Consumer complaint received 2018-01-23
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NJ
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
XX/XX/XXXX ( Escrow Removal ) I have been trying to successfully remove the escrow account that was added to my loan after a Loan Modification was requested and in turn denied inXX/XX/XXXX. After going back and fourth since XX/XX/XXXXof last year, the escrow was removed in XX/XX/XXXX - only to be added a few days later in XX/XX/XXXX.

I immediately contacted my loan servicer, Bank of America in efforts to have the error rectified. The bank paid out my Homeowner 's Insurance policy, only a few days after the initial escrow removal had finally been approved and deleted.

{$320.00} was disbursed after the escrow had already been removed In efforts to bring my account current, which was in the negative as a result of this payment - I repaid the {$320.00} balance that was not due until XX/XX/XXXX.

In the waiting period, I proceeded to pay my XX/XX/XXXX property taxes : XX/XX/XXXXTax Quarter - {$1800.00} When I proceeded to obtain my print out of my taxes a few days later, I noticed an over payment on my account and a payout by Bank of America. All of this occurring, while I maintained constant communication with my bank to make sure no other payouts were made out on my behalf ( trying to avoid escrow because of the bank error ).

I immediately followed up regarding this matter and received confirmation from my town office that Bank of America 's payment was received last. As a result, the bank would have to initiate the refund. In the meantime, leaving my account with a negative posting and not being able to get the escrow removed on my account, that by this point had already been re-established.

On XX/XX/XXXX I received notification by phone and letter, that the refund request had been initiated and the process would take 6 to 8 weeks. To date, I have monitored my online banking account regularly and the tax portal and no changes have occurred. Please see the attachment where Bank of America confirms the request of refund for the over payment.

On XX/XX/XXXX, I paid a visit to my tax office for an update, where I was advised they never received a request for the refund. At which point they recommended I proceed to pay my XX/XX/XXXX quarter tax bill. Attached you will see the following : XX/XX/XXXX Tax Quarter - {$1700.00} ( Paid in Cash XX/XX/XXXX - Receipt Attached ) You will see that my payment has posted and that there is still an over payment for my XX/XX/XXXX tax quarter being reflected ( which is the bank disbursement ).

I logged in to my account this afternoon, only to find out the following : Bank made another disbursement on XX/XX/XXXX for my XX/XX/XXXX Quarter Tax Bill Bank made another disbursement for my Homeowners Insurance Policy not scheduled for renewal until XX/XX/XXXX. {$1700.00} {$470.00} In addition to these disbursements, there is already a {$57.00} late fee for not including any escrow amount towards my XX/XX/XXXX payment and only making my payment for my principal and interest - {$1100.00} ( of which is reflecting as a partial payment ).

This situation is utterly disappointing and has made the last several months, almost year very stressful, tedious, frustrating, to say the least. The manner in which my loan has been handled, is a complete disappointment.

There is always timeline, which happens to always end in the different department within the bank not communicating effectively, and always leading to a complete run around when requesting this escrow removal that had already been approved and corrected.

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 monetary relief