Consumer complaint received 2016-12-05
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: PA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
I contacted Bank of America numerous times when I was having difficulties making a mortgage payment. The property had been damaged by a tenant. I could not afford to make both the payments and the repairs with no the rent coming in. BofA rejected my application for a loan modification at least twice. I did not qualify for any type of assistance since the property was not owner occupied and none of the payments had been missed. I stopped making the payments in order to make the repairs. Bank of America proceeded to foreclose on the property. I contacted them serval times letting them know that I was rehabbing the property and I would like to work out a payment plan. They sent out a property manager that changed the locks, damaged the property, shut off the utilities and stole my tools and material. I filed a complaint with the servicer provider and never heard back. I finished the repairs and got the property rented. I contacted Bank of America again and asked for assistance. It was declined again and they would only accept full payment. I borrowed the funds from my 401k and sent them certified funds by XXXX as they instructed. They never credited my account and I never heard back from them. The funds were not returned to me. They contacted my tenant to let him know that I no longer owned the property and offered the tenant {$12000.00} in assistance to move out. Now my tenant stopped paying me rent because he felt like I did n't own it. I reached out to Bank of America dozens of times and could not get a straight answer on what happened to my money and why they proceeded with a foreclosure if they knew I was overnighting them a payment. Every time I called I got a different story by a different person and I continually asked for a manger to call me back. Nobody ever did. Some calls I would be on the phone for over an hour sitting on hold or being transferred from department to department. BofA finally admitted that they did receive the funds and never applied them to my account. They took at least 5 months to reverse the foreclosure since they actually had received the full amount of back payments by the day they specified. They never once contacted me with any type of update. I would have to call only to again be told different stories about what was going on and how long it would take. The whole time both my property and the life savings I had sent to save the property were unaccounted for. Once the loan was reinstated they immediately sent me notices that the loan was several months delinquent and and in the foreclosure process. I was not even able to make payments on the loan because they had frozen the account and foreclosed. All this time BofA charged late fees, inspection fees, and charged interest on an account that they would not even apply or accept payment on. Once I received the reactivated account statement showing several months of payments I sent them a check. I was sent back to me with a letter stating it was rejected for not being certified funds. Next I sent them a certified check. It was sent back with a letter also stating it had been rejected. I called to find out why. BofA stated I had not called to get a reinstatement figure. I was using the amount off of the notices they were sending me and even added a little more. I was told that the reinstatement figure would take 3 days to calculate. Which seems very odd for a lender not to be able to inform a borrower what is owed. As instructed I called back on day 3. The amount was not available. I called back the next day after that and was now told that the information can not be provided over the phone and I would need to wait for a letter. It has now been over a week and I ca n't even get BofA to tell me what the amount is that will reinstate my loan. I really hope you can help get BofA to act properly on the file.

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 monetary relief