Consumer complaint received 2020-06-09
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Struggling to pay mortgage

Complaint:
I have been late more than 30 days three times in the last year. I am unemployed and experiencing financial hardship even though husband is still working. The credit line was frozen after the line was late 30 days two times, seems extreme for a credit line product. 
At Bank of America, once late the collection or home retention department takes over. I asked to start a review for load modification when I was late almost 60 days in XXXX. I started the process and then paid the amount due which made the account current. They assured me that that would not affect my loan modification request. I started the review process again in the beginning of XXXX because they lost the information once I paid to make the account current. 
The collection department consistently handled poorly, with lack of organization of my information, and lack of appropriate follow through on my requests for communication. Instead they called and asked me if I needed to defer due to Covid-19. I said ok, they again said this would not interfere with my loan modification review. During the review, they asked for a profit and loss statement which I sent. It took them 20 days to tell me that my loan was no longer under review because the packet was incomplete. Noone told me that the P & L they needed was different.They asked me about my first mortgage which I told them was modified easily with my credit union 15 months prior. They valued my home, which I have a lot of equity in and first mortgage relatively low. In the letter they threaten foreclosure if I do not have full modification packet to them. I complain and leave message for home retention manager XXXX XXXX and her manager as well who do not return phone calls, actual voice mails asking for a call back. 
Finally after almost three months in review, they say I do not meet the criteria for modification because of insufficient income and not meeting the delinquency requirements. Had they not told me to do a deferment for Covid - 19 and say it would not affect me? Or does this giant institution not have a product for consumers who have a drop in income, like my local XXXX XXXX XXXX? How can Bank of America not have an extension modification that I qualify for? I see their practice as unfair and predatory, seeing my property in California as easy prey for foreclosure because of its high value. It is corrupt that they do not offer a line of communication to the underwriting that clearly explains to me the eligibility requirements to modify and actually help me to stay in my home. I feel like a fish they are trying to catch. 
As a last note, I am in an interest only HELOC which I tried to refinance last year as well and they rejected me for refinance as well with no real good reason, other than credit score. This year, my credit score is up and I still do not qualify as now their requirements also went up. I know refinance and loan modification are separate, but as a consumer I am stuck in an interest only product, that is frozen because of delinquency, in a high value home with lots of equity, and no way to get out of this product with help from Bank of America. Meanwhile, on my first mortgage, XXXX XXXX XXXX modified it easily and with phone and email communication directly and frequently with them. 
It is really unfair the way Bank of America has treated me.

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