Consumer complaint received 2016-07-10
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NC
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
Bank of America Loan XXXX On XX/XX/XXXX I began the home loan assistance process with Bank of America ( NA ). I was current on my loan on my XXXX home, an ocean front home that was rented mainly during the summer season and during the year when requested. Our family used the home when it was not rented. The proceeds from the rentals paid the majority of the expenses. As the tiered interested rate increased and unusual expenses exceeded the income, I contacted BA for assistance. The amount owed was ~ {>= $1,000,000} and the current value was ~ {>= $1,000,000}. 
On XX/XX/XXXX I was told I was not eligible for a loan modification I had cash reserves or other liquid assets of XXXX or more I was never evaluated against the National Mortgage Settlement Loan Modification Program. My application was initiated prior to the date, according to XXXX XXXX Officer ; ECCR-Resolution Specialist, Enterprise Customer Care Resolution Bank of America Home Loans said BA, of XX/XX/XXXX when she said BA had met its obligations under the Settlement. This BA loan was purchased from Countrywide Loans. 
As the income earned from the property had run out, and the fact that BA does not base the decision for modification on cash reserves when the loan is not current, based on statements from XXXX XXXX, Home Loan Team, I reapplied to BA for assistance on XX/XX/XXXX. I resubmitted the Request for Mortgage Assistance ( RMA ) and any additional information BA requested. On XX/XX/XXXX I received notification that I was not eligible for a loan modification as my " gross income of XXXX is too low to support the monthly payment on the modification terms we are able to offer you ''. I pointed out to XXXX XXXX prior to this determination that the XXXX monthly gross income from the rental income was not included in this number. 
I pointed this out to XXXX XXXX 's supervisor, XXXX XXXX, and the next thing I knew the decision had been appealed On XX/XX/XXXX I received a letter from BA saying I needed to submit Tax Returns for XXXX, which had previously been submitted, and a new RMA. I questioned XXXX XXXX and XXXX XXXX as to why this information was again requested and they said I should disregard these requests. How do I know what correspondence from XXXX BA I should react to, or which I should disregard? 
On XX/XX/XXXX I received a letter from BA saying, " You 're not eligible for a load modification '', and it further stated, " Your gross monthly income of {$17000.00} is too low to support the monthly payment on the modification terms we are able to offer you ''. The Gross income of XXXX, at least part of it, had been included. 
I contacted XXXX XXXX, XXXX XXXX 's supervisor, and asked why only part of the property 's gross income was included, and after some discussion, he said he would research the issue and would get back with me. In the interim I received a call from XXXX XXXX with the following information. 
Gross Income for the property was subtracted from the IRS expenses to get what BA called True Expenses. This number was subtracted from the gross income to get what BA called True Income, and was {$36000.00} which was divided by XXXX to get what BA called True Monthly Income. The result was {$3000.00}. This was the amount added to the XX/XX/XXXX refusal of modification letter Gross Income ( XXXX ), to increase the gross income to XXXX. I had not heard back from XXXX XXXX, as he said he would do, and I contacted him and told him I was confused. BA had refused me a modification on XX/XX/XXXX when my Gross Income was reported by BA to be {$14000.00} and now BA had calculated a Net Income to be added to this Gross Income and the new Gross Income was reported by BA in the XX/XX/XXXX refusal letter, to be {$17000.00}.

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