Consumer complaint received 2024-06-06
Product: Debt collection — Mortgage debt
Issue: False statements or representation — Attempted to collect wrong amount
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (CA)

XXXXXXXX XXXX XXXX XXXXXXXX the borrowers and property title holders on property located at XXXX XXXX XXXX XXXX XXXXXXXX are submitting this complaint to the CFPB to seek intervention against XXXXXXXX XXXX XXXX, doing business as XXXX XXXX XXXX ( hereafter, XXXX ), due to their ongoing illegal and non-compliant actions against the borrowers. XXXX alleges that the borrowers owe an inflated and overstated amount in arrearages in excess of {$1.00} XXXX dollars on the alleged mortgage debt. The borrowers have disputed this claim since XXXX, consistently requesting XXXXcompliant accounting to substantiate XXXXXXXX XXXX XXXX, particularly concerning alleged delinquent interest accrued and misc. fees. Moreover, XXXX has failed to account for {$50000.00} paid by the borrowers toward the mortgage before the debt was transferred to XXXX from Bank of America. Despite repeated requests, XXXX has not provided the required XXXX accounting. Their own servicing ledger, submitted to the borrowers through discovery, reflects significant inaccuracies and discrepancies. These ledgers fail to show the interest accrual accounting that is being claimed as delinquent by XXXX, and only shows the Unpaid Principal Balance ( UPB ) as amount owed. 
In recent responses to interrogatories and admissions, XXXX asserted that, XXXX XXXX XXXX XXXX XXXX requires that publicly traded US companies use XXXX financial statements. There is no such requirement for non-publicly traded US companies or for the residential mortgage loan accounts of individual borrowers. Therefore, they are not subject to regulatory requirements for their loan servicing accounting. However, their annual filings with the XXXX reveal that XXXX, XXXX XXXX XXXX XXXX XXXX ( XXXX ), is publicly traded with a share price of {$82.00} as of XX/XX/XXXX. 
Additionally, XXXX has denied the borrowers access to the loan servicing portal since year ending XXXX, claiming they are not obligated to provide such access. Stating, Online access is provided solely as a courtesy and convenience to borrowers and without any obligation subject to terms and conditions more fully explained at XXXX However, the submitted link to the Terms of Use was for XXXX XXXX and XXXX as the master servicer, contradicting their private company claims. The lack of access to a borrowers online portal also violates consumer finance laws according to the CFPB. 
XXXX has ceased sending monthly mortgage statements and year-end XXXX and XXXX forms since the end of XXXX. Notably, the XXXX and XXXX forms provided before XXXX reflected a XXXX balance that corresponded with the XXXX amount shown on XXXXXXXX XXXX servicing ledger submitted to the borrowers during discovery. However, as of XXXX, the borrowers have not received any XXXX or XXXX from XXXX. XXXX in relation to their alleged debt. 
In summary, this complaint details how XXXX is misrepresenting the true amount of the alleged debt, failing to provide XXXX accounting for their claims regarding interest accrual and misc. fees, providing borrowers with fabricated accounting records that do not comply with XXXX. They have also misrepresented their corporate identity in discovery and their true role as a debt collector. XXXX has repeatedly attempted and threatened foreclosure proceedings without providing accurate accounting or responding to demands for debt validation in accordance with the FDCPA and the XXXX XXXXXXXX XXXX. XXXX has failed to account for {$50000.00} collected from the borrowers and has refused to provide compliant XXXXXXXX XXXX  for the borrowers ' servicing file. They have misrepresented their corporate identity in a sworn admissions filing and abused the borrowers through the non-judicial and judicial systems to attempt to collect unsupported debt amounts, causing the borrowers to incur over {$200000.00} in legal fees. 
The company continues to violate borrower rights, leveraging and abusing indemnity protections through the XXXX XXXX to engage in predatory mortgage servicing and debt collection practices. XXXX and their agents at XXXX, XXXX, XXXX, XXXX, and XXXX falsely claim they have the power of attorney to act on behalf of the purported beneficiary, asserting the borrowers must comply with unsupported numbers or face foreclosure. They have repeatedly misrepresented the beneficiary 's true name, modifying it multiple times during this dispute, and claiming a false privilege to initiate foreclosure. The borrowers possess the power of attorney document, which does not authorize XXXX or its agent to foreclose. 
These allegations are supported by XXXXXXXX XXXX answers to interrogatories and admissions, highlighting their unlawful conduct towards the borrowers XXXX and XXXX XXXX, which continues as of the filing of this complaint. 
See discovery docs from XXXXXXXX XXXX XXXX XXXX XXXX XXXX for all misrepresentations XXXX