Consumer complaint received 2015-08-19
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Loan modification,collection,foreclosure

Complaint:
We have a {$440000.00}, interest only, equity line loan with Bank Of America that will change from an interest only payment to an amortized payment starting XXXX 2015 after XXXX years. It is a XXXX year loan. The XXXX XXXX years are interest only. The next 15 years are amortized. This loan is in the XXXX position. Our XXXX is a XXXX year loan has under XXXX yrs left on it. Most of our mortgage payment for the XXXX now goes against our principle. Bank of America has sent us a letter stating that our loan will change XXXX 2015 and our monthly payment will be adjusted from {$1100.00} a month to {$3600.00} a month starting XXXX 2015. An amount we can not afford to pay. 
We went to go see XXXX XXXX, Mortgage Broker, at our local Bank of America office, at XXXX XXXX XXXX, XXXX, CA XXXX, XXXX on XXXX XXXX, 2015, to get our equity line refinanced or to streamline our XXXX loans. She informed us that Bank of America could not refinance our loan or streamline our loan ( both loans are with Bank Of America ) and suggested we contact their Modification Office. We have heard that getting your loan Modified rarely happens, is a terrible deal if you do get a Modification, they take months to get it done and hurts your credit. 
Our income to Mortgage percentage is way out of the acceptable range for a traditional refinance. Our credit rating is XXXX and we have not been late on a mortgage payment in XXXX years. 
My wife also works in the XXXX XXXX industry. 
With our good credit history and our ability to weather the economic down turn, I think there should be other options besides just your income to mortgage percentage:1. The fact that we have never been late for a mortgage payment in XXXX years. 
2. The fact that an independent businessman has ups and downs that span over years. The possible success in the future should be looked at. 
3. Our XXXX mortgage should not be jeopardized because we have to refinance our XXXX. 
Bank of America 's actions are going to force us to sell our house that we have lived in for XXXX years. We can not afford their new monthly payment. There is plenty of equity in our house to support a loan. On XXXX XXXX, 2015, XXXX XXXX at Bank of America estimated our home value at XXXX XXXX and XXXX estimate is XXXX XXXX. 
Can you help us with Bank Of America to refinance our equity line or extend our interest only payments for another XXXX years in order to keep our loan payment at it 's present rate so we can stay in our house. We have proven that we can successfully pay our mortgage. I feel this tactic of selling loans without fully explaining what happens after XXXX years is another scam by Bank Of America to extort more money out of the American people and to force families to sell their home even though they have a great payment record and plenty of equity. 
We have already shown these documents to XXXX XXXX at Bank of America just to receive a flat out no.

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation