Consumer complaint received 2015-08-04
Product: Mortgage — Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (DE)

XXXX XXXX, XXXX Bank of America XXXX XXXX XXXX XXXX XXXX, XXXX XXXX Attn. : XXXX XXXX, XXXX XXXX Mortgage Payoff Dept. : Consumer Complaint Division Re : BoA Mortgage number : XXXX Dear XXXX XXXX, I obtained your name from XXXX XXXX, who was with the Banking Commission XXXX. XXXX XXXX and I were colleagues at the state. XXXX XXXX was my counterpart when I was the XXXX XXXX XXXX for the XXXX. I write to you out of out of sheer desperation and exasperation. I thank you in advance for sharing this with the appropriate parties, as time is of the essence. The scenario is detailed below : Problem : Bank of America ignored repeated requests to record my Mortgage Satisfaction prior to 60 days. Their willful disregard of my repeated requests has cost me {$36000.00}. Background : On XXXX/XXXX/XXXX, my wife and I purchased a home at XXXX XXXX XXXX XXXX, XXXX, XXXX XXXX. BoA provided a {$160000.00} mortgage. Here is where the story begins : At XXXX on Monday XXXX/XXXX/XXXX, we sold our home and at XXXX we promptly purchased our current home at XXXX XXXX XXXX XXXX XXXX XXXX in a cash transaction. In order to pay cash for our new home, I made a {$20000.00} premature withdrawal from my IRA account. NOTE : Before we purchased our home we began working with XXXX Bank to secure a Home Equity Line of Credit in XXXX days or less, so that I could return the IRA funds and avoid all taxes and penalties. On XXXX/XXXX/XXXX, I confirmed with BoA that the mortgage payoff amount was received on XXXX/XXXX/XXXX. The one day delay in the mortgage payoff was because the day after our purchase settlement was XXXX, which Bank of America observed as a federal holiday. On XXXX/XXXX/XXXX, I began calling Bank of America to request the immediate and expedient processing of the Mortgage Satisfaction documents for our now 'PAID IN FULL '' Bank of America mortgage. During my calls to Bank of America, I informed each person that I spoke with that " I had to have the mortgage satisfaction recordation completed before XXXX/XXXX/XXXX and IN HAND in order to secure a line of credit on our new home to avoid serious IRS tax implications that were related to my premature IRA withdrawal. '' Instead of working with me, the clerks at Bank of America told me, and I quote : " The banking laws in the State XXXX do n't require Bank of America to satisfy mortgages for 60 days. '' Again, I explained to the clerk XXXX s ) that if Bank of America did not immediately process the processing and recording of the mortgage satisfaction document that there would be a " Domino Effect '' of serious negative economic proportions to me and my family. Simply stated, " I needed the recorded Mortgage Satisfaction piece to prove to XXXX Bank that we had no mortgage debt on our old home which would allow me to close on the equity line before the XX/XX/XXXX. '' During each call to BoA I was told by the BoA clerk that " The banking laws in the State XXXX do n't require Bank of America to satisfy mortgages for 60 days. " Here 's my question : Even if the laws says " you do n't have to, '' why on earth would n't you do whatever it takes to keep a good and loyal customer satisfied? Consequences : Bank of America 's lack of action and disregard negatively impacted our finances as follows : Amount of IRA withdrawal {$20000.00} ; IRS personal income tax penalty on IRA Withdrawal {$2000.00} ; IRS personal income tax on IRA Withdrawal {$5400.00} ; Repayment of Federal XXXX Tax Credit {$8800.00} ; XXXX State Tax {$500.00} ; Total damages {$36000.00}. Remedy : To make me whole, I need Bank of America to : reimburse me for the aforementioned amounts. NOTE : This is a condensed version of my XXXX/XXXX/XXXX letter I sent to the Bank of America. )