Consumer complaint received 2016-12-09
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
To whom it may concern : We are sending you this letter to inform you of some things you may not be aware of. 
We would like to give you a brief history. We obtained a mortgage in XXXX of XXXX from XXXX. The house is located at XXXX XXXX XXXX, in XXXX XXXX, XXXX Soon thereafter, we were informed that we were to send our payments to Countrywide Home Loans XXXX We thought Countrywide had bought our loan from XXXX 
My husband had income from the family XXXX business and investment properties he and I owned in XXXXXXXX. I am is a XXXX and get the majority of my income from my position as a XXXX in the XXXX. 
We moved down to XXXX XXXX in XXXX of XXXX and we were very happy. I had, faster than expected, received information that I had a position with the XXXX. Because it was close the start of school, I had to rush through the sign up procedures, and as a result, I forgot to inquire as to what the default method of paying XXXX was. I wrongfully assumed that it would be the same as it was at my previous XXXX in XXXX, which was 12 months ; however, it turned out that the default payment method in XXXX XXXX was 10 months. This was important because we needed both incomes to pay our mortgage and other bills. 
Initially, we asked Countrywide if they could put the XXXX, XXXX and XXXX XXXX payments at the end of the loan. Countrywide said that it would check with the investor and get back to us. This was also the first time that we suspected that maybe Countrywide had not bought our loan. Shortly thereafter, Countrywide contacted us and told us that the investor would not put the payments at the end of the loan. While we were not pleased with that answer, we decided to refinance XXXX of our properties in XXXX which had significant equity, and use that money to make the XXXX, XXXX, XXXX XXXX payments. To our amazement we were informed that we could not get the refinance loan because we were late on our primary mortgage payment. When we went back to Countrywide to talk to them, we found out that we indeed had made our XXXX payment on time, but they had applied our entire payment to our escrow account to cover their losses, which was totally against the mortgage agreement, they had asked us for an additional XXXX payment and we said no. Because we said no, Countrywide decided to report us late to the credit bureaus and that is the reason why we did not have the money for the XXXX, XXXX, XXXX XXXX payments. 
Initially, in XXXX of XXXX, we started the process to refinance our mortgage on our primary residence. The problems at the credit bureaus still existed, but thanks to the help of a loan officer at XXXX XXXX Mortgage, XXXX XXXX, he was able to contact the credit bureaus and discover the truth, we closed on the refinance in XXXX of XXXX. The situation with XXXX, XXXX and XXXX had not changed and everybody was aware of that. 
We made our XXXX XXXX XXXX payments on time, and did not make our XXXX, XXXX, XXXX XXXX payments, but were going to send a payment in XXXX of XXXX, when we were told by Countrywide not to do so, because they were going to start foreclosure proceedings. In XXXX XXXX we were served with foreclosure papers. The foreclosure papers stated that Countrywide Home Loans XXXX XXXX XXXX XXXX, the plaintiff in the complaint, was the owner of our note and mortgage. At that time we did not know what the truth was. Initially, we contacted XXXX with no success. They finally gave us the number to the investor. We did n't know, even at that time, who the investor was. This happened sometime in XXXX. 
We have more info but not enough space here. We sent a letter to the Treasury Dept. on this is issue.

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