Consumer complaint received 2015-05-08
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
XX/XX/2014, we applied for a modification because our interest rate was 7.00 % on our first and 9.875 % on our second and we were going through some tough times and were trying to save money where we could. We did not have escrow at the time. Our loan was originated with Country Wide and then moved to Bank of America. We were not behind on our payments nor had we ever missed payment of taxes or insurance. At the time, we were not eligible to refi because the property value was lower then the loan balance. Bank of America added escrow and told me that if I could make three months of trial payments then they would look at combining my XXXX and XXXX, include escrow and lower the interest rate. I was also told that if I did not agree to the modification proposal that I could decline and my loan would go back to the way it originally was. We made the modification payments but when the modification proposal was delivered, my XXXX was still at 7.00 % and XXXX was still at 9.875 %. The only thing that changed was the added escrow. Since this did not benefit me in any way, I declined the modification on XX/XX/XXXX in writing. The relationship manager said to go back to making our prior payments which was {$500.00} less and the escrow account would be deleted in about 10 business days. I continued to follow up with my relationship manager because I started to get delinquent notices and he continued to tell me it was fine and that they were still working on it. I have clocked over 18 hours on the phone with BOA throughout this process. After XX/XX/XXXX, BOA told me we owed for taxes {$4200.00} and then they could delete the escrow. We paid that in XX/XX/XXXX. Then in XX/XX/XXXX they said we just needed to pay then {$4200.00} because we were behind on payments, even though we had continued to make our pre-modification payments. Once we did this, they would remove escrow and put our loan back to the way it was and refund {$2000.00} to us. We paid that and now they say they can not fix the account because we have not made our payments on time for the last 12 months. So now we have a bunch of late fees, our credit report is showing 30 and 60 day lates and we are stuck with escrow. Before this, we had never had 30 day lates. Now that home values have increased, I still ca n't refinance because our credit is reflecting negatively with our mortgage. We were promised that our loan would be fixed, our credit would not be affected and we would not be penalized for making the original loan payments with late fees once the loan decline was received by multiple people, including our relationship manager. I have talked to many people at Bank of America and am getting nowhere. I also filed a complaint with the OCC. I am worried that I may lose my job because of the negative information on my credit report. I also work for a bank and as a Loan Originator I am responsible for using my person credit responsibly.

Company response to consumer: Closed with non-monetary relief