Consumer complaint received 2017-02-23
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
HOW BANK OF AMERICA USED " DECEPTION & TRICKERY '' TO TAKE MY HOME RESULTING IN THE LOSS OF MY {$160000.00} DOWNPAYMENT AND " ZERO '' CHANCE OF SAVING MY HOME. 

I paid {$800000.00} for my home and put down {$160000.00} resulting in an Option Arm Loan on the balance of {$640000.00}. It all started in XX/XX/XXXX when I contacted Bank of America about modifying my loan. After untold phone calls, over 15 faxes with information they required from XX/XX/XXXX to XX/XX/XXXX Bank of America did not give me a yes or no on my loan modification. MY FORECLOSURE WAS " RESET '' 2 TIMES I WAS A QUALIFIED CANDIDATE FOR THEIR LOAN MODIFICATION. 

The " deception '' is they never intended to " modify ''. I JUST FOUND OUT that B of A makes more money by foreclosing than modifying. They get reimbursed all monies they have paid out at the time of foreclosure because they are first in line and have control of all funds. If they modify a loan they may not get all their monies or may have to wait a long period of time so it is advantageous for the bank to foreclose. I spent many many anxious days and nights waiting for B of A to make a decision since I was a viable candidate for a modification. Finally, in desperation I made an offer ( see attached fax ) to B of A getting alternative financing with a VA Loan. I made so many calls talking to different analysts and NO ANSWER EITHER YES OR NO! It is now clear to me it was not in their best interest to work in " Good Faith '' with me. In fact, they sold the home for {$310000.00} ( see attached ) which is {$10000.00} to {$25000.00} less than my offer plus they paid a real estate fee and other costs resulting in over a {$31000.00} to {$46000.00} lower net on the foreclosure versus a modification. However, that did not cost B of A it was the investors money on my securitized ARM loan. Instead they got all their extra servicing money ( escalated note rate on ARM Loan ) and other costs over my 5 year modification period. Bank of America got all their money INVESTORS AND MYSELF LOSE ALOT OF MONEY BY THEIR DECEPTION AND TRICKERY. 

I contacted B of A for my file and they could not find anything except one 32 page fax. I have talked to so many representatives and analysts during this process and they didnt have a clue what B of A 's BIG SCHEME OF DECEPTION was really about. 

I WANT MY DOWN PAYMENT BACK OF {$160000.00} I am entitled to this down payment back because I was qualified to get a modification or they would not have reset the foreclosure 2 times. I had a VA Loan approved for {$320000.00} to refinance my home but I could never get a word out of B of A on anything. IF BANK OF AMERICA HAD OPERATED IN " GOOD FAITH '' NONE OF THIS WOULD OF HAPPENED and I would be in my home. 


BANK OF AMERICA did not follow the government programs that bailed them out PLUS THEY DECEIVED ME JUST LIKE THEY DID WITH THEIR " ROBO SIGNING ''.

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