Consumer complaint received 2015-09-10
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Settlement process and costs

Complaint:
I have a XXXX loan on my primary resident with bank of america, From XX/XX/XXXXthe loan fall into default since late XXXX XXXX due to economy crisison XXXX was told that the loan was discharged. and they loan lien will be releasedby XX/XX/XXXX, But never did, for several years, i was in overseas due to family problemsafter several years, finally i modified my XXXX loan on this property .as of XX/XX/XXXX, my property is still under water with regard to my first loan value I got a property tittle report showing there is still an active second lien on the property. 
surprised very much, and i contacted bank of america, again, First i was told this loan was paid off, on XX/XX/XXXX ( that is not true ) then i asked for release of lien certificate, you have to take care of your first loan lien modification. then we will take care of XXXX loan. and we may waive your second loan. if there is no value for XXXXand they ask me to provide them with my current financial and property information, i was told in order to release the lien i have to reach to a settlement agreement .even though there is no equity in to property according to their bpo evaluation, and the current negative condition with regard to lots of needed repair and maintenance, still demanding more than 50 % of final charged off balance, i can not afford the XXXX loan. and there is no value for that either. let alonei have hard time to maintain the first loan. i accept the XXXX loan modification offer. 
with the condition to get rid of XXXX loan, now there is no incentive to keep the property now if that is the case, and let the property go into forclusre anyway, and that defeat the whole purpose of HOME AFFORDABLE ACT, now bank americaplaying game and Deceiving tactics in order to collect this bad loan to begin with, I reached to Bank excutive office, and was told the lien was approved to be released, but they do not say why, simply do not know .///???? ( in XX/XX/XXXX bank of america was releasing $ XXXX XXXX loan liens. that was XXXX of them, they do not know what happened, the loan was a XXXX balloon that carried a prepayment penalty, and term of the loan are unknown, because a copy of the prepayment penalty rider was not provided, this type of loan considered as predatory by US General accounting officebecause of ballon component, prepayment penalty and high debt to income ratio of 70.16 % .edAt last : i am trying to resolve this matter and receive a final reconvene of XXXX loan, as i can not afford, i have no job and i was self employed and lost my business and do not have any saving or financial resources and have very bad health condition due car accident, but b o a is giving me a ran around, and telling me they do not care ifmy first loan is underwater, or being modified or even goes to foreclosure. 
I hope Bank of america waive the XXXX loan due to no value or equity into XXXX and XXXX loan of the property. ( according to making home affordable act ). 





XXXX

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