Consumer complaint received 2016-07-15
Company: BMO HARRIS BANK NATIONAL ASSOCIATION
State: AZ
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Loan servicing, payments, escrow account

Complaint:
Bank of Montreal BMO foreclosed on my Heloc loan ALMOST TWO YEARS ago for no reason except they did not want interest only loans on there books. This is what BMO employee told me. However, I am protected under A.R.S 33-814 anti deficiency law. I always paid the Heloc and the first Mortgage they had no reason to foreclose. Bank of Montreal called the note and demanded I pay them in full for the interest only part of the loan approximate {$76000.00}. That would be impossible because no one would offer me a loan due to the housing market collapsing and home values were upside down and they knew it. We were forced out in the streets after they sold my house worth {$350000.00} for only {$76000.00} approx. I was current until they called the note and threatened to foreclose. The heloc originated in XXXX I pulled out XXXX dollars on Heloc it was a interest only Heloc. In XXXX they told me I can separate loan and pay principal and interest on part of the loan. and interest on the other half. So I told them to use {$100000.00} dollars of the heloc loan and make it interest and principle in the loan. They said no cost to me and would still be the original Heloc loan nothing except interest rate would change. They never explained they may or would call the note for no reason. I made XXXX different payments per month as they requested and they gave me XXXX loan numbers for one Heloc .I never was told they can call the note and remove me and my family from my home. I lived there making payments for over 10 years. They refused to take my payment anymore for the interest only part of the heloc. In my opinion this is criminal what BMO did and they stole our family home and sold it for penny 's on the dollar to someone else. And now demanding that I give them {$100000.00} 2 years later for deficiency.This loan originated with M & I bank and then they merged with Bank of Montreal. When they merged all the loan numbers were a mess. Every time I made a payment there was an error on t. Due to BMO changing all the loan numbers after merger. The investor that bought my home at the trusty sale kept my first mortgage current by lying saying he was XXXX XXXX. The investor lied and called XXXX XXXX XXXX the first mortgage and told them he was me and he wanted to keep the mortgage current so they let him. I found this out when they sent me a letter saying thank you for paying off the first Mortgage with B of A. I called B of A and they told me someone called and said he was me making the payment. I can assure you this was some kind of fraud on investors part and BMO. Later that year I receive a XXXX for the interest the investor paid and they gave me credit to claim. I did not use that tax credit because it did not belong to me. The investor did this for many months until he sold it for {$310.00}. First Mortgage was later paid by investor who bought house at trusty sale many months later when the investor sold my home. Now two years later almost after BMO called the note on heloc and then foreclosed. BMO is demanding {$100000.00} from me BMO lost there right to collect. Due to A.R.S Section 33-814 we are protected under the anti deficiency law because. BMO foreclosed on the note at a trusty sale. For the past few years I have noticed that BMO has on all three credit reports that I owe approx {$100000.00} dollars for deficiency. This bold statement is a public defamation of character. I need help getting justice and suing BMO I have made complaints to all three credit reporting agency 's. No one is helping me. I called BMO and asked them why they are demanding {$100000.00}. They said it was collectible. BMO lied stating they never foreclosed on the house.. I have proof from the trusty and proof BMO released the lien off the property to the investor and BMO sold the house under me. I have a paper trail proving BMO foreclosed. Please review law update in Arizona XXXX XXXX A.R.S SECTION

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