Consumer complaint received 2015-06-03
Product: Mortgage — Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (GA)

We financed our XXXX home purchase with Bank of America XXXX BOA ) through Neighborhood Assistance Corporation of America XXXX NACA XXXX from XXXX to XXXX. On XXXX/XXXX/XXXX, my wife lost her job of nearly four XXXX 4 XXXX years and our family became a XXXXincome household. She received severance pay, which was used to : ( XXXX ) make XX/XX/XXXX mortgage payment, ( XXXX XXXX pay school tuition through end of the school year XXXX XXXX XXXX XXXX for our daughter, and ( XXXX ) to pay off XXXX small credit card balances. On XXXX/XXXX/XXXX, my wife applied for unemployment compensation, but was disqualified for unemployment assistance because of the severance received from her employer. We began to fall behind in our bills in XXXX. In XXXX, my wife found part-time, temporary employment. However, the assignment ended on XXXX/XXXX/XXXX. She began actively seeking employment, again. Shortly thereafter, we began living partially off credit cards. On or around XXXX/XXXX/XXXX, we applied for a loan modification with BOA through NACA and began the application process by submitting various documents to lower our monthly mortgage payment to a more affordable level. At the time we were still a XXXXincome family and she was still actively seeking employment. On XXXX/XXXX/XXXX, she obtained full-time, permanent employment ; and we began the process of catching up on past due bills. However, we were behind in our mortgage ( 4 months ) and other bills. Additionally, her salary from her new job was {$20000.00} less per year than her previous job. In XXXX, we were advised by our NACA counselor that we were " tentatively '' approved for the loan modification and we were instructed to begin making reduced mortgage payments for the next four ( 4 ) months in the amount of {$710.00} directly to BOA on a trial basis while the application for loan modification was under final review by BOA. On or around XXXX/XXXX/XXXX, we received a letter from BOA that our request for a loan modification was not approved for unknown reasons. At the time of notification, we were more than five XXXX 5 XXXX months past due on our mortgage. We discussed available options and next steps with our NACA counselor. On or around XXXX, we attempted to apply a XXXX time for a loan modification, but were advised we no longer qualified because of our income though it was much less now. We paid our last reduced mortgage payment of {$710.00} in XXXX. On XXXX/XXXX/XXXX, we made a regular mortgage payment of {$1100.00} at the request of our NACA counselor. However, we were still as much ( if not more so ) in debt as we were at the beginning of the loan modification process in XXXX ; and with my wife making {$20000.00} less per year than before, we did not foresee this condition improving anytime soon. At the time, we remained 5 or 6 months in arrears on our BOA mortgage. As a result of this, we decided that our best option at the time was to Short Sale our home. We listed the house for sale on XXXX/XXXX/XXXX & had an offer on XXXX/XXXX/XXXX for {$110000.00} which was 100 % of the appraisal. The contract was written up by our licensed real estate agent and submitted to BOA under the HAFA program by XXXX/XXXX/XXXX. We had to submit the contract XXXX because BOA switched servicers during the interim & lost the original submission. They did process the XXXX contract on a fast track basis, but denied it because our agent included the {$3000.00} HAFA incentive. BOA asked our agent to exclude the XXXX incentive before they would re-process the contract. Our real estate agent who was appointed by NACA/BOA said that we certainly qualified for the XXXX incentive, but were not approved for it for unknown reasons. BOA never provided a reason for the denial the {$3000.00} HAFA incentive. I am writing the CFPB for assistance with this matter to get BOA to simply pay us the {$3000.00} HAFA incentive money that we were told we qualified for and should have been paid during our short sale process. Please help!