Consumer complaint received 2017-02-03
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
I applied for forbearance forgiveness on my BAC loan modification, after the 5 year modification period ended, the my stepped up mortgage was going to increase by a XXXX, & it would increase again, by another 1 % 12 months later. I have been unable to work since XXXX because of my XXXX, & my Social Security XXXX changed to Social Security Retirement last year when I turned XXXX, making it difficult to pay my mortgage. On the back of my mortgage statement it states, " Please refer to your modification agreement to determine whether you may be eligible for principal forgiveness of your non-interest bearing principal. Your loan Modification Agreement details the other circumstances that will require you to repay this amount. '' Nowhere in the agreement does it state I can not receive principal forgiveness. Yet my case manager stated they do n't have principal forgiveness available to homeowners. The statement appears to be added to my mortgage statement for the benefit of complying with the Federal Law or receiving federal funds. It certainly did not help someone like myself! Any more than the statement, " We 're here to help! Additionally, BAC has a disclaimer on page XXXX, " The information contained in this statement is accurate as of the date of this statement, but may not contain all information related to your loan. For the most up to date & complete information regarding your loan, please contact customer service. '' After reading that disclaimer, ( that does not appear lawful. ) Either way, my mortgage statements have " continued to include the above disclaimer '', which did not apply to my situation, & substantiated by my case manager proclaiming, after I applyed for principal forgiveness on my non-interest bearing balance, BAC does not offer principal forgiveness. If the information is correct as of the date my mortgage statement stated BAC did offered forbearance forgiveness, the entire year, before I applied, during the time I applied, & to the date of this letter, it appears there is either a false statement made by the representative, or on the mortgage statement, or I am being discriminated against. This request was to allow me to either refinance my mortgage, ( if I could qualify, ) or get a Reverse Mortgage, & keep my home as a senior. I asked for a Supervisor, which was like pulling teeth. The Supervisor advised I apply through " Keep your home California, '' whose program through CALHFA MAC, requires the servicer ( BAC ) to waive any associated recast or modification fees. Which puts me full circle back to the mercy of BAC for final approval. I was also told that I could not apply for any type of modification to loan, because " HAMP '' only allows one modification per household, yet the KYHC program for principal forgiveness is based on a modification & I would not have a non-interest bearing balance if I did not have a modification. So much for " We are here to help, '' & the disclaimer which advises the customer to get accurate information from Customer Service. 
None of this surprises me, In XXXX when I applied for a modification, I was told many inaccurate statements, & information was lost. After a year, I was offered a modification lowering my interest rate to 5 %, ( .25 % ) lower, which in the end raise my monthly payment, because I had to have an impound account. I went direct to XXXX, and within 2 months I was approved for a fixed rate @ 2 % for 5 years & capping@3.875 %. Sent a reminder that my payment will increase {$150.00} on XXXX, & they do n't care if I can afford it. On XXXX I received a letter stating I did not meet their eligibility requirements, I did qualify for a short sale. To confuse me even more on XXXX I got a letter stating " Your initial borrower response package was received '' on XXXX, a letter said I may be eligible for mortgage assistance, REALLY!

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