Consumer complaint received 2017-02-13
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
I would like to file a complaint against Bank of America and XXXX. XX/XX/XXXX we approached our mortgage lender Bank of America ( BOA ). We wanted to refinance our home that we have lived in since XX/XX/XXXX. At the time we approached BOA we were not in foreclose, we were current on all of our loan payments and we were not in distress. BOA turned us down for a conventional refinanced mortgage loan but offered us what they explained was a NEW program for customers that were current with their mortgage but wanted to reduce their payments. We were excited about the new program unknowing that it would hurt our credit and put our home into a foreclosure situation. Our loan officer said we were accepted into the program and our payments were being reduced approximately {$540.00} per month. We were told to make this payment for three months and the new loan would be in place after that. We asked our loan officer if the mortgage came back unacceptable could we refuse it, pay back the difference and keep the original mortgage. Our loan officer reinsured us that we could do this without penalty or credit damage. After three months past, we contacted BOA ; Our loan officer informed us that it was taking longer than expected but to keep paying the monthly mortgage at the reduced rate. 
After the 5th, 6th, 7th, and 8th months BOA keep giving us the same story, it was taking longer than expected, it 's not you ( the homeowner ) but the bank that is having issues with the paperwork, BOA instructed us to keep paying our scheduled reduced mortgage and the contract will come soon. It was on the Ninth month that the new mortgage plan finally came. The new mortgage plan was a disaster and we went from a 23 year mortgage to a 40 year mortgage with a balloon payment at the end. 
For obvious reasons we refused this new mortgage plan and continued with the existing mortgage. We never signed or entered into any new agreements that BOA or XXXX provide. No acceptance to their terms or conditions was accepted. It was only after refusing the new mortgage that BOA destroyed our credit and sold off our mortgage to XXXX. Once XXXX took over the loan it went downhill from there. XXXX would not discuss any terms or help us with the issues that BOA left us in. We paid large fees to XXXX that they forced us to pay to keep our home out of foreclose. All during the time while this was happening I still made my monthly payments on time, and every month with documentation of every payment. XXXX is a debt collecting company and they also duplicated bad credit reporting from BOA. 
I 'm attaching a letter from Ice Legal to BOA as evidence of my complaint ; I 'm also attaching a letter from BOA saying that they would partially correct our credit report and that it was done in error. Also I have requested a payment history on all payments made to BOA and XXXX. To this day I have not received any payment records nor have they corrected the errors on the XXXX credit reporting bureaus I 'm requesting that BOA and XXXX correct and remove all of the damaging information that 's on all three credit reporting bureaus. The dates and information that they are reporting are wrong and should not be there in the first place. BOA and XXXX knowingly and willingly took advantage of us and should have never offered us a loan that would cause us harm to our credit and possible foreclose to our home. I believe what BOA did was illegal and misleading, and there actions should be investigated. How many other hard working customers have they purposely for sole purpose only destroyed their credit and tried to take their home? I have personal bank records that show the history that I have made every loan payment including the trial payments on time from the beginning of the loan XX/XX/XXXX. 
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 non-monetary relief