Consumer complaint received 2016-12-22
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CT
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Loan modification,collection,foreclosure

Complaint:
This complaint concerns an in house modification on my second lien ( heloc ). 
BOA has offered me a trial period plan. However, the documentation they have sent is not transparent, and upon repeated questioning of " customer relations managers '', I have learned information that is troubling and is not specifically disclosed in the documents I was sent. 
The trial period documentation states that : 1. " You must cancel your existing PayPlan agreement ... If you do not cancel your existing Payplan agreement, your payments will continue to draw at the original contractual amount. '' 2. " the first step in the process is to make the first trial payment by XX/XX/XXXX ... ..this ensures that your trial period payment will be made on time each month '' 3. Under frequently asked questions : " you need to make only the trial period payment during the three month trial period. The difference between the amount of the trial payment and your normal payment will be included in the unpaid principal balance in the final mod agreement '' 4. " your credit score can be affected by entering into a trial period plan or accepting a permanent modification. for more information on your credit score, visit XXXX " ( not valid url ) 5. " Until you receive your final Modification Agreement, you should continue making your monthly home equity payments in the amount of your trial period payments. '' During several calls to inquire about how they were treating my trial payments, and what they would report to the credit agencies, I was told conflicting things. I reached out to the Office of the President, only to be transferred to my " customer relationship manager '' who they say is my one point of contact yet has only spoken to me once before. Ultimately, I have been told by my customer relationship manager that if I make my contractual payments, I will not be given the modification. If I make my trial period payments, I will be reported to the credit reporting bureaus as 30 days, 60 days, 90 days late. XXXX first stated that it would be corrected. I asked if the days late would be removed, and he indicated they would not but that it would be marked paid. If BOA takes longer to process the permanent modification, there may be a 120 day late on my credit reports. I asked who I could speak with, and was told no one could assist. 
I have not made ANY late payments on this account. BOA will not allow the contractual payment or will cease the trial period plan. Since I will be paying the trial period payments on time and for the stated amounts, I should not be marked late. Further, this should at least be corrected when they convert it to a final modification, by removing the " lates. '' Since I have an excellent credit score currently, this is going to cause significant damage in the tune of probably XXXX points by the time the mod takes effect. Further, there is no guarantee that I get a permanent mod after 3 months, it could be 4 in which I will be 120 days " late. '' This is going to enrage my ex-husband who is also on the note, when he too is marked late. 
It makes no sense to put people who need help in a worse situation with respect to their other credit needs, and costs. BOA is choosing to do this, they are not required to do this. Should n't this be marked as paid as agreed in a trial period even though it is less than the contractual amount? BOA is not allowing me to make the contractual payment. Since the difference is about {$300.00} per month, I would be better off being allowed to make the contractual payment these three/four months by borrowing on my credit card so credit is n't damaged. But, they will not allow me to do this and still get a permanent modification, and I can not afford the contractual payment on an ongoing basis. 
BOA WANTS to report the payments late.

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