Consumer complaint received 2017-07-24
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
XXXX - I initiated a home loan through Countrywide Home Loans ( now defunct, some top CEOs prosecuted ) XXXX - I sought a HELOC ( " second mortgage '' ) through Countrywide. There was no onsite appraisal of my home. The agent told me, based on " comparables '' for my area, my home was " worth over {$300000.00} ''. I told the CHL agent that mine was the only home in my area less than XXXX square feet, and that I had only paid {$200000.00} for it. The agent insisted my home value had already increased dramatically ( despite the " real-estate slump '' that had been apparent since XXXX ). I accepted a loan amount of {$46000.00}, based on what the agent told me about my home - even though the amount I had originally asked for was only {$25000.00}. XXXX - Immediately after I realized I had been " scammed '' by Countrywide ( I spoke with a realtor about my home 's approximate value - around {$190000.00} she said ), I attempted to contact Countrywide, but they were already under investigation and no one returned my calls. XXXX - I received notice from Bank of America that it had purchased Countrywide 's loans. I explained how Countrywide had inflated my loan amount, based on false valuation of my home. B of A was totally unsympathetic. One agent remarked, " Well, at least they ( Countrywide ) all went to jail! '' I continued to press B of A for some kind of relief ( reduction of the overall loan debt was what I sought ), but the bank " stonewalled '' me and implied that the whole situation was my fault. XXXX - I received notice from Bank of America that XXXX XXXX now " owned '' my loan, and that - if I wanted to continue to pursue this issue -- I would need to contact XXXX. I contacted XXXX and explained my complaint. XXXX agents told me that B of A still owned the loan, but XXXX only " serivced '' the loan. Frustrated, I gave up my quest for resolution - which I know is what B of A wanted. XXXX -- I received notice from XXXX that XXXX now held my loan. I did not pursue this situation with XXXX. I was convinced I would not make any progress. [ SidXXXX note : I consulted an attorney when Bank of America still held clear ownership of my second mortgage. I wanted to know what could be done. The attorney laughed and referred to the " deep pockets '' of Bank of America. The attorney told me I had an excellent claim of fraudulent business practices against Countrywide - which Bank of America had assumed, when it bought my loan -- but I would literally become bankrupted if I tried to sue B of A. XXXX -- in XX/XX/XXXX, I received notice from Bank of America that my loan had now come " full circle '' : back under the ownership of the original financial institution that bought all of Countrywide 's mortgages, Bank of America. For 10 years and in good faith, I have made payments on a loan that should NEVER have been processed, even according to agents of Bank of America. I am a single parent, now retired, a son in college and back in college myself. I feel that, having whittled this fraudulent loan from {$46000.00} down to roughly {$23000.00}, Bank of America should ( finally ) acknowledge the fraud it assumed from Countrywide and eliminate the remaining debt. Tossing my loan from company to company finds it now back with Bank of America. Their statement to me ( when the loan went to XXXX ) was that - while they acknowledged the fraud committed by Countrywide -- there was nothing that could be done ... they no longer owned the loan. Now they do - once again. They can, and should, fix this 10 year old scam.

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