Consumer complaint received 2016-04-25
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CO
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
I applied for a mortgage modification with Bank of America XX/XX/XXXX. The process was very slow and I believe intentionally frustrating and misleading. After over a year the modification was finally approved but did not offer any financial relief. During the three-month trial modification period, Bank of America required that I submit payments to an alternate modification address. During this period ( XX/XX/XXXX thr XX/XX/XXXX ) Bank of America reported those payments as missed, the result was that my credit report reflected a 60 day past due which significantly impaired my credit score. I was attempting to refinance my home at this point as the modification that I had struggled so hard to get, did not offer any financial relief. I was informed that because I now had a 60-day past due on my credit report that I would not be able to refinance. I contacted Bank of America XX/XX/XXXX and was informed that during the trial modification period, the bank reports the payments as missed but once the modification is complete the bank issues a correction to the credit bureaus removing the late payment information. I received a letter from Bank of America dated XX/XX/XXXX ( attached ) notifying me that the corrected information was being submitted to the credit reporting agencies but that the correction could take up to 60 days. I checked my credit report after 60 days and it was still inaccurate. I called B of A and was told that I needed to write a letter to their credit department in order to get their misreporting corrected. I wrote that letter dated XX/XX/XXXX ( attached ). The information was still not corrected. I disputed the incorrect information with all of the credit agencies but was denied and told that the incorrect information had been confirmed by B of A. I called again XX/XX/XXXX and was told they would look into it. I received a notice dated XX/XX/XXXX ( attached ) indicating that I needed to submit a copy of our credit reports to prove that the correction had not been made. I faxed the reports on XX/XX/XXXX. I received a letter dated XX/XX/XXXX claiming that they had not received the reports so they considered the matter closed. I called again on XX/XX/XXXX and spoke with a representative who claimed they had in fact received the reports, that she was reopening the file and submitting the request to her XXXX XXXX who was going to escalate the request and gave me an escalation ID number of XXXX. Still not corrected. I called again on XX/XX/XXXX and spoke with a very rude customer service rep who told me that my only option was to write a letter. After a long, unproductive conversation I was finally allowed to speak to his manager XXXX. XXXX seemed very helpful, apologized and claimed he would look into the matter and try to get it resolved for me very quickly. He gave me his direct line XXXX. The following week I called XXXX numerous times and left XXXX messages but got no response. 
After the debacle of trying to get a modification done and all of the roadblocks put up by Bank of America, I strongly believe that they are flagging accounts with high interest rates that are timely paid in an attempt to keep those customers from refinancing at a lower rate with a different bank. Over the past three years I have paid nearly 8 % on my mortgage when rates are half of that. If not for Bank of America 's negligence/incompetence I would have been able to refinance this loan to a more affordable payment. I strongly believe there is systematic fraud/negligence/intentional misconduct at the bank. I do n't believe those payments should ever have been reported as missed as I timely paid all amounts. I would simply like to have my credit report corrected so I can get away from this corrupt bank

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