Consumer complaint received 2017-01-10
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: OR
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Credit decision / Underwriting

Complaint:
In XX/XX/XXXX, we applied to have our mortgage refinanced with Bank of America. Since BofA currently held our loan, we assumed it would be an easy process. We had a credit score in the XXXX, and XXXX of equity in our home. We wanted to pull out XXXX to pay off credit cards, as well as lower our interest rate. Upon application, we were told that all looked good, and we should close on XX/XX/XXXX. We waited for two weeks, with no response from BofA, even with several calls and emails. Finally, I talked with a supervisor, who said that our loan officer went on a family leave, and that our loan got dropped. If we still wanted the loan, we would need to reapply. So, I sent in all the paperwork a second time. This time the loan was assigned to a woman. After a couple of more weeks of not hearing back from her, I found out from a supervisor that she had gone on vacation. Our loan would be reassigned, but we would need to send in all the paperwork again. So, we did. This time things seemed to be going well, until they told us that they would not be able to have the house appraised until XX/XX/XXXX, due to a shortage of appraisers. I made several calls to several different supervisors, and was finally able to get the appraisal moved to XX/XX/XXXX. At this point, we were low on funds, so I asked XXXX at BofA if we could make our XXXX mortgage payment a couple of days late, when my next paycheck came in. She said that should be no problem. She said it would probably go to a committee for approval for the loan, but that they are " real people '' and understand " real life '' situations, so it should be fine. So, we paid the XXXX payment a few days late, at BofA 's approval. The appraisal was done, and appraised for right what we thought it would. Then, on XX/XX/XXXX, I received a call from BofA, saying that they were going to deny our loan because of the late XXXX payment! I went round and round with them on the phone, explaining that we paid it late with their blessing. They said they never said that. I asked them to pull the conversation, because they record everything, and hear it for themselves. They refused. They said there was nothing we could do. Our credit score went down because there were so many inquiries in such a short amount of time ( all from BofA ), and we had XXXX late mortgage payment ( in the 20 years of having our mortgage with them ... WITH THEIR BLESSING!!! ). Needless to say, we are so angry and hurt. Our credit has been damaged, the interest rates have since gone up ... if we can even get a loan now. BofA made so many promises that they did n't keep, they strung us along for 6 months with lies. I feel like our life has been ruined by BofA. If they had followed through with their initial promise of closing on XX/XX/XXXX, and not kept dropping the ball, none of this would have happened. I have since called BofA and left XXXX very detailed messages, asking to file a formal complaint, with XXXX promises of being called back in 24-48 hours, but of course have heard nothing. It 's been two weeks. I do n't know how a person like me can take on a large corporation like BofA, but I sure want to try. They have ruined our life. They only care about themselves and not their consumers. I believe they XXXX up our credit so we have no choice but to stay with them, and they do n't have to lend us the money ... .even though we have the equity in our house. Once again, big money wins.

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