Consumer complaint received 2017-01-30
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IL
Product: Mortgage
Sub-product: Other mortgage
Issue: Application, originator, mortgage broker

Complaint:
XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, IL XXXX XXXX After recent changes with my credit report and not being able to obtain reasonable percentages on new mortgage rates and being numerous times denied credit I decided to carefully review my credit history and Bank of America Loan Modification which was done XX/XX/XXXX. As l have poor understanding of such matters, I asked for help of a few different financial councilors and Consumer Financial Protection Bureau specialist. And unanimously I was advised to give closer look at my loan modification as it seemed to be unfair in nature on how it was done at the beginning in 2010. That year our American economy was struggling badly and I decided to call Bank of America and see if there was a possibility for me to lower my interest rate from 6.375 % to 2 %, as it was offered in recently passed Government Bill. That is all I wanted. Bank of America told me that it was possible and that it will take time for it to process. They told me that everyone was going through hard times and they had lots of work therefore a representative was never available in person, although there was a BA office right across the street from my residence. In the process and couple conversations over the phone, I was sent trial payment slips and I was told to send payments as it was instructed on those slips. I was never before late on my mortgage payments and I trusted BA, and sent all payments on time. However, I was completely unaware that BA was reporting me to the Credit Bureaus as delinquent and unable to pay, and at the same time they were charging me delinquent interest and delinquent escrow from XX/XX/2010 to XX/XX/2010 of more than {$7500.00}. I was told that I was getting 2 % on my interest drop but BA took advantage of my situation. They never explained to me a full picture of what I was going to be placed into. Just recently after reviewing my mortgage paperwork I found out that my mortgage was not modified. BA did a full refinancing of my loan. They did not lower my interest rate as I requested, but they extended my loan years from 30 to 40 and not only extended, they restarted the whole loan from the beginning, therefore today instead of having 20 years left on my mortgage I have 34. My interest rate is being raised and already reached 4 %. They also charged me {$7000.00} for refinancing and to this day I do n't know what happened to my trial period payments that I sent in and how they were applied towards my loan or it just simply vanished and ended up in someone else 's pocket. 
As a result of this I suffered high interest rates on other loans and products because my credit history for seven years showed negligence as a non-paying and high risk consumer. I was charged over {$7000.00} in fees and to this day I am not sure what happened with my trial payments, as for more than five months bank was putting them aside, and did not applied them to my loan.

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 non-monetary relief