Consumer complaint received 2015-11-22
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NC
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
I recently submitted a request to the Consumer Financial Protection Bureau case number XXXX XXXX # XXXX for help with my failed negotiations with B of A for a mortgage modification. My desired resolution was I would like to modify my loan in order to give the value of the home time to reach the purchased price. I did not want to have to miss payments to make this happen. I did not want to be foreclosed upon, sell the home short, or surrender the deed in lieu of foreclosure. The resolution from Bank of America was sent in a letter to my home address and not posted with the Consumer Financial Protection Bureau ( CFPB ). 

I was refused assistance and referenced to the SHORT SALE as the program in which I was eligible. 

In my discussions with XXXX XXXX, Bank of American Resolution Specialist, Enterprise Customer Care Resolution, during the fact gathering period he stated that cash reserves or other liquid assets would be used as a factor when making the determination on modification when the customer was current on their mortgage. He also stated that cash reserves or other liquid assets would not be used as a factor when the customer was not current on their mortgage ( missed payments ). 

In addition, each time when discussing the above requested resolution with XXXX XXXX on the telephone I was told that my conversation would be recorded for quality and training purposes and that if I recorded the conversation he would have to politely end the conversation. I pushed the issue and asked if I would have access to these recorded conversations, he said no. I asked why, and he finally said after saying initially they were for quality and training purposes, that they were the property of Bank of American and could be used if needed for any future litigation. 

In addition during the fact gathering period XXXX XXXX stated that the decision was made by a computer and was totally objective based on new strict guidelines that did not allow subjective interpretations. I did question the length of time, 10 days for a decision, that it took for a computer to make the determination after all needed information was gathered, and neither he nor XXXX XXXX ( Bank of American Resolution Specialist, Enterprise Customer Care Resolution ) could explain why. XXXX XXXX offered to supply me with an address where I could write and ask, and did supply me with his supervisors name and number. 

Based on the information above I wanted to know if XXXX XXXX would run the computer program again, with the same financial facts other than the liquid assets and also indicate I had missed a payment. Since it was strictly an objective decision made by a computer I could get helpful information without having to suffer the financial punishments of missing a payment. I would then have the information needed to decide if I wanted to move forward. 

Lastly, the resolution letter dated XX/XX/2015 said I was eligible for the Short Sale, " you do not meet the eligibility requirements to qualify for a loan modification, but you are qualified to pursue a short sale ''. In the " Results of the Evaluation, What you are qualified for '' section it said in the section, A short sale without an offer, " we will provide you with a recommended list price for the property '' and You will receive a letter in the next few days that explains the terms and conditions of this short sale program.

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation