Consumer complaint received 2016-09-14
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NM
Product: Mortgage
Sub-product: FHA mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
We have not made a home loan payment to Bank of America ( our home loan carrier ) since XXXX, XXXX, and that payment was late ; for XXXX. 

I was told by XXXX XXXX XXXX XXXX XXXX that for {$2400.00}, we could stop making payments and get an amended or refinance for our home loan. So in XXXX, XXXX, we stopped making pmts to BoA. Several months later, XXXX was shut down for operating illegally, and I found a non-profit corp. in our town to help us deal with BoA on saving our home. A few things contributed to our inability to make the 5 % fixed 30 year payments of XXXX $ XXXX ( incl. late fee ) - a death in the family and a forced early retirement for me. We had about $ XXXX in other debt, which ( with help ) XXXX got settled with each lender for ~ XXXX total and then built up a $ XXXX savings toward a new home-loan modification, and worked to pay off the final XXXX, which is done, and our XXXX payments have started coming in in XXXX for XXXX spouses. We have just over $ 3800/month total income now ( incl my XXXX. pension ), and this was all forseeable and could have been enough to work with even XXXX3 years ago, with a payment that would increase when the XXXX payments started to arrive each month. 

We could easily save our home, but BoA said they did not have a program to make adjustments, or have a balloon pmt due later, or whatever we could have done, so i worked as hard as i could to get all other debt down, and prepare to make much larger home-loan payments. - The thing is, for the previous 20 years, I had always financially prepared for any financial hit, such as happens to almost everyone at some time ; Loss of a job, or death in the family, etc.. I had an old radio/junk collection, as an inventor, just glancing at parts & pieces of it would inspire me for electrical/mechanical design, product designs, style.. Well, weeding that collection out on XXXX could always get us thru the rough spots when unforseen bills would arrive, etc.. But, when the Banks ( BoA, etal ) threatened to crash the XXXX economy if they did not get their XXXX emergency loans in XXXX XXXX, and our economy went into a tailspin anyway ... It was MY credit rating that became affected, not theirs, and the XXXX market collapsed too. I stopped under that situation and burned out. In XXXX, an application to BoA for loan mod included {$500.00} sales in XXXX weeding out of junk, so that after expenses, $ XXXX/month more was available, and from XXXX, XXXX to XXXX XXXX, I proved I could do that, while weeding out my collection of XXXX junk. I could show BoA that i could do that, but they never asked for my records, and so then, in XXXX XXXX, my mom gifted me $ XXXX for 18 months, payments to help us qualify for a loan mod. & signed a letter to that effect. BoA wanted her financials with only # XXXX & # XXXX pmts remaining. There was so much foot-dragging by BoA, but I just kept my mouth shut and hoped for enough delay that our XXXX pmts would arrive before foreclosure time, and they did, but the delays kept being. 

In all the time we have tried to deal wht BoA thru our local legal non-profit, they would accept to review the case, but would try to engage us, and did XXXX3 times ), by going around the XXXX to dealing directly with my wife & I. Everytime we sent in a new application that showed an improved financial picture, BoA sat on it until the bank statements needed updating. Delay delay, .. 

But, that dual avenue approach was not right. IT was also very stressful. My wife and i are now separated and I '' m still trying to same the home for her and our daughter. It has been a long & stressful 5 years, but now BoA is selling the complete file to XXXX Bank, and all this time, they managed to not lower our 5 % fixed loan to easily under 4 % any time in the last 3 yrs, and we will be fleeced for every last dollar while BoA takes their profits all the way to themselves.

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