Consumer complaint received 2016-07-19
Product: Mortgage — Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (TX)

Bank of America holds my escrow. I live in a hurricane prone area. I called BOA on XXXX/XXXX/16 asking them to pay my homeowners insurance, as my current policy expires XXXX/XXXX/16. On XXXX XXXX/XXXX/16, it still had not been paid, I called again. They reported to me they had never received the invoice. Together we called the insurance agent XXXX way, it was then faxed to them by the agency and I also faxed to them. I received the confirmation at XXXX central time. I requested this payment be made overnight as the representative told me standard could take up to 14 to 15 days. This could potentially cause me payment to be late which could in turn cause my insurance to cancel. I called again on XXXX/XXXX/16, was informed by the representative I needed to give BOA time to process the request from the previous day, stating it had been late in the day when they had received the request. I explained to the representative as to when I had faxed it to them and my confirmation was timed at XXXX central time, ( they are in XXXX so in actually they received it at XXXX ). I was assured by the representative it would be paid before the close of the day on XXXX/XXXX/16. Monday XXXX/XXXX/16, I verified through my account my insurance still had not been paid. When I called BOA I was informed it would not be processed until at least XXXX/XXXX/16. I have repeatedly asked they please process now. 
BOA obtained my mortgage from my original lender. Since the time BOA took over my mortgage, I have had to call them every year to have them process my insurance payment from my escrow account. Unless BOA deletes corrospondance records from my account, they will have annual records of my having the need to contact them about my insurance premiums being paid. This year however is the worst experience I have had where I simply can not get it paid. This is basically my money when it is in my escrow, and why they refuse to pay my insurance before the expiration date is beyond me. There was one year I actually had to pay my insurance premiums myself to ensure it was paid before the expiation date. ( Fortunately, I am financially able to do this ... .how many customers are not ) One year I had to call them about the lack of payment on my property taxes and it was nearing the date when penalties and interest would be assessed due to delayed payment. I informed BOA I did not feel the penalties and interest should be my responsibility because of BOA 's lack of sending payment, either they were able to process the payment and have to the tax assessor on time or they themselves paid the additional fees. 
If BOA does not pay my insurance by XXXX/XXXX/16, and a hurricane hits my house on XXXX/XXXX/16 ... .who would be responsible? Insurance based on the laws from a third party insurance person, the insurance company would not have to reinstate the policy, there is only a 30 day grace on life insurance, not property insurance. 
BOA tells me every year they have not received the needed bills/statements. I find it amazing I receive my notice that the companies have sent the statement to BOA, and I get mine every year, yet they never get theirs ... ... for all the years they have held my mortgage.