Consumer complaint received 2016-05-24
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
Bank of America has transferred an interest in a Mortgage loan that they no longer own. The assignment is fraudulent under NY State Law, so all subsequent filings, and subsequent foreclosures, depending upon that invalidated assignment, are similarly void. The loan was sold to " XXXX, XXXX, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS TRUSTEE FOR XXXX-THROUGH TRUST VI, XXXX XXXX XXXX, XXXX XXXX, NY XXXX ". 
Bank of America is currently maintaining a foreclosure action with the use of unfair or unconscionable means to collect or attempt to collect a debt., violating US Code 15 U.S.C. 1692f ( 6 ) a. 
Bank of America may have been the loan Originator XX/XX/XXXX, but sold the loan and became the loan servicer. They were not the Note OWNER at the time of the sale and assignment to the above trust. 
Bank of America sold their rights and interest to the alleged Note by selling the Mortgage loan to XXXX. I have been informed over the phone by XXXX that this sale took place on XXXX/XXXX/XXXX. Investor # XXXX. If properly executed in accordance with the XXXX Trust Indenture ( published on XXXX/XXXX/XXXX ) and Custodial Agreement, XXXX would have taken legal title to this alleged loan in XXXX and would have in its possession at that time, the Original note and a fully executed assignment of Mortgage ( or in recordable form ) dated sometime in XXXX. The instructions for the above XXXX assignment are under Exhibit C Section 12 of the XXXX Custodial Agreement. The assignment to the new current investor/lender ( XXXX XXXX ) would have to be from the Owner, XXXX, not the alleged Note holder or servicer ( Bank of America ). Pursuant to New York law ( the state where the XXXX for the current investor is held ) " to perfect the transfer of mortgage paper as collateral, the Owner should physically deliver the Note to the transferee. Without physical transfer, the sale of the note is invalid as a fraudulent conveyance or as unperfected ''. The absence of XXXX in this chain of custody of the Note and Mortgage are, at the very least, incorrect and, at most, blatantly fraudulent. I have in writing that XXXX was a previous owner on the loan. Bank of America sent me that information in a letter dated XXXX XXXX, XXXX stating that XXXX owns your loan. 
Recordation of this Mortgage assignment does not confirm the true sale of the Note to the current investor/trust, since no original assignment rendering the prior sale of the mortgage to XXXX was obtained. If the current Trust successfully forecloses, it has no legal right to do so, and the Trust will be exposed to claims for wrongful foreclosure by former homeowners and claims of fraud by subsequent purchasers. What is allegedly taking place is a " fix ''. A " fix '' is done by conveying the Note to a Trust right before a foreclosure. The " fix '' has been created to cover up the chain of ownership of the Note and Mortgage due to missing indorsements from a previous owner or owners in the chain of custody of the alleged Note. The very fact that this " fix '' has been executed is the actual proof that the assignment requirement never really was adhered to by XXXX guidelines when XXXX actually owned the Note. This " fix '' is impermissible. It is typically directly from the Originator to the Investor/Trust in violation of the requirement that it go through all the intermediary parties. This " fix '' is done right before foreclosures especially when Promissory Notes for loans have been sold, securitized and converted to a stock. 
Bank of America states they are a debt collector in the Foreclosure Lawsuit, making them subject to the FDCPA. They state they Hold the alleged Note.They do not state that they Own the Note. Bank of America 's misrepresentations and conduct are unfair and its deceptive practices in attempting to collect a debt are in violation of 15 U.S.C. 1692e ( 10 )

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