following items to the address listed below. 
* Affidavit of forged documents ; the affidavit requires : * The names of the specific documents that are related to your claim. 
* A written description of your claim including a statement on how we can resolve this matter. 
* Your notarized signature, which means you will sign the affidavit in front of a notary. 

* Include all documentation supporting your forgery claim, such as : police report ( s ), samples of documents signed by you. 

Bank of America Mortgage Fraud Claims XXXX XXXX XXXX. 
Mail Code XXXX XXXX, CA XXXX What you can expect * We may contact you for additional information or documentation. 
* If we don't receive the requested information or documentation, our decision will be based solely on our records. 

A letter dated XX/XX/XXXX Case number XXXX Loan number XXXX XXXX XXXX : Based on the information available to us, we're unable to confirm forgery in the document ( s ) referenced in your claim. 

What you can do If you have additional documentation you'd like us to consider, please mail it to : Bank of America Mortgage Fraud Claims XXXX XXXX XXXX. 
Mail Code XXXX XXXX, CA XXXX A letter dated XX/XX/XXXX Case Number : XXXX Bank of America XXXX XXXX XXXX XXXX XXXX XXXX, NC XXXX MR. XXXX XXXX XXXX XXXX XXXX XX/XX/XXXXXXXX NJ, XXXX Correspondence received on XX/XX/XXXX Dear Mr. XXXX Our Regulatory Complaints team is responding to a correspondence that was sent to us on your behalf from the Consumer Financial Protection Bureau ( CFPB ). 

Bank of America understands the importance of listening to our customers. We appreciate the time you took to share your concerns. Please find a summary of our research and response to the concerns below. 

Summary of our research My research shows that the home equity line of credit ( HELOC ) account is paid through the XX/XX/XXXX installment and is in default status. In addition, my research reveals the HELOC account has not been referred to our foreclosure department. I have enclosed a copy of a loan history statement for your reference. 

As of the date of this letter, the total amount due to bring the account current is {$23000.00}. This includes the current amount due for XX/XX/XXXX, in the amount of {$2200.00}, plus the past due payments in the amount of {$21000.00}. I have enclosed a copy of the monthly statement for the period of XX/XX/XXXX, through XX/XX/XXXX, for your reference. 

My research reveals that you are listed as the sole borrower on the loan, therefore you are the only signor on the enclosed XXXX Line Agreement ( Note ) and subseuent Modification to Bank of America Equity Maximizer Agreement and Disclosure Statement. However, as Ms. XXXX XXXX is a joint owner of the subject property she was required to sign the enclosed XXXX  XXXX  Open-End Mortgage and subsequent Modification of Security Instrument in order to perfect the lender 's security interest in the collateral for the loan. Your signatures on the enclosed documents confirm that each of you read, understood, and agreed to the terms of this loan, including the use of subject property security for the loan. In regards to your claim the signatures are fraudulent, we are still investigating your claim and have sent under separate cover a Forged Document Letter & Affidavit onXX/XX/XXXX. As of the date of this letter, we have not received the Forged Document Letter & Affidavit. 

Further, it is an incorrect characterization in your correspondence that Bank of America added {$50000.00} to the original loan, as the enclosed approval letter dated XX/XX/XXXX, states that we approved " your request for a HOME EQUITY LINE INCREASE. '' Also, it is incorrect characterization in your corresspondence that the loan was changed from a loan maturity of XX/XX/XXXXto a 10 year adjustable rate loan due in XX/XX/XXXX, as the XXXX XXXX Open-End Mortgage shows the maturity date to be XX/XX/XXXX, and at the option of the Lender the maturity date may be extended to XX/XX/XXXX. Here, the initial XXXX  Line Agreement, has a 5 year Draw Period ( monthly payments equal interest and other charges ) and then a 15 year Repayment Period ( monthly payments consist of principal, interest and other charges ) and your request for an increase and a renewal of the terms resulted in the XX/XX/XXXXModification that extended the Draw Period for an additional 10 years and has a similar 15 year Repayment Period and now matures on XX/XX/XXXX. 
Our records indicate, Bank of America reviewed the HELOC account for workout options in XX/XX/XXXX. I have enclosed the letter and the Borrower Response Package sent to you on XX/XX/XXXX.  Initially, we were unale to complete the review process as we did not receive all the financial documentation required to complete the review process, enclosed is the letter of declination dated XX/XX/XXXX for your reference. 

However, on XX/XX/XXXX, after receiving a completed Borrower Response Package the HELOC account was reviewed for workout options and Bank of America approved your loan for a trial period plan and mailed the enclosed notice about it to yourattention with the first payment due on XX/XX/XXXX, in the amount of {$790.00}. The documentation subbmitted for the completed Borrower Response Package shows that income you were approved for a loan assisstance program. 

My research shows that you completed the trial period plan payments and the HELOC account was approved for a Home Equity Line of Credit Modification on XX/XX/XXXX. The enclosed notice of approval packet for a permanent modification was mailed to you on XX/XX/XXXX. The approval notice instructed you to accept the modification offer by signing the enclosed modification agreement and returning it to us by XX/XX/XXXX. Unfortunately, we terminated our review of your loan for permanent modification assistance because we did not receive a signed Home Equity Modification Agreement by the specified deadline. 
Therefore, we have continued to service your loan according to the terms of your original loan before the trial period plan, including using available means to collect amounts you owe on your account. 
In addition, Bank of America has attempted to review your HELOC for workout options again. However, we were unable to do so as you have not provided financial documentation to review the HELOC account. I have enclosed the Borrower Response Package dated XX/XX/XXXX, and a letter of declination dated XX/XX/XXXX. We have also sent the enclosed notices of loan assistance options dated XX/XX/XXXX, and XX/XX/XXXX. 

Our Response We have reviewed your claim regarding fraud. Our research has uncovered no reasonable factual basis to substantiate your claim. Therefore, we are unable to address your claim in detail at this time. If you wish to pursue this matter further, we will need you to provide more specific factual detail in support of your claim and I will investigate the matter. 

We have reviewed your request for a principal reduction and Bank of America will have to respectfully decline your request for reduction of the principal balance. When determining if a loan is eligible for home retention asssisstance, most lenders consider, among other things, the customer 's current financial situation and if the loan is delinquent or close to being delinquent. They then compare the customer 's financial information with the modification program 's criteria to determine if it's a potential match. We work with each customer to identify appropriate solutions and, when applicable, tell the customer the reason why he or she is not eligible for a particular program. We consider the customer for all eligible home loan assistance programs. 

Should you wish to explore workout options for your account, please contact our Home Equity Line of Credit department at XXXX, Monday through Friday, XXXX XXXX. to XXXX XXXX. Eastern Time. 

We have reviewed your claims of predatory lending. Our research has uncovered no reasonable factual basis to substantiate your claims. Therefore, we are unable to address your claim in detail at this time. If you wish to pursue this matter further, we will need you to provide more specific factual detail in support of your claim and I will investigate the matter. 

We recognize the difficulties expressed in you inquiry regarding having multible customer representatives assigned to the account during your request for modification. Please know that the change in customer service representative does not alter or delay the review process. It is my sincere hope any future dealings with Bank of America will be more representative of the quality standards we strive to achieve. 

Bank of America is unable to consider your inquiry further because it pertains to the ssame borrower, loan and issue as a previously resolved inquiry. Please refer to the enclosed prior responses ( without enclosures ) ndated XX/XX/XXXX, XX/XX/XXXX, XXXX and XX/XX/XXXX, XXXX, which address your inquiry. Please know that our position regarding these matters remains unchanged. Therefore, we consider these matters closed. 

Documents enclosed * XXXX  Line Agreement * XXXX  Bank Open-End Mortgage * Modification to Bank of America Equity Maximizer Agreement and Disclosure Statement * Modification of Security Instrument * Letter dated XX/XX/XXXX * Borrower Response Package dated XX/XX/XXXX * Letter of declination dated XX/XX/XXXX * HELOC Trial Period Plan Notice dated XX/XX/XXXX * Notice of approval packet for a permanent modification dated XX/XX/XXXX * Borrower Response Package dated XX/XX/XXXX * Letter of declination dated XX/XX/XXXX * Response dated XX/XX/XXXX ( without enclosures ) * Response dated XX/XX/XXXX ( without enclosures ) * Response dated XX/XX/XXXX ( without enclosures ) * Notice dated XX/XX/XXXX * Notice dated XX/XX/XXXX * Loan history statement * Monthly statement for the period of XX/XX/XXXX, through XX/XX/XXXX Sincerely, XXXX XXXX Resolution Specialist Regulartory Complaints cc : Consumer Financial Protection Bureau ( CFPB ), case number : XXXX I, XXXX XXXX respond as follows! 

To begin, as I mentioned in my correspondence, it states that my wifes signatures were forged! She knew nothing of our home being used as collateral. 

Regarding the Forged Document Letter and Affidait document that Bank of America sent me, this document states that my name was forged. Not only that, but this document asks for the person whose name was forged to be able to name the forger. These are forged documents that Bank of America sent to me! 

Having multible customer representatives assigned to my account during my request for modification was just a smoke screen! In response to the XX/XX/XXXX letter sent to me by Bank of America, I informed XXXX XXXX ( the initial customer representative ) that this was the first time I was made aware of this loan having a 10 year period and that I was never made aware that my home would be used as collateral! I informed XXXX XXXX about my concerns which I submitted to the Customer Financial Protection Bureau ( CFPB )! I never heard from her again! Nor haave I heard from any of the added customer representatives, including Mr. XXXX XXXX, that is until recently. 

Bank of America continues to try and cover up its mistakes! In my correspondence I wrote a list of documents which shows all the discrepancies regarding my wifes signature and various mistakes. Along with the list I explained what was wrong with each document on the list. In turn, Bank of America sent with their latest response a list of documents, included with the enclosures, that were produced from their research. However, the list, conveniently, excluded numerous documents that my list contained. These documents are vital in that they show Bank of America made numerous mistakes in trying to produce documents that will hide the facts. The facts being that these documents were created to give the impression my wife was present at that time and that the documents were done honestly. 

Regarding the enclosed approval letter dated XX/XX/XXXX. I never received this letter until this latest enclosure! Why wasn't this given with the original enclosures? 
Since this letter indicates that this account will be secured by a mortgage lien on the property, then why is my name the only one it is addressed to. Furthermore, it states that this " WILL BE '' secured by a mortgage lien, indicating that it was not secured previously!

In regards to the Modification of Security Instrument document. Why is my wifes name printed next to my name as a lender on page 1, and not in print next to my name at the bottom of page 1? Why at the bottom of pages 1 through 3 my name is in print and not printed on page 4? Page 4 is titled " Lender Acknowledgement '' and has no signatures except that of a Florida notary public. 
This document contains the most egregious of all the forged signatures! It is a scribble at best! 
There isn't even a space between the first and last name! And the Notary seal is missing! 
And yet, Bank of America states " We have reviewed you claim regarding fraud. Our research has uncovered no reasonable factual basis to substantiate your claim ''. 

The Modification to Bank of America Equity Maximizer Agreement and Disclosure Statement document is addressed to me alone and yet it is secured by a bogus signature, as mentioned, on the Modification of Security Instrument document. It states " IN WITNESS WHEREOF, the Borrower signs this Modification Agreement as an instrument under seal, effective as of the date set forth above. EACH BORROWER ACKNOWLEDGES RECEIPT OF THIS MODIFICATION AGREEMENT ''. No seal is present. 
The added {$50000.00} was approved in a predatory manner, and had Bank of America not attempted to cover up their misdeeds and instead, admitted their wrongdoings the Modification would have been denied. 

Bank of America claims that they received a completed Borrower Responsw Package from which I sent on XX/XX/XXXX and yet this was not with the enclosures. Also, you claim the permanent modification was mailed to me on XX/XX/XXXX. However, I never received such an item! Instead of mailing a second notice or attempting to contact me, Bank of America chose to terminate the review. Which leads me to believe the original notice was never sent in the first place. This appears to be just another example of Bank of America not doing what is in their best interest! 

Bank of America has failed to examine the documents thoroughly! Had Bank of America done so they would have recognized the errors and came to a different conclusion. 

Since Bank of America considers this matter closed, we will leave it for the courts to decide!

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