Consumer complaint received 2024-03-13
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Trying to communicate with the company to fix an issue with the loan closing
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (AK)

Bank Of America will not respond to my debt valuation or Quality written request : DVL/QWR From / Respond to : XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX To : Bank of America XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX XXXX : XX/XX/XXXX, RE : Servicing Account # : XXXX RE : Property Address : XXXX XXXX XXXX XXXXXXXX XXXX  XXXX To Whom It May Concern at Bank 0f America Please be advised that this letter shall serve as an official Validation of Debt / Proof of Claim Request, Error Resolution & amp ; Information Request ( ERIR ), and Qualified Written Request ( QWR ) pursuant to 12 CFR 1024.35, 12 CFR 1024.36, 24 CFR 3500 ( e ), and 12 USC 2605 ( e ) of the Real Estate Settlement Procedures Act ( RESPA ), and pursuant to 12 CFR 226.39 / 1026.39 and 15 USC 1641 of the Truth in Lending Act ( TILA ), and pursuant to 15 USC 1692 ( g ) or 809 of the Fair Debt Collection Practices Act ( FDCPA ). Notice to Principal is Notice to Agent, and Notice to Agent is Notice to Principal. I am the owner of the Real Property located at the address above, which is allegedly security for a RE-FI loan originated by Bank of America NA on XX/XX/XXXX. However, we are unaware as to which entity should have been or should now be benefiting from payments towards that purported loan. There is evidence in our possession that you may be servicing this loan on behalf of a party that can not show it is legally entitled to enforce my Promissory Note and Deed of Trust. As such, you may be collecting loan payments that you are not legally entitled to. Therefore, this request seeks to verify whether or not you are the Rightful Owner of the debt, Real Party In Interest, Person Entitled To Enforce securitized Note associated with the subject loan, and that no other party may lay claim against the subject property. UCC 3-305 ( 3 ) ( c ) : Defenses and claims in recoupment An obligor is not obliged to pay the instrument if the person seeking enforcement of the instrument does not have rights of a holder in due course and the obligor proves that the instrument is a lost or stolen instrument. UCC 3-301 : Person entitled to enforce an instrument means ( i ) the holder of the instrument, ( ii ) a 1 nonholder in possession of the instrument who has the rights of a holder, or ( iii ) a person not in possession of the instrument who is entitled to enforce the instrument pursuant to [ UCC 3-309 or 3- 418 ( d ) ]. UCC 3-302 ( a ) : Holder in due course means the holder of an instrument if : ( 1 ) the instrument when issued or negotiated to the holder does not bear such apparent evidence of forgery or alteration or is not otherwise so irregular or incomplete as to call into question its authenticity; and ( 2 ) the holder took the instrument ( i ) for value, ( ii ) in good faith, ( iii ) without notice that the instrument is overdue or has been dishonored or that there is an uncured default with respect to payment of another instrument issued as part of the same series, ( iv ) without notice that the instrument contains an unauthorized signature or has been altered, and ( vi ) without notice that any party has a defense or claim in recoupment described in 3-305 ( a ). If you are NOT the Rightful Owner of the debt, Real Party In Interest, Person Entitled To Enforce, and Holder In Due Course of the Tangible Promissory Note associated with the subject loan, then we demand to know who is, pursuant to : 12 CFR 226.39 / 1026.39 ( a ) ( 1 ) : A covered person means any person that becomes the owner of an existing mortgage loan by acquiring legal title to the debt obligation, whether through a purchase, assignment or other transfer... For purposes of this section, a servicer of a mortgage loan shall not be treated as the owner of the obligation ( b ) Each covered person is subject to the requirements of this section and shall mail or deliver the disclosures required by this section to the consumer on or before the 30th calendar day following the date of transfer. ( d ) The disclosures required by this section shall identify the loan that was sold, assigned or otherwise transferred, and state the following : ( 1 ) The name, address, and telephone number of the covered person ( 2 ) The date of transfer. ( 3 ) The name, address and telephone number of an agent or party authorized to receive notice of the right to rescind and resolve issues concerning the consumer & # XXXX ; XXXX payments on the loan ( 4 ) Where transfer of ownership of the debt to the covered person is or may be recorded in public records, or, alternatively, that the transfer of ownership has not been recorded in public records at the time the disclosure is provided. 15 USC 1641 ( f ) : ( 1 ) A servicer of a consumer obligation shall not be treated as an assignee of such obligation for purposes of this section unless the servicer is or was the owner of the obligation. ( 2 ) A servicer of a consumer obligation shall not be treated as the owner of the obligation for purposes of this section on the basis of an assignment of the obligation from the creditor or another assignee to the servicer solely for the administrative convenience of the servicer in servicing the obligation. Upon written request by the obligor, the servicer shall provide the obligor, to the best knowledge of the servicer, with the name, address, and telephone number of the owner of the obligation or the master servicer of the obligation. ( g ) Not later than 30 days after the date on which a mortgage loan is sold or otherwise transferred or assigned to a third party, the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of such transfer, including ( A ) the identity, address, telephone number of the new creditor ; ( B ) the date of transfer ; ( C ) how to reach an agent or party having authority to act on behalf of the new creditor ; ( D ) the location of the place where transfer of ownership of the debt is recorded ; and ( E ) any other relevant information regarding the new creditor. You have demanded payment of the aforementioned loan, which is presentment pursuant to : UCC 3-501 : ( a ) Presentment means a demand made by or on behalf of a person entitled to enforce an instrument ( i ) to pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank, ( b ) ( 2 ) Upon demand of the person to whom presentment is made, the person making presentment must ( i ) exhibit the instrument, ( ii ) give reasonable identification and, if presentment is made on behalf of another person, reasonable evidence of authority to do so, and ( iii ) sign a receipt on the instrument for any payment made or surrender the instrument if full payment is made. ( 3 ) Without dishonoring the instrument, the party to whom presentment is made may ( i ) return the instrument for lack of a necessary indorsement, or ( ii ) refuse payment or acceptance for failure of the presentment to comply with the terms of the instrument, an agreement of the parties, or other applicable law or rule. Therefore, I DEMAND to visually inspect our ORIGINAL, wet-ink-signature Tangible Promissory Note at a mutually convenient time and location, so that we may examine the document for authenticity and verify handwriting in the event that it has been altered, forged, reproduced, or copy- pasted. This is not to be construed as an accusation, Please be advised that a COPY of said Note, an Affidavit of Loss, or any other forms, will not constitute compliance under the law, and will not be acceptable. Please contact me in writing to arrange for an appropriate time and location for inspection at XXXX XXXX XXXX XXXX AK. Additionally, please identify the current location of the Original Tangible Promissory Note and the Original Tangible Deed of Trust, with a chronological chain of custody of each, and describe the manner in which they are currently stored, maintained, and protected. Failure to provide this document / information will be taken as an Administrative Default. I am also demanding a copy of all documents, including all Note-Allonges, in your possession pertaining to the aforementioned loan, signed or not signed at the closing, also known as the Closing 3 Package and/or Collateral File, especially any agreements between the Lender and any Government Sponsored/ Owned Enterprises ( GSEs ) . If there are any pages with writings, stampings, markings or any other notations on the back of any pages, please also include copies of those back-side pages. To further clarify our relationship, please provide an affidavit by an executive officer, or a letter stipulating that you are a creditor following Generally Accepted Accounting Principles ( GAAP ) whereby true double-entry book-accounting was performed in issuing my loan, showing a debit against the banks assets as a result of the acquisition of our loan. Additionally, please provide a complete and detailed Life of Loan Accounting of all monthly payments made by us, from the origination of the loan to present. The Life of Loan Accounting for the aforementioned loan must include : ( a ) a detailed accounting of all payments demanded and received to date on this account in an easy-to-read and understandable format including the amounts applied to principal, interest, escrow, and to other charges ; ( b ) an accounting for all fees, including late-fees and other charges incurred by the borrowers to date and all amounts paid out of the borrowers escrow account, if any ; and ( c ) the front and back of each and every canceled check, money order, draft, debit or credit notice issued to any servicers of this account for payment of any monthly payment, other payment, escrow charge, fee or expense on this account. Please ensure that this information covers the entire life of the loan, including all periods prior to the time you may have been servicing this loan and all times at which you have been the loan servicer of this loan. Finally, please be advised that, pursuant to 12 USC 2605 of the Real Estate Settlement Procedures Act : ( e ) ( 1 ) ( a ) If any servicer of a federally related mortgage loan receives a qualified written request from the borrower for information relating to the servicing of such loan, the servicer shall provide a written response acknowledging receipt of the correspondence within 5 [ business ] days. ( e ) ( 2 ) Not later than 30 [ business ] days after the receipt from any borrower of any qualified written request, the servicer shall ( C ) after conducting an investigation, provide the borrower with a written explanation or clarification that includes ( i ) information requested by the borrower or an explanation of why the information requested is unavailable or can not be obtained by the servicer; and ( ii ) the name and telephone number of an individual employed by, or the office or department of, the servicer who can provide assistance to the borrower. ( k ) ( 1 ) A servicer of a federally related mortgage shall not ( D ) fail to respond within 10 business days to a request from a borrower to provide the identity, address, and other relevant contact information about the owner or assignee of the loan. ( f ) Damages and costs. Whoever fails to comply with any provision of this section shall be liable to the borrower for each such failure Therefore, you are HEREBY OFFICIALLY NOTICED that failure to acknowledge this request within five ( 5 ) business days, and/or failure to provide the identity of the Rightful Owner of the debt within ten ( 10 ) business days, and/or failure to respond to this letter within thirty ( 30 ) business days with full proof of claim as requested, will be taken as an Administrative Default and a violation of Federal Law, and you shall be held liable for damages and costs to us. Sincerely, XXXX XXXX