Consumer complaint received 2017-09-08
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (CA)

XX/XX/XXXX I am opening yet another complaint with the CFPB, since the object of my complaint Bank of America continues to cloud and obfuscate the original issue through resolutions that have no relevance whatsoever on my complaint.
Even though Bank of America already has the information I am about to outline on file, I am spelling it out for the CFPB in the hopes that the organization that is supposed to protect consumers from unscrupulous institutions can perhaps do more than it has thus far. 
XX/XX/XXXX : I sought a HELOC from my lender, Countrywide, in the amount of {$25000.00}. I explained that I was experiencing severe difficulties extricating myself from a marriage to a XXXX, vindictive husband who had just tried to take my savings and half of my retirement account. I needed money for a good lawyer. The agent did not ask for my financial information, nor did he require an appraisal of my home. Furthermore, when I asked for a line of credit for {$25000.00} he laughed and said, Oh, I can get you much more than that! So, knowing that the XXXX would all go to my attorney, I allowed the Countrywide agent to convince me that I could afford to borrow almost twice that amount. Everything happened over the phone. There was no appraisal of my home, even though I told the Countrywide agent it was only 1200 square feet and had been built in XXXX. I had bought my home for {$200000.00} in XX/XX/XXXX. The agent told me it was now worth {$300000.00}, so he based my HELOC on that. Not being in real estate, I had no way of knowing that the housing bubble and collapse was imminent but the agent did! 
XX/XX/XXXX : With the news headlines of severe financial and specifically housing crisis looming, I contacted Countrywide to ask why I had been given an inflated appraisal of my home. But already in early XX/XX/XXXX, Countrywide was under scrutiny and not taking calls from consumers. From XX/XX/XXXXuntil XX/XX/XXXX, I submitted complaints to Countrywide, to no avail. I then got notice that Bank of America had purchased all of Countrywides assets. I sent all of my documentation to Bank of America, seeking resolution to what I had since learned were Countrywides fraudulent loan practices. 
XX/XX/XXXX : Bank of America sent an appraiser to my home. Verbally ( I never received a written copy of his findings ) this man told me my home was worth only {$180000.00} and any sort of re-fi of either mortgage would be costly. 
XX/XX/XXXX : I filed a formal complaint with the OCC and the Office of the California Attorney General. News sources were filled with articles detailing what had happened to me, including a XX/XX/XXXXarticle in my local paper, Bank of America hit with new Countrywide lawsuit. 
XX/XX/XXXX : I was contacted by Bank of America representative XXXX XXXX ( Customer Advocate ). XXXX told me two things that were not true : XXXX told me that he had evidence showing I had waived my right to a home appraisal during the loan process ; and, my loan ( with Countrywide ) had been approved by an automated system that did not require an appraisal ( totally contradictory information ). I asked XXXX to send me written proof that I had waived my right to an onsite appraisal. XXXX never responded and stopped communicating with me. 
XX/XX/XXXX : I received a letter from Bank XXXX XXXX XXXX XXXX, stating that my loan was now being serviced by XXXX XXXX, and that I should discuss any concerns I still had with them. 
XX/XX/XXXX: I telephoned XXXX XXXX and related my ongoing concerns with my HELOC. I was told by XXXX, Bank of America still owns your loan we are just servicing the loan. '' I then sent a letter to XXXX XXXX, re-stating what XXXX had just told me. No response from XXXX. 
XX/XX/XXXX : I received a letter from the Office of XXXX XXXX XXXX, Attorney General. Attached to this letter was information as to how to join a class-action lawsuit against Countrywide ; but the settlement was only for those individuals who through Countrywides ruthless practices had been forced to go into foreclosure. 
XX/XX/XXXX : I received a phone call from Bank of America representative XXXX XXXX. We had a very long conversation, and XXXX assured me he would call back at the end of the week with a resolution. XXXX asked me what I wanted, in terms of resolution. I stated that I would pay back the total amount provided by Countrywide ( even though the amount was inflated and the process itself totally unethical ), but wanted the interest the bank was accumulating waived. I told XXXX, I have already been stuck with a {$47000.00} debt that should never have been approved. In no way would I volunteer to have a payoff that might be as large as {$60000.00} through accumulated interest. Two days later, I got another call. Apparently, XXXX had been too willing to compromise and admit responsibility, because my case had been sent to someone else. 
XX/XX/XXXX : I received a phone call from Bank of Americas XXXX XXXX. XXXX was extremely aggressive and insulting verbally, arguing with me that Countrywide had done nothing wrong in not conducting a formal appraisal of my home. I was so struck by this mans hostility that I forwarded a transcript to the California A.G. 

From the Fall of XX/XX/XXXX until the Summer of XX/XX/XXXX, my HELOC was serviced by XXXX, and then XXXX. Both companies stated to me that Bank of America still owned my HELOC and was the only entity that could address my concerns. When Bank of America sent me notice in XX/XX/XXXX that it was once again servicing my HELOC, I initiated the complaint process again. 
So far, Bank of America Complaint Specialist XXXX XXXX has telephoned me three times, to re-state what Bank of Americas position has been for almost 10 years : There is no evidence of wrongdoing on Countrywides part. The lack of onsite appraisal is easily verified by the Bank. Even though banks do use " comparables '' to valuate homes, I stated to Countrywide that this was not possible with my home, given its size and age. XXXX XXXX stated ( in one of my recorded conversations ) that using comparables is common, " but not best practice ''. My response now is to forward to the CFPB the names of those individuals, and the actions of Bank of America itself, who have issued false statements ( such as my waiving my rights to an appraisal, with no documentation as such ) as proof that Bank of America continues to dodge the real issue. Yesterday,XX/XX/XXXX Bank of Americas XXXX XXXX said I had two options : declare default on my loan, or offer a settlement ( an amount that I would be willing to pay, relative to the {$47000.00} I was given ). I have already done this. 
Bank of America has access to all records indicating that seven years ago I suggested a willingness to pay down the principal, if the Bank was willing to waive the interest. This conversation took place between B of A rep. XXXX XXXX and myself, on XX/XX/XXXX 
The fact that, as ofXX/XX/XXXX, Bank of America continues to suggest that I declare bankruptcy, or to offer a settlement is just another example of the Banks attempt to stonewall against what I have already offered as a fair compromise. The forgiveness I seek is not for the full amount, but of the interest. The Bank has record of this but continues to demand all sorts of documents and verifications on my part. 
Furthermore : I am now officially retired as a XXXX XXXX, and yet I still have a dependent son in college. On XX/XX/XXXX I will be XXXX years young. This makes my offer of payoff ( principal only ) more of a hardship for me, and a good deal for the Bank! 

XXXX XXXX.