Consumer complaint received 2017-05-18
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: PA
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Trouble during payment process

Complaint:
Several years ago my husband and I went through a Loan Modification process, which took about 3 years for it to actually come through for us. At that time Bank of America was our lender.. It was a horrible 3 years for us in anguishing through the process, because Bank of America was not so forth coming in working with us. But eventually it went through and XXXX XXXX was the finance company that pick up our loan modification. We was put on payments that were affordable and we was quite happy with its terms at the mortgage being at around {$70000.00} and the loan was a fix rate mortgage. For 1 year our modification payments went to XXXX XXXX on time and like clock work with no problems. Then not too long after the year we received a notice from XXXX XXXX telling us that our modification loan is being sent to a new lender, Bank of America. My husband called XXXX XXXX to ask what was going on and they told us that Bank of America bought our loan back and we would need to send our payments through them. Needless to say within the next few days, we received notice from Bank of America and that our loan was again picked up through them and where we should send our payments too. Feeling like we had no other option, we stuck with it. A few months afterwards we received received a letter from Bank of America that our mortgage payment was going up and that it was going from {$490.00} ( est ) to {$600.00} ( est ). We also notice that the amount of the loan went from {$70000.00} to {$75000.00}. My husband called again and they told us that this was money owed from our original loan. Of my husband argued but again we felt we had no choice. Not too long afterwards a few months it happened again and our mortgage went up again now this time the payments went back up to the original amount of {$750.00} a month and at over {$84000.00}. Where we was struggling when we almost lost the house on an ARM loan. We called again and they told us that there was still money that we owed during the loan modification process and the taxes went up also. One time later down the road the monthly payment went down to {$670.00} but the loan itself has been  teetering back and forth. The loan statements say its a fixed rate mortgage but nothing has been fixed since they took the loan back over. Now recently within this past year my husband and I purchased a new home. My mother had taken ill with XXXX. We had no other choice but to purchase a larger home that could accommodate us. Our first home we still have. My daughter decided not to move with us and she is staying in the home and paying me the mortgage. There is no way that we would be able to sell it for the amount of the loan Bank of America is holding over our heads, because property values in the neighborhood have drastically plummeted. Our neighbors are selling for {$40000.00} due to crime rate going up in the neighborhood. Just today my husband and I decided to look into the HARP program, although we just bought the new house over 6 months ago we have been getting a lot of info telling us that we can lower our mortgage payments on this house. We bought the house through a VA loan that my husband was eligible for. With my mother sick and things tough money wise we decided to try it. Here the gentlemen from HARP told my husband that we are not eligable, because of the loan from Bank of America. They have a Balloon Rate over the home and they advised us that we should get out from under it right away.
There was never at any time when Bank of America ever ever disclosed to us in any of their letters or notifications that a Balloon Rate was ever put on this home loan. My husband and I had no idea. Even though they have been jerking us around all this time not one time was this ever said to us. I feel XXXX here by Bank of America and with all the anguish that they have put on myself and my husband through recently, all I want to do is be done with them and this house. I do not want it anymore but I DO NOT want to be obligated for all the cost that they have horrified us with. they deliberately set us up to take a fall. Please tell me how we can find help in getting out of this nightmare with Bank Of America Please, I am at your mercy at this point. Thank You XXXX XXXX. XXXX and 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