Consumer complaint received 2017-01-31
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Loan modification,collection,foreclosure

Complaint:
On XXXX XXXX, XXXX, I filed a complaint ( Case number : XXXX ) regarding a mortgage issue with Bank of America which could soon result in my losing my home without any financial gain for B of A. I received a reply from B of A dated XXXX XXXX, XXXX. The reply did not address my primary concern and made false claims that I wish to address in this response. 
As stated in my complaint to the Consumer Financial Protection Bureau, my HELOC with B of A tripled in XXXX of XXXX after 10 years of making payments. I immediately called B of A hoping to refinance. They told me over the phone that I was not eligible because my home has no equity. In their response letter, B of A made a false claim that I never tried to refinance. I made partial payments for a few months and then started the modification process. My last partial payment was not accepted, because I was in the modification process. In their response letter, B of A made a false claim that my payments were not rejected. At the end of that process, I was denied any type of modification. At that point, I offered 10 % of my loan amount as my house was, and still is, underwater. That offer was rejected. I was told by my customer service agent, XXXX XXXX, that my offer was rejected because I only owe {$160000.00} on my first mortgage with XXXX, which would mean I have equity in my home. That is incorrect ; I owe {$320000.00} on my first. I had stated that in my letters and included a mortgage statement with my paperwork to prove it. I believe the statement was misread, because my first mortgage includes a balloon payment of {$150000.00}. I explained that to XXXX XXXX and assumed it would be corrected, but apparently, it never was. In their response letter, Bank of America claimed they were not legally obligated to address the possible error regarding my first mortgage. I have been a customer of Bank of America for over 30 years, and now I might lose my home due to an error by one of their employees. I believe they have a moral obligation to at least investigate the issue and correct any errors. In their response letter, Bank of America made another false claim that I was sent a letter dated XXXX XXXX, XXXX, requesting information for settlement offer. I never received any such letter. They refer to it as " the enclosed letter ... '' but no such letter is enclosed. If I had, I certainly would have responded. 
In XXXX XXXX, Bank of America filed a Notice of Default. I am still hoping to avoid foreclosure. Throughout the past year, I have contacted Bank of America countless times. I have written letters explaining my financial situation. I simply can not afford to get caught up on my HELOC and make the monthly payments. My home is underwater and in poor condition, but it is my home and home for my XXXX kids, who are both college students. I currently owe approximately {$320000.00} on my first mortgage with XXXX. My home 's market value is {$360000.00}, but the liquidation value is {$30000.00}. I am in possession of the appraisal. Bank of America would also suffer a financial loss by foreclosing on my home. I attempted to work with Bank of America multiply times, exhausting every possible avenue. I am considering other options to avoid foreclosure, but I am still hoping that Bank of America will work with me. At the very least, I am requesting that they re-open my file and correct any errors that could lead to foreclosure. My HELOC account number is 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