Consumer complaint received 2015-10-14
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Other mortgage
Issue: Credit decision / Underwriting

Complaint:
I just finished a home modification refinance with Bank of America. A HORRIFIC EXPERIENCE which began XX/XX/2014. 30 days ended up six months. I called in XX/XX/XXXX for the application and again in XX/XX/XXXX. Being laid off from my job, I contacted BofA regarding a loan modification. Loan interest rates had dropped so I was lead to believe it would be a consideration. I was also told the XXXX & XXXX could be combined, XXXX with BofA. By the end of the process I was 3 months behind. XXXX XXXX, my account manager at BofA was always hard to reach. I completed all documents in the original loan package and attached all info/docs listed. From then on I received XXXX letters from BofA stating more information needed. I sent some information 2-3 times. Uniform Borrowers Assistance form, actual application, was requested multiple times. HOW COULD THEY PROCESS THE LOAN WITHOUT THE APPLICATION? A web site to follow this modification, XXXX allowed me to sign up and then continually denied access. Tech support said XXXX XXXX must check the file 'active ' before I could get information. XXXX XXXX disagreed and did not. 
Fedex notifications directed me to the website for missing info, which denied access so I would have to call XXXX XXXX to find out what was missing. Bank was not set up for messages from callers so I would have to call again. 
At six months, BofA sent notification I did not meet requirements for any programs : Home Affordable Modification Program. 
XXXX Modification 24 Program. 
XXXX Standard Modification Program. 
XXXX Capitalization and Extension Modification Program. 
XXXX Streamlined Modification Program*Programs not available to me : XXXX Alt Mod XXXX Program Short Sale Programs. 
Deed in lieu of foreclosure Programs. 
I was assigned the XXXX Streamlined Modification Program*. A program they had just stated I was not eligible for. 
I finally received the final documentation to sign and found : The interest rate did not change. 
They would not consider combining the XXXX and XXXX. 
They would be adding {$3300.00} of past due interest to the loan. This amount added XXXX years and XXXX months to my loan. 
I did not and do not understand this at all. I was n't eligible for any program according to them, yet one was offered which does not seem to help my problems at all. 
Comparisons of my original note and the new modification note : Original note : {$1100.00} monthly payments. 30 years@5.5 %. 9 years paid. 
Modification note : {$1000.00} monthly payments. 40 years@5.5 %., adding XXXX years to loan. This would bring my payments down {$130.00} a month less. 
I received a notice in XX/XX/XXXX that my escrow accounts had been reviewed and my payments will go up to {$1200.00}, which is even higher than the original amount. I tried to get through to XXXX XXXX in hopes he could go over this offer with me. When given another agent they stated I had to speak to him. I was given XXXX XXXX 's manager 's direct number but no response received. I was given XXXX different phone conference appts set by other agents for XXXX XXXX and received no response. Later, he told me he had been XXXX for XXXX and was n't aware of appointments made. Really! There was no one to cover his desk for two weeks. I called XXXX and they referred me back to BofA. Time was up and I had to sign the documents or go into foreclosure. I signed the documents. 
. IS THIS REALLY APPROVED PRACTICE FOR BANKS? Is there a way I can fight back?. I had to sign the final papers for this modification without answers due to the FEAR OF FORECLOSURE. 
I FEEL THIS PRACTICE BY A BANK AFTER BAILED BY MY TAX DOLLARS SHOULD NOT BE ALLOWED.

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