Consumer complaint received 2015-05-05
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IL
Product: Mortgage
Sub-product: Other mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
To Whom It May Concern, our family has fallen victim to a bait and switch loan modification offer granted by Bank of America ( BAC ) and our investor named as, XXXX XXXX XXXX XXXX Backed Certificates XXXX XXXX, also known as XXXX according to correspondence received from our new servicer XXXX ( XXXX ) .On XXXX XXXX, XXXX our family was approved for loan modification of our second mortgage, and was required to make 3 consecutive trial payments of {$600.00}. Our payments were made as follows:1 ) XXXX XXXX, XXXX -- {$600.00} ( 2 ) XXXX XXXX, XXXX -- {$600.00} ( 3 ) XXXX XXXX, XXXX -- {$600.00} ( 4 ) XXXX XXXX, XXXX -- {$620.00} ( 5 ) XXXX XXXX, XXXX -- {$620.00} ( 6 ) XXXX XXXX, XXXX -- {$550.00} See Exhibit " A '' Modification offer from BAC - dated XXXX XXXX, XXXX See Exhibit " B '' letter dated XXXX XXXX, XXXX Acknowledging Owner of our 2nd Mortgage Once our payments were completed we never received permanent loan modification documents. Our loan was transferred to XXXX along with our 1st mortgage on XXXX, XXXX. XXXX has been unable to give us a definitive response as to why the modification did not follow our loan during the transfer, nor do they appear to be concerned with the fact trial payments were made on our second mortgage. Furthermore, the records via letters and notices reflect poor accounting of our loan and out last payment dates vary from document to document. 
See Exhibit " C '' Various letters indicating poor accounting as to when our last payment on the 2nd mortgage loan. In addition, to the abuse of BAC and XXXX collecting trial payments illegally with a mutual commitment to modify our loan permanently ; XXXX has failed to properly validate our debt after being served with a qualified written request ( QWR ) on XXXX XXXX, XXXX. Per RESPA 12 U.S. Code 2605, XXXX has failed to provide proper validation of debt and are missing the following documents from their response indicating possible predatory lending may also have occurred when my loan was originated and furthermore transferred multiple times. This response is incomplete to say the least and lacks multiple significant items required to prove the validity of the mortgage debt re : affidavits of transfer, XXXX Letter, etc. and is riddled with numerous violations in relation to Section 6 RESPA and TILA. Missing QWR Documents and failure to validate mortgage debt : 1 ) Deed of Trust 2 ) Planned Unit Development Rider 3 ) Balloon Note Addendum 4 ) Allonge to evidence transfer from Countrywide to BAC and BAC to XXXX 5 ) Assignments from BAC to XXXX 6 ) XXXX-original loan application 7 ) GFE-Good Faith Estimate 8 ) Appraisal Report 9 ) Amortization Schedule 10 ) Truth in Lending ( TIL ) 11 ) No HUD -1 Settlement Statement See Exhibit " D '' Incomplete QWR response from current servicer XXXX Furthermore, after further evaluation of our loan and lack of documentation on the part of our current and previous servicers, we feel that our appraisal had to be inflated in order to compete underwriting on this loan. As a result our property has been stripped of equity and conceived using a falsified or stretched Appraisal Report and improper discloser of the negative impacts this loan has had on our family since its conception. It is our consensus that the loans originator failed their fiduciary responsibility to our family and this loan carried no XXXX ( XXXX ) to us in the long run. As a reminder, mortgage loan originators have a duty to not recommend or induce borrower ( s ) to enter into a transaction that does not have a reasonable, tangible net benefit to the borrower ( s ), pursuant to section 12-61-904.5 ( 1 ) ( a ), XXXX. Additionally, Board rules require the XXXX disclosure to be completed with the borrower ( s ) at time of loan application and provide copies of completed disclosures to all borrower

Company response to consumer: Closed with explanation