Consumer complaint received 2016-04-19
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan servicing, payments, escrow account — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (FL)

When we first entered into our, 30 yr Conv Jumbo pay opt ARM, w Countrywide, we signed our loan closing paperwork based on the TIL which indicated that we could afford the payment adjustments through the life of the loan. We did not know that the amts on the TIL were the minimum pay " option '' & that if we only paid that amt we would quickly go into neg am. We were not approved on the full pay option but on the minim pay option. This alone indicates seriously poor deceptive lending practices besides a few of the other items listed below. *When my first pay coupon arrived however my pay was {$1400.00}. I contacted CW who advised that that {$1400.00} was the full pay amnt w interest & that if I only paid the {$750.00} I would be upside down & my pay would then continue to increase throughout the life of the loan. I told them that at our closing I clearly did not understand the type of loan, how the interest only worked, how it affected the pay amnts & that I could not afford the full loan pay today let alone after adj increases. *Obviously we had good credit before we purchased our homes & our personal accts were all in very good standing. We made the adj pay for over two years. We even advised the bank more than six mo. in advance that we were going to have a problem meeting the pay & repeatedly asked for a loan restructure, refi, mod etc. We were told, on XXXX separate occasions, that since we were current there was nothing they could do for us! *Sometime thereafter when BOA took over, I received notice that since we had not yet paid our taxes they pd it for us & then demanded the full tax amount & escrows be put in place! They paid the taxes due upon receipt of the tax notice and paid it on the first due date. They did not allow us to pay the taxes that we were responsible for & we had at least six months before the final due date. *Sometime there after we received notice of a large sum charged ( over {$4000.00} ) to my acct & I tried for many, many months contacting them to understand what the charges were for and no one was able to explain it or why it increased my pay by even more. Then when I tried to make a pay that was not the full new amnt they would not accept it! So here we are & to date we still do not know what the amount was for. *At some point we also received a Lost Note Affidavit. *In 2014, I received a letter that stated they placed insurance on my acct since I did not have a current policy in place. I sent them my current policy twice by fax and once by mail. They said they never received it so they charged my acct for a new policy & added more escrows since they said I did not keep a policy in place! Our pay increased again w the escrows & reserves. They eventually said they received our current policy & removed the charge but they kept the escrows in place. *We won the first foreclosure hearing due to multiple reasons. They have now started the process over & we have retained our atty again. They are delaying providing docs as req by my atty & filing extensions. They will not work with us, my credit is ruined, we are in limbo & more than ready to move on w our lives. *I feel we were not given all of the info needed pertinent to making an educated decision before signing & committing to mtg w a teaser min starting rate & pay options. I feel that we are a product of questionable poor lending practices by CW & BOA. Clearly we were approved on the lowest option pay & not the full payment. It appears we were set up to fail from the onset. *When I contacted the office of our XXXX I was told that it sounds like we do have a case against CW XXXX Specifically section XXXX D applies to our situation including neg am.