Consumer complaint received 2015-07-20
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY
Product: Mortgage
Sub-product: Other mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
We are seniors who purchased our property in XX/XX/XXXX ; we were given XXXX loans to make up the 100 % loan mortgage. We began to make the mortgage payments as responsible citizens and homeowners. Then in XX/XX/XXXX we became the victims of a scammer who convinced us that we can receive a lower mortgage payment through a modification with their assistance and advised us that we needed to stop making payments in order to qualify. Trusting the source that is just what we did and unfortunately this turned out to be a huge mistake. Because of this action going back and forth we were in this situation for over four years until we finally received a modification. Although, the modification we received from Bank of America was not affordable we accepted the offer under desperation to get out of the current foreclosure status. 

In the meantime XXXX XXXX health was deteriorating more and more to the point that XXXX XXXX his wife had to stop working in order to take care of XXXX XXXX. After XXXX XXXX illness ( XXXX ) XXXX XXXX was not able to work and had to solely depend on their combine Social Security, pension and rental income. Therefore, due to their financial circumstance 's being on a fixed income, it has been very difficult to keep up with the first mortgage and even more difficult to come up with the second mortgage payments. Explain XXXX XXXX XXXX current health status. He is currently receiving Social Security Benefits income as {$1300.00} per month. XXXX XXXX was recently placed in a home care facility under the care of his doctor due to his XXXX. The clinic is now withdrawing over {$500.00} a month for his stay and care at the facility, leaving the spouse with less income to put tours the household. Therefore, we have continue to make our mortgage payments of {$2800.00} but ca n't no longer continue to pay the second mortgage payment of {$860.00} which was recently increased to {$940.00}. The property has no equity, and we request Bank of America for a loan forgiveness on the second loan and we were denied. They are not willing to work with us even though there is no equity on the property and the second loan will never foreclose as the first loan will never allow this to happen. The only thing the second loan can eventually do at this time will be to place a lien on the property that they will never collect as again there is no equity. Even when XXXX XXXX pass which is what unfortunately, the spouse was told recently and if she decides to sell it will have to be a short sale so the lien will never be collected. It will be more cost effective to Bank of America to continue to collect the first mortgage as they are so far and forgive the second, even forgiving the second mortgage there is no equity. Bank of America is not willing to assist the borrower, the only thing they are willing to do is to review the loan for another possible modification, which they wont even qualify due to the expenses for the care of XXXX XXXX it would make more sense to offer a full forgiveness of the second loan.

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