Consumer complaint received 2016-11-30
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Loan modification,collection,foreclosure

Complaint:
This is to replace case # XXXX. I made an error on the account number. 
Bank of America just filed a Notice of Default and is threatening foreclosure against my property for a HELOC. In XXXX of XXXX, my HELOC payments nearly tripled after paying on the loan for 10 years. I called Bank of America immediately to see I I could refinance. I was told I was not eligible. I made partial payments for a few months and then started the modification process. While I was in the modification process, they would not accept payments. The process went on for approximately five months. During that time, I faxed every piece of information they asked for, most multiple times. In the end, they denied me any type of modification, stating that I earn too much for some modifications and too little for other modifications ( I am a XXXX and single mother ). I tried offering a settlement, but that was also rejected. When I asked why it was rejected, I was told that it was based on the equity in my home. The Bank of America agent that I had been speaking with and faxing information to for months said that I owe {$160000.00} on my first and my home is valued at {$330000.00}. I could n't believe what I was hearing. I actually owe {$320000.00} on my first, and I had written that in numerous letters, and I had disclosed my mortgage statement with the payoff amount ( my loan has a {$150000.00} balloon payment ). I told her that, but I suspect the error was never corrected. Approximately two months later ( XXXX XXXX XXXX, I called B of A again to explain my situation and see if I could try the modification process. The agent suggested that I resubmit my offer. I did, but I never received a response. In XXXX, XXXX, I still had no response, so I contacted the Office of the President at B of A. I did receive a response promptly, but in the end, my offer was denied again and I was told that I had done all that I could. I did not think of it at the time, but now I suspect that Bank of America still has my first mortgage loan amount incorrect in their system. Shortly after that, I received an Intent to Accelerate Foreclosure letter. There was n't much that I could do. I could not afford to get caught up and make the monthly payments. On XXXX XXXX, XXXX, I received a Debt Verification from XXXX XXXX XXXX, stating that B of A had instructed them to commence foreclosure proceedings on my property. The letter also stated that I had 30 days to dispute the validity of the debt. Two weeks later, I sent XXXX a certified letter and a standard mail letter stating that I wanted evidence of the legitimacy of their company and the original loan docs. They ignored my request. On XXXX XXXX, I received a copy of the Notice of Default they filed with XXXX County. 
My first mortgage is with XXXX, and I am current on that loan. I spoke with a foreclosure specialist at XXXX just two days ago. She said that it does n't make any sense for B of A to foreclose, but that they do have the right to, and that they very well could go through with it. She suggested that I attempt to qualify for a Release of Lien through XXXX to be safe. I am considering that route, but I would much rather keep my home. After 13 years of owning my house, it is worth less than when I bought it, and it is still underwater. It is my home, though. I live in it with my XXXX kids that are now in college and can not afford to go to school and live on their own. It would be a tremendous hardship to give it up. I would greatly appreciate some assistance.

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