Consumer complaint received 2015-12-06
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Loan modification,collection,foreclosure

Complaint:
XXXX XXXX XXXX XXXX have a home equity line of credit second mortgage loan with Bank of America on our home. This loan ( XXXX ) originated on XX/XX/XXXX. The loan agreement expiration date is XXXX XXXX, XXXX and it comes with a ten year draw period. It is common practice for a performing line of credit for the bank to extend the draw period once the initial term expires. In my case, Bank of America chose to deny us the option to extend the draw period. Under the Federal Equal Credit Opportunity Act, discrimination against credit applicants on the basis of race is prohibited. It is my claim that Bank of America is not in compliance with the Federal Equal Credit Opportunity Act. There has NOT be any material change in our financial circumstances, contrary to what Bank of America claims. When this loan commenced, we chose the interest only payment option because it allowed us the greatest flexibility with payment amounts on a monthly basis. The payment history reflects that although we chose the interest only payment option, we always made principal payments on a monthly basis. The value of our home is such that it is in compliance with the banks ' loan to value ratio. Once the draw period expired in XX/XX/XXXX, we requested a 10 year extension. This was denied by the bank. They informed us that we needed to amortize the loan balance over a specific term. The payment option Bank of America initially offered to us as significantly above our capacity to pay. We informed them that we could not comply with these new payment terms and they offered their RMA program, Request For Mortgage Assistance. Since XX/XX/XXXX, we 've completed multiple forms sent to us by the bank, During this time period, we 've continued to make the same loan payments we 've made during the past ten years, which is an amount above the interest only threshold. On XX/XX/XXXX, I was informed that Bank of America has been reporting to the credit bureaus negative information regarding payments. It was my understanding that during this credit review period, that the payment terms would remain the same, particularly since I informed the Bank that we could not make there revised fully amortized payments. At that same time Bank of America is allegedly claiming to assist us with the line of credit, they are reporting negative information to the credit bureaus, thereby ruining my credit. Bank of America should be held accountable for this unfair action. They are the ones who have requested on XXXX different occasions over the past five months for additional credit information. We have provided this data on a timely basis while at the same time, paying on the line of credit. During this transition period of gathering financial information, you would think that Bank of America would allow the initial payment terms to apply until it could be determined what we could afford to pay. Bank of America is practicing unfair credit policies.

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with non-monetary relief