Consumer complaint received 2016-11-16
Product: Mortgage — Home equity loan or line of credit
Issue: Settlement process and costs — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (MI)

I modified my home mortgage in XX/XX/XXXX with XXXX. This was all done over the phone. The program was new and hard to enter, but I was accepted in XX/XX/XXXX. I submitted all my household expenses and income documents as requested. I was told to make XXXX trial monthly payments of {$760.00} to be accepted. I did so successfully. When this occurred I had a house payment of {$2500.00} from XXXX Mortgage and a second loan from Countrywide in the amount of {$560.00}. Once in the program, I was told that based on my income, I could afford a monthly house payment of {$760.00} and was accepted into the program. This was during the big housing bubble crash. I have made this house payment successfully ever since, never having missed payment since I entered MHA. XXXX years later, I started receiving letters from Bank of America that the assets from Countrywide were now theirs and that I owed {$60000.00} dollars to them. I explained I was in XXXX XXXX XXXX XXXX for XXXX years and that I knew the debt had been settled. I also explained that I had receipts for 6 years of payments of {$560.00} totaling {$40000.00} to Countrywide from XX/XX/XXXX through XX/XX/XXXX. I was informed that they would consider those payments as prepaid interest and the loan was still at full amount. I have never agreed to this and never signed any papers or borrowed from BOA. Since XX/XX/XXXX they have stalked my home, called at XXXX over XXXX times, sent people to photograph my home in front of my neighbors and family, left threatening letters on my door and threatened foreclosure several times. They have also destroyed my personal credit by reporting me to the credit agencies every month since for non-payment. I tried to reach out to them over XXXX times and got a different story each time. I finally had to hire XXXX and give them power of attorney to get them to stop the threats and badgering. I am an honest small business owner, it is hard to conduct business with a poor credit score. I believe there has been some serious Dodd/Frank laws violated by BOA. It has been 7 years since I entered the program, I have never made any payments to BOA and they will not send the loan to the Charge-Off dept. My attorney advised me to try and settle the debt so I could have the lien removed from my property. I made an offer of {$25000.00} to settle this matter and they still will not deal with us. We asked the bank what it would take and they said they want {$98000.00} to settle the Countrywide loan. I tried to offer to make the loan even with the money I have already paid for 6 years and they are demanding a total of {$140000.00}. The money already collected plus the {$98000.00}. After 7 years of back and forth I am at my wits end. I was informed by counsel that the loan should have been charged off over XXXX years ago, and with all the Dodd/Frank violations how can they be allowed to operate in this corrupt fashion? They are literally holding me, my family and my home XXXX to their demands. This has been the most stressful situation of my life. I feel helpless against this giant financial machine that seems to destroy anyone it so chooses. Please help me solve this crisis. BOA will only settle a loan in the XXXX dept by corporate policy. My offer to settle for {$25000.00} still stands. All of my problems are with the second loan on my property. My first loan with XXXX is in good standing.