Consumer complaint received 2021-11-20
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (IL)

The process of coming out of Forbearance was started in late XXXX. My wife and I have a mortgage through XXXX XXXX XXXX that is backed by XXXX XXXX XXXX XXXX Last year, XXXX XXXX XXXX offered us the opportunity to participate in the mortgage forbearance program created through the CARES Act due to COVID. We participated in the forbearance program on XX/XX/XXXX, and are about to complete the XXXXmonth trial period. We will be entering the post-forbearance period beginning XX/XX/XXXX. However, despite our repeated attempts to communicate with XXXX XXXX XXXX regarding the terms of our mortgage going forward, we have yet to be given documentation regarding our mortgage in the post-forbearance period or confirmation that the missed payments will be moved into a deferred balance to be fully due upon the loan 's maturity date ( which we believe we are qualified to receive and in fact did receive that offer in XXXX of XXXX but decided to take an offer of XXXX more months forbearance that was offered at the same time ). We were also recently notified that, effective XX/XX/XXXX, our loan will be serviced by XXXX XXXX XXXX XXXX, and neither XXXX XXXX XXXX  nor XXXX XXXX XXXX have told us the amount of the payment we are required to make on XX/XX/XXXX and what our loan/deferral terms will be going forward. We are very concerned about our loan slipping through the cracks, especially given the upcoming transition of the loan to a new servicer. We want to do everything we can to have the mortgage/deferral terms finalized by XX/XX/XXXX so we can move forward with certainty and make the appropriate payments. 

I have made hundreds of phone calls to XXXX XXXX XXXX  and received misinformation from their representatives repeatedly. I have an entire narrative that lists the names and dates of representatives to whom I have spoken. ( Sometimes they refuse to give their full name ) I am in the process of updating that document to reflect the last conversations I have had with the Bank. It is difficult to create because initially I was told that my request for a Deferral would be honored. I simply needed to " Opt Out '' of the offer they had made initially. I have been calling at least XXXX a week if not daily since XX/XX/XXXX. I now keep a notebook and try to record the full name of the representative, the date, time and, the number I have called. I generally do not speak to the same person XXXX  in a row and receive conflicting information depending on who answers. I have complied with every request made of me and have made payments that should take me through the end of XXXX. I have been asking for a single point of contact on this important issue since early XXXX, but that request has been refused. I will gladly supply that document once it is updated and would be more than happy for you to publish it. XXXX XXXX XXXX is being nearly impossible to work with. This situation is affecting both I am my wife 's work, health and, mental state. We are devastated that XXXX XXXX XXXX would behave in this manner. 

We were instructed and allowed to " Opt Out '' of the loan structure they were proposing, and we were notified that we had successfully completed our " Trial Payment '' period. We were congratulated on being out of forbearance. However, we have recently learned, not in writing but via a phone call yesterday, XXXX with one of their representatives that that though we did not request further forbearance and were told that we were no longer in forbearance, our account is now listed as being back in forbearance. This is preventing us from seeking to refinance with a local company at a lower interest rate. For this reason, I believe it would be fair to ask that they substantially lower the interest rate on the " Deferral Agreement '' when and if it is ever completed and sent to us, as interest rates are at an all-time low and the point of forbearance was to keep people in their homes and make housing more affordable. I was also told in May by their representative, that when I came out of forbearance the interest rate would be lowered and that part of the principal might be forgiven. None of that has been the case, so I would urge anyone who is dealing with XXXX to get all information of this type in writing. If you don't, you are at their mercy.