Consumer complaint received 2017-07-14
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
THIS COMPLAINT INVOLVES FRAUDULENT AND DECEPTIVE PRACTICES BY BANK OF AME RICA HOME LOANS , IN  XXXX , CA, THE SUBSIDIARY OF BANK OF AMERICA THAT TOOK OVER THE TOXIC MORTGAGES OF THE FORMER COUNTRYWIDE MORTGAGE COMPANY IN CALIFORNIA. This situation is well known to the CFPB.   Bank of Ameri ca Home Loans was responsible for providing assistance to the people who were losing their homes because of the toxic C ountrywide Mortgages. In many cases, those Mortgages were sold to   XXXX   XXXX   and   XXXX   XXXX   sent the Mortgages to  XXXX .  XXXX  is now being sued in a  huge Class Action la wsuit for illegally raisin g the Lender-Placed Insurance to high levels suddenly. But it was Bank of America Home Loans that originally hired that Insurance Company , and  XXXX  was blamed for something they could not solve.   THIS COMPLAINT IS ABOUT AN EVEN WORSE PROBLEM WITH BANK OF AMERIC A HOME LOANS. Some of the original toxic Countrywide Mortgages were taken over by Bank of America Home Loans, and were NOT given to   XXXX   XXXX  . Bank of America DENIED the assistance offered by HUD and   XXXX   XXXX  , and in stead offered to " help people in trouble '' by themselves.   In thi s one sit uation, a  XXXX  Senior Citizen was having serious trouble making her monthly payments to Bank of America   Home Loans. She asked them for assistance and they offered what SEEMED TO BE a good arrangement, of Refinancing the existing loan, stretching out the payments to a maximum of 60 years, and reducing the Interest Rate to 2 % the first year, 3 % the second year, and 4 % for the rest of the Mortgage term. The homeowner agreed to those terms, and was visited by a Traveling Notary Public who rushed the homeowner to " sigh here, '' " sign here, '' etc. at a very rapid pace, through a mountain of Mortgage documents.
The Homeowner WAS NEVER TOLD that Bank of America Home Loans was going to ADD {$14000.00} TO THE LOAN PRINCIPAL in that " Refinance. '' The original loan was only {$35000.00}, the Homeowner had been paying that loan monthly for years, and NOW the Homeowner is NOW STUCK with a hugely high {$59000.00}   Mortgage amount. Pl
  us,
Bank of America also raised the Lender-Placed Insurance t  o a much higher level, just like in the current Lawsuit against  XXXX .   The  XXXX   Seor Citizen Homeowner i s living so far below the poverty level that she receives  XXXX   XXXX . And this person is me.   This investigation CAN NOT be delayed, because, even in this case as described above, the Homeowner is WRONGFULLY paying much more each month than she would have paid per month if Bank of Am erica Home Loans had not ILLEGALLY increased her Principal to almost DOUBLE what it was before the Refinance, and th is also is causing the Homeowner to NEVER be able to get to a time when she is paying more for the Principal than the Interest with her Monthly Payments.

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