Consumer complaint received 2017-05-30
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MI
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Incorrect information on your report
Sub-issue: Account status incorrect

Complaint:
I would like to request help from the extreme financial ( and emotional ) burden that Bank of America ( BOA ) has put upon myself, my family, my income, and my earning potential by erroneously reporting that I did not pay my mortgage for 19 months. This of course ruined my credit and any possible way to refinance my home when rates were low or obtain any other credit. Even the credit that we had, increased our rates and reduced our credit line.
BOAs reporting took my credit score down to poor.
Had to cash out my retirement funds with extreme penalties.
Could not refi or take advantage of rates at an all-time low.
Had to pay an additional {$10000.00} to purchase on a land contract @ 7 %, increasing 10 % after the 1st year while rates were at an all-time low.
Could not borrow any working capital for my business-could not hire employees at a critical time of need. Had to turn away jobs that were and are the only source of our income.
BOA has also ruined my partners credit. Had to cash out my retirement funds with extreme penalties.
Both of us have sold all that we have been able to.
We havent been able to even get an auto loan.
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In XX/XX/XXXX, we received a home equity line of credit to start a business. Our business was successful until XX/XX/XXXX. We suffered tremendously when the recession hit. I had investments in Merrill Lynch but my broker, XXXX XXXX, left without warning and did not conduct the transactions I requested before the crash. I lost everything. I had no personal investments left to keep the company going through the hard times. Sadly, we had to file bankruptcy and sell our building at a loss. The equity loan balloon was due in XX/XX/XXXX. I contacted BOA before the balloon came due to try to arrange to refinance or extend the loan in some manner. I suppose they looked at my finances and they froze the loan. They then assigned a customer relationship manager. I filled out all the paperwork and sent them all they requested and they were working on it. I then received a demand to pay in full and a foreclosure notice. I contacted BOA and in XX/XX/XXXX I received a letter that the relationship manager I had no longer was in that position and I was assigned a new one. XX/XX/XXXX-new Customer relationship manager, replacing the one I was working with who was moved to another position. ( attached ) XX/XX/XXXX-BOA sent a letter of estimate of my home value in XX/XX/XXXX of {$300000.00} ( attached ) XX/XX/XXXX BOA sent a letter of estimate of my home value ( attached ) XX/XX/XXXX sent a letter requesting more info by XX/XX/XXXX ( attached ) XX/XX/XXXX sent a letter saying that they closed my request because I didnt get the paper work in that was due on XX/XX/XXXX. They were starting foreclosure proceedings. ( attached ) Finally received a loan modification ( attached ) BOA reported 19 missed payments on my mortgage. ( attached ) In XX/XX/XXXX, I contacted another division to get a printout of my account and payments made. They sent me a schedule of payments made. The schedule is attached. Every payment they have reported missed shows paid on the report BOA sent.
I called the loan modification department @ ( XXXX ) XXXX. I called every number I had. I was advised to fax the information to XXXX @ ( ( XXXX ) XXXX, which I did. I was advised to send the information to : Bank of America Central Dispute XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX I had send previous letters to this address before then.
I also send this information to : Bank of America Loan Processing Department XXXX XXXX XXXX XXXX, XXXX XXXX I also sent it to : Bank of America XXXX XXXX XXXX XXXX XXXX, XXXX  XXXX ( also called them at ( XXXX ) XXXX I also disputed this with the credit bureaus and BOA would do nothing about it and my dispute was closed.
I have tried to refinance my home at different locations numerous. My 1st mortgage only has a balance of about {$45000.00}. My home is valued at over {$350000.00}. The total to finance would be less than {$200000.00}. No one would nor will touch it because of BOAs reporting. My 1st mortgage was now sold again. The last time this happened, it was reported as a late payment ( different story ).
I am XXXX years old, college educated, have worked since I was 15 years old and have had mortgages and good credit for over 30 years. All of this has been ruined by Bank of America.
I have tried so hard to work with them, but the more I pay, the more I owe and the worse my situation seems to get. I just cant do it alone. Can you please help me? I know that there are attorneys who would take this case, but I cant afford one. I would imagine that I am not the only person that has been hurt.
With sincere appreciation,

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