Consumer complaint received 2020-10-01
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Our home burned down in the XXXX XXXX XXXX  XXXX about XXXX XXXX, 2020. We received our insurance check and contacted Bank of America, who services our mortgage. They were no help whatsoever on getting our check endorsed. They simply said, drop it in the mail and we will see what we can do for you. I said I was not comfortable just dropping this sizeable check in the mail. They said they would send a XXXX  mailer if that made me more comfortable. I said that would be better. After not receiving anything from the bank after 8 days, we decided we would just pay off the mortgage with our contents money from insurance and our savings because we were getting no where with the Property Claims Department. 

Yesterday we went in to the local branch with a cashier 's check for the entire payoff amount plus extra for whatever fees they might add on. We were successful in having the branch take the cashier 's check and applying it to our loan, which should have paid it off in full. The manager of the local branch, XXXX XXXX was assisting us. He was on hold for a very long time trying to get information about getting our check endorsed. He suggested we stay close by while he waited and could swing back by when he had an answer. XXXX called us a little bit later and stated he had secured an insured XXXX overnight mailer to send our check in to the appropriate department and we would get a confirmation number ASAP. Right after this, XXXX XXXX with the Property Claims department of Bank of America called me and chewed me out in the most unprofessional way. I answered the phone and simply said, " Hello, speaking. '' She said very mean and snarky, " XXXX XXXX we have already told you that there is no way we are endorsing this check. Even though you don't feel comfortable sending it in the mail, you have no choice and we have supplied you a XXXX  envelope. '' I stated, " It has been eight days and we still have not received this envelope. '' She said, " XXXX XXXX is the one who should have sent it out. He is gone for the day. I will get in touch with him tomorrow and will get back to you. '' Then later in the afternoon, I get an email from the XXXX XXXX. I will copy and paste it here .... 

XXXX XXXX and XXXX XXXX, I was advised by XXXX XXXX a Property Claims associate that they will not endorse and release the check due to the fact it is above guidelines. It requires Bank of America to hold the funds, monitor repairs and disburse throughout the repair process. XXXX XXXX and XXXX XXXX will be calling you to go over the process. I have my hands tied on this situation at this point. Please wait to hear back from the Property Claims department and we will go from there. 

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, CA XXXX ( XXXX ) XXXX XXXX I emailed the branch manager XXXX again today to check in. Here is his response ... 


Hello XXXX and XXXX XXXX, I will be sending the confirmation out ASAP. I've been getting too much back and forth from the claims department. Were they able to reach out to you? 


It is nearing close of day today and I have not heard from anyone. They have not even tried to get a hold of us. I feel like our rights have been violated and we have been treated extremely rude and unprofessionally. We have lost everything we owned and we are being treated like this? I feel like the bank is holding our money ransom. They literally have no claim to any of that money since we paid off the mortgage. They are illegally breaking their boundaries, making us make repairs before we can get our money when we simply requested to pay off the loan. Our home was completely destroyed and we are not going to rebuild. I feel that just because we pay our mortgage on time, that does not give them the right to continue to bind us to this agreement where legally we have the right to pay it off at any time. 

We appreciate your help in enforcing our consumer rights and making sure this does not happen to us or anyone else again. We would like to know what actions are being taken. 

Thank you, XXXX and 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 monetary relief