Consumer complaint received 2016-03-15
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
On XXXX. XXXX, XXXX, I faxed the attached letter, dated XXXX, XXXX, copy attached as Exh. XXXX, to XXXX XXXX XXXX, Bank of America ( " BOA '' ) representative ( XXXX, Ext. XXXX ) handling my first CFPB Complaint against BOA in this matter. BOA is the servicer for XXXX XXXX XXXX XXXX XXXX, which is the secured creditor whose loan is secured by a deed of trust lien on my rental property known as XXXX XXXX XXXX, XXXX, MD XXXX ( the " Property '' ). My XXXX. XXXX, XXXX letter states my proposal for a reasonable loan modification, based on a {$150000.00} principal amount, a 30 year term, and a 5.25 % fixed annual interest rate, which is above the current market rates. BOA had obtained an Appraisal, copy attached as Exh. XXXX, of the Property as of XXXX XXXX, XXXX, which Appraisal determined the market value of the Property to be {$150000.00} as of XXXX XXXX, XXXX. That Appraisal was performed for BOA by XXXX XXXX XXXX, a MD Licensed Appraiser. In my Chapter XXXX Bankruptcy Case No. XXXX, the attorneys for BOA signed a Consent Order, dated XXXX XXXX, XXXX, copy attached as Exh. XXXX. The Consent Order stated the same terms of the modified mortgage, which terms are stated in my XXXX, XXXX letter. 
As stated in my XXXX. XXXX, XXXX letter, each of the XXXX appraisals which BOA obtained after the XXXX XXXX, XXXX appraisal, XXXX as of XXXX XXXX, XXXX, copy attached as Exh. XXXX, which determined a value of {$210000.00} and the other as of XXXX XXXX, XXXX, copy attached as Exh. XXXX, which estimated a value of {$240000.00}, are unreliable. The appraiser who conducted the XXXX XXXX, XXXX appraisal of the Property for BOA stated in his Appraisal Report on XXXX XXXX at the bottom his opinion of the market value of the Property " Based on a complete visual inspection of the interior and exterior areas of the subject property. '' In fact, the appraiser never conducted a visual inspection of the interior of the Property ; and his photographs only show the exterior of the Property. Furthermore, I, the owner, was never notified by him for the purpose of his obtaining access to the interior of the Property. As a result of his not having performed a visual inspection of the interior of the Property, he could not have selected properties comparable to the subject Property, which is over XXXX XXXX XXXX, because he did not know the poor interior condition of the subject Property. In contrast, XXXX XXXX, who performed a physical interior and exterior visual inspection of the Property for BOA, had obtained knowledge of the true conditions of the Property. Accordingly, the appraiser who performed the XXXX XXXX, XXXX Appraisal of the Property could not select truly " comparable properties '' to compare to the subject Property. It is concluded that his XXXX XXXX. XXXX appraisal of the Property is not reliable. We have attached a copy of a report of the condition of the XXXX XXXX XXXX Property, which report, copy attached as Exh. XXXX, was prepared by XXXX XXXX XXXX, an experienced contractor, who examined all aspects of the subject property, interior and exterior, from roof to basement. The " alleged appraisal '' of the subject property as of XXXX XXXX, XXXX, copy attached as Exh. XXXX, is not an appraisal by a licensed Maryland appraiser, but is " an Estimated Property Value ( which ) was created by a statistical model called an automated valuation model ''. By its nature, the Estimated Property Value is not reliable, especially when compared to the Appraisal of the Property conducted for BOA by XXXX XXXX. BOA should manifest its good faith by accepting my reasonable proposal for a loan modification as stated in my XXXX. XXXX, XXXX letter.

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