Consumer complaint received 2017-01-15
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: SC
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan servicing, payments, escrow account

Complaint:
Bank of America Notes - Mortgage Recast We obtained a mortgage with Bank of America in XX/XX/XXXX. At the time we worked with their Mortgage Advisor, XXXX ( XXXX ). We explained that we would be selling two properties and would have a substantial principal reduction when those properties were sold. He agreed to a one-time no-charge recast loan of our mortgage when that occurred. He told us to contact him and he would take care of it. 
By the end of XXXX both properties were sold and we applied the cash to the principal. In XXXX we contacted XXXX as instructed and were told to contact their XXXX number. On XX/XX/XXXX at XXXX I contacted XXXX at XXXX requesting the recast. He said it would take approximate 2-3 days to process the recast and that he would call us with a response. XXXX indicated that they normally want people to have the mortgage for six months prior to making changes. He never called back. 
We continued to pay our mortgage on schedule and in the full amount. We waited for the mentioned six months. 
On XX/XX/XXXX at XXXX we contacted XXXX via email to ask again for a recast. No reply was received. 
On XXXX at XXXX we sent another email to XXXX. He instructed me to contact their office at XXXX. 
On the same date I called the number as instructed and reached someone named XXXX. She told me to prepare a letter of intent for their Recast Dept. indicating that we would like the principal to date to be applied to the balance and request a recalculation of the loan. Both my husband and I signed the letter and faxed it to their office at XXXX as instructed on XX/XX/XXXX at XXXX. During the discussions XXXX indicated that the recast was approved in our system and our new mortgage would be approximately {$570.00} per month ( down from {$1900.00} ). A copy of the letter is attached. 
On XX/XX/XXXX we received a letter from Bank of America indicating that they would need more time to investigate out request ( copy attached ). 
On XX/XX/XXXX at XXXX we sent another follow up email to XXXX requesting assistance with this matter. No reply received. 
On XX/XX/XXXX we received another letter from Bank of America indicating they had forwarded the letter to the Recast Dept. for their research. 
On XX/XX/XXXX we went to the Bank of America office in XXXX, SC and met with the Relationship Manager, XXXX. We explained that we needed someone higher up in the organization to get this resolved. She made phone calls while we were in her office and after 45 minutes she was told by someone on the other end that everything showed as approved and they could not explain why the change had not been processed. We requested to speak person 's supervisor and were told we would be transferred. After a wait the call went dead and we were disconnected. No one ever returned the call to XXXX. She did all she could to assist us but mortgage changes were not within her capability of access. We left the office with no resolution. 
On XX/XX/XXXX we made an effort to contact, XXXX at Bank of America ( the CEO ) via email but the email was returned as undeliverable. 
All possible complaints are being filed on this matter. 
We continue to make mortgage on schedule and in the full amount. Our most recent statement is included.

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 non-monetary relief