Consumer complaint received 2016-07-12
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: OH
Product: Mortgage
Sub-product: Other mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
In XXXX XXXX, a company called XXXX XXXX XXXX processed a mortgage through XXXX XXXX for me. At the time, I remember they included some credit card debt in the loan & that it was a 30 yr mortgage. Not realizing it, I had signed for a predatory loan. It was a balloon mortgage with an interest rate of 8.75 % and it was an all-interest loan. I did n't realize that after making XXXX payments, my last payment would be {$74000.00}. This is less than a XXXX sq ft house in XXXX Ohio on less than XXXX acre of land! The payments at that time were {$640.00}. That 's {$230000.00} + a final payment of {$74000.00}?! For a XXXX sq ft home? A month or 2 later, I was received mortgage bills from Bank of America. After reviewing my mortgage online, I realized that this was a horrible mortgage. Their online site said that it was a 50 yr mortgage & I discovered that practically nothing was coming off the principle. I tried to talk to Bank of America about fixing this, but I got tossed from dept. to dept. No one at Bank of America would help me. It was so frustrating. In XXXX, I tried to refinance through another bank. I had an XXXX credit score of XXXX. I got denied due to " value or type of Collateral not sufficient ''. Underwater? I turned to government programs like Making Homes Affordable & others.They would n't help because they said I made too much. Being 8 mos. XXXX at the time, single mom, full time job, a house payment that was now over {$800.00} a month, I did n't miss a payment. I did n't have a home phone, internet, cable or satellite tv.I did n't get my nails done or my hair done on a weekly or even monthly basis. I paid bills. But because I made {$XXXX} a year, I was ineligible for government programs to help me get out of this horrible mortgage.The only advice I got, they said it sounded like a '' predatory loan '' & talk to a lawyer. I looked it up & yea, that sounds exactly like what I have & I ca n't get out of it. I ca n't get Bank of America to talk to me, I ca n't get a loan from another bank because I am " underwater '' & I ca n't get help from the government that bailed out all these banks including Bank of America ca n't help one of the victims of this fraudulent crime/ loan.A lawyer said that the statute of limitations had run out. So, as I continued to pay my mortgage every month, I started getting billed by XXXX XXXX for my mortgage. I tried to talk to them about refinancing, but they said they do n't do that. When you call XXXX XXXX, their recorded message says that they are a " Debt Collector ''! That really irked me. Debt Collector?? I was never late on my mortgage, why am I dealing with them? Is Bank of America trying to hide this Predatory Loan? In XXXX, I tried to sell the house. I was unable to sell it for what I owed. In XXXX, the agent talked me into renting it to a lady for 6 months & said then she was going to buy it. After renting it for 6 mos., she did n't, but found a nice couple off of XXXX to rent it. They made XXXX payment in XXXX XXXX & that was it. I had never missed a payment until this point. When I was served with foreclosure/court papers, I had no idea that XXXX had my loan. Where did they come from? I never had any paperwork saying they had my mortgage. I was dealing w/XXXX on doing a Deed In Lieu. Once again, it seems to me that these big banks were hiding this Predatory Loan. It looks like it paid off for them.I have paid on this house for 9 years & have nothing to show for it, but a nasty ding on my credit. I am a hard-working middle-class worker in America.Big Banks are criminals. I am just 1 of their many victims.They took advantage, because I did n't understand the mortgage business. Predatory mortgages should be fixed at the banks expense. I lost my house XXXX XXXX, XXXX. 
Thank For Your Time, XXXX XXXX

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