Consumer complaint received 2017-05-31
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: VA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
BACKGROUND : AroundXX/XX/XXXX I contacted Bank of America Home Loans to make them aware that I was going to be furloughed from my job within 2-3 months and also to let them know the period of time that I would be furloughed from my primary source of income with the XXXX XXXX from XX/XX/XXXX to XX/XX/XXXX. This would be a significant reduction in my income by at least 40 %. At which time my monthly home mortgage payments totaled around ( first and second mortgages ) {$1400.00}. I asked what type of payment arrangements could be set up and they told me I was not eligible for any payment arrangements since my home loans were in good standing, even though I was trying to prevent any late payments. At this time I had savings to somewhat soften the blow, so from XX/XX/XXXX to XX/XX/XXXX, I just decided to focus on keeping up the mortgages and allowed other debts to fall behind. By XX/XX/XXXXI had exhausted all emergency and personal savings, and I begin to use available credit on my credit cards just to keep afloat. I continued to manage my mortgage payments and eventually caught up on other debts during XX/XX/XXXX. <P/>ACTIONS TAKEN : Well by XX/XX/XXXXI experienced several financial hardships to maintain my personal vehicle (XX/XX/XXXX- XX/XX/XXXX ) in order to keep reliable transportation to and from work and school for my and my son. Again I contacted Bank of America Home Loans in XX/XX/XXXX to determine what options were available to me since I had now fallen behind on my mortgage payments. This time I was given the following options : Loan Modification, Refinance ( did not qualify since I had late payments in the past 12 months ), Forbearance Plan ( had to meet very specific criteria i.e. divorce, disability, death of spouse/co-borrower, bankruptcy ), Reinstatement ( not an option for me to pay the full payment by a specific date when I need assistance with monthly payments - did n't make sense ), or Repayment Plan ( would later take this option after ineligibility for refinance and loan modification ). I opted for the Loan Modification at an attempt to possibly obtain a lower monthly payment that could help me get back on my feet. So I went through the entire loan modification - completed all paperwork, kept all scheduled calls with my Customer Relationship Managers only to receive word that I was unable to get a loan modification because my mortgage belongs to a " private lender '' who was unwilling to agree to a home loan modification. ( I will also note here that this was actually the second time Bank of America Home Loans mentioned to me about this " private lender '' who was unwilling to do a loan modification or accept reduced home loan payments ). Very discouraged by this, I reached out to Bank of America Home Loans again, was able to work out a repayment arrangement ( although the payments were higher than my normal monthly payments, which at that time were around {$990.00} but the monthly repayment plan was upwards of {$1200.00} or so and that was for my first mortgage only ). I sucked it up paid accordingly to get caught up by the end of XX/XX/XXXX and again resorted to available credit on credit cards just to maintain during this period. I will also note that during this period from XX/XX/XXXX even to current date XX/XX/XXXX, I incurred additional life expenses to assist my son with college expenses. In XX/XX/XXXX, I experienced yet another financial hardship in which I had a significant home repair and I had no discretionary funds to cover the costs. So I allowed my first mortgage to fall behind so I could live, eat , drive and take care of my son. I knew that Bank of America Home Loans would have no understanding of my situation nor would be willing to work with me. <P/>CURRENT DAY : Due to the lack of understanding and unwillingness to provide affordable home loan assistance by Bank of America Home Loans, I refused to let other bills go unpaid. Instead I reached out to all my other creditors ( i.e. XXXX XXXX, XXXX XXXX, XXXX XXXX, XXXX XXXX, and XXXX XXXX ), received great customer service, and affordable repayment plans that met my budgetary needs.I finally begin to get caught up and actually have a savings again. Fast forward to XX/XX/XXXX, I am now in need of a reliable car ( since I 've done all that I can to repair the existing 13 year old car that I own ), I reach out to Bank of America Home Loans on XX/XX/XXXX to set up repayment arrangements for XXXX and XXXX payments that are currently behind. The mortgage payments have since increased from {$990.00} to {$1000.00} ( mostly due to homeowners insurance but that is another story ). The payments are scheduled for XX/XX/XXXX and XXXX for {$1500.00}. I was provided confirmation numbers for both of these payments. I reached out to Bank of America Home Loans on XX/XX/XXXX to see if they would prepare a document on Bank of America letterhead stating that on XX/XX/XXXXI set up payment arrangements for XX/XX/XXXX and XXXX. To my surprise I was told that Bank of America Home Loans does not generate nor provide that type of documentation. I was told that the confirmation numbers I received were proof of the arrangement. I explained that this does not help a third party who wants to verify I am making payments. The representative goes on to explain how I could give them ( as in Bank of America Home Loans ) verbal authorization to release this payment arrangement information to a third party for a period of 24 hours ; written authorization I could state the length of time I would want this third party to have access to my mortgage information. Now with all the correspondence Bank of America Home Loans sends, it completely baffles me that this simple request could not be honored. So I called back again on the same day XX/XX/XXXX hoping I could speak with someone else, which I did and she confirmed what the first woman said. So I asked her to walk me through the foreclosure process. I am so fed up with Bank of America Home Loans and the lack of assistance and understanding for the past 4 years, that I 'm willing to foreclose on this property, take the hit to my credit score/report, just so I NEVER have to do business with Bank of America Home Loans again. I have absolutely nothing good to say about Bank of America Home Loans. I will NOT do business with them ever again!! This actually was not my choice in the first place, just so happens Bank of America bought out my original home loan mortgage company and it has been XXXX ever since. So whether it is by foreclosure or selling this home within the next 6-12 months or sooner I am removing myself from any further financial obligation to Bank of America Home Loans. Life happens and it is not my intent to get away with not paying my bills/what I rightfully owe, but when I reach out to a creditor with a sincere intent to repay I just ask that you work with me. The other creditors that I listed above did just that and now I am in position to repay EVERY single one of them in FULL within the next 30-90 days. Why could n't Bank of America Home Loans do the same for me.

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