Consumer complaint received 2017-02-11
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IL
Product: Mortgage
Sub-product: Other mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
In XX/XX/XXXX I took out an XXXX ( $ XXXX $ XXXX ) split no money down mortgage. Shortly after, after getting swindled by the previous owner ( a XXXX amp electric box on a XXXX service, illegal and dangerous, bare wire in the walls, pvc water supply pipes, a short cycling furnace ) and the building inspector finding none of this, I had to refinance the HELOC and take out more for repairs. It was then a $ XXXX $ XXXX, $ XXXX total. The house appraised for $ XXXX. Then the housing market crashed. The house was worth $ XXXX. This did n't matter, it was where I lived and I had a mortgage to pay. 10 years passed, my HELOC is about to amortize so I looked to refinance. I ca n't, I 'm still over $ XXXX upside down. I look into HARP. I do n't qualify because my loan is n't done by Fannie Mae guidelines. Being naive at the time I bought, I did n't know I was n't getting a loan that was n't by Fannie Mae guidelines. I then noticed the bank servicing it, Bank of America, had it as a XXXX XXXX. That ca n't be, because a XXXX has to be $ XXXX, which my home was not. I got BofA to remove the XXXX part but it 's still non-conforming so no HARP. That was XXXX - 10 months ago. XXXX says my home is worth $ XXXX now, but with $ XXXX on the primary and having only paid down the HELOC to $ XXXX from $ XXXX I 'm still $ XXXX upside down. Yet, not qualifying for HARP means because I 'm still upside down, I ca n't refinance to drop my XXXX % interest rate and hopefully offset the increase that 's coming with the HELOC amortizing or possibly merging the XXXX loans into XXXX. 
Since I could n't re-finance I tried for a re-modification. I ca n't because I do n't fit the XXXX Guidelines and make a little too much money for it because your mortgage and insurance have to be more than XXXX % of your gross income regardless of if you have other debts to pay. That might change when the HELOC amortizes but the HARP might no longer be a program at that time. And it 's a maybe. I 've recently had to tuck point a whole side of my home, replace the siding on the back of the house, replace the air conditioner, the furnace I bought 10 years ago had to have a blower motor replaced, so I 've run up new debt on top of existing debt. I now have $ XXXX in unsecured loans. I have $ XXXX in XXXX Loans. I 've paid down my credit card debt and have XXXX card with {$2500.00} at XXXX % interest for XXXX months that I 'm paying on and I 'm on schedule to pay off before the 0 % ends, and another card that had between $ XXXX - XXXX revolving debt that I 'm slowly working down so I can pay it off at the end of every month. I 've never been late or missed a payment on my mortgage, or my other debts. But with the amortizing looming, I 'm in fear of being unable to continue paying my debt on schedule. 
I have a XXXX credit score and have never missed a payment or been late. I understand the collateral of the home is less than the loan but my history shows I pay and on time. I just want to lower my interest rate.

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