Consumer complaint received 2016-06-27
Product: Mortgage — Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (OH)

I had wind storm damage done to a property that I own last fall. I am not going to repair the house, it is just not worth it with the insurance pay out. The insurance company sent me a settlement check. I contact Bank of America on XXXX XXXX, 2016 regarding sending this check in and having it applied to the principal balance on my load so I could then pay off the balance and sell the property. I was told to sign the check and mail it in to the property claims department along with a letter of intent to have the funds applied to the principal of the loan. I folded the check up in the letter of intent. The check was received on XXXX XXXX, 2016 but after two phone calls they could not find the letter. Then I was told on XXXX XXXX, 2016 that everything was all set and it would take up to 14 days to process and that I would get a payoff letter in the mail. I waited until XXXX XXXX, 2016 and still had not received anything so I called again. XXXX with XXXX XXXX and they had no record of my letter of intent. Said I needed to send in another letter, resulting in yet another delay of 5-7 business days. I asked if I could email it and after arguing about it they agreed I could email. I emailed the letter right away and I also faxed a copy. I call on XXXX XXXX, 2016 to follow up and was told by XXXX XXXX that the letter needed to have an actual signature and not an email signature. If this was the case why could n't they have called me back right away and let me know there was an issue. So on XXXX XXXX, 2016 I sent in a revised letter of intent with the required signature. XXXX said that she filed a complaint for me and that it would take 5 days to process the request. I called back on XXXX XXXX, 2016 to follow up and make sure they had everything that was required to get this payment processed. Spoke with XXXX and then XXXX in Escalation and they informed me that they had no update yet and that it could take up to 7 business days to process and that XXXX XXXX, 2016 was the first time any notes on my request to pay down the mortgage were recorded in their system. When I asked why and where were the notes from all of my other calls they were unable to answer. I called again on XXXX XXXX, 2016, spoke with XXXX, and again nothing had been processed. I did finally receive a call from an " executive '', XXXX, in the escalation department and he stated that my previous letter requesting the fund be applied to the principal balance was wrong and that it should state that I want the funds to go towards the payoff of the loan. So now I question is this going to take yet another 5-7 days to process and he said no that it would be 24-48 hours and that I would receive and email with my payoff information. As of XXXX XXXX, 2016 I still had not received any information nor has the payment been posted to my account. I called yet again and was told by XXXX that I was told wrong and that it would be 5-7 business days to process, the request was being submitted again and she put in a request for a manager to call me, maybe within 24-48 hours. So now it has been a month since they received my check for quite a substantial amount. They are earning interest on my money while charging me interest at the same time. The property is in the process of being sold and this is holding up the sale while more damage is being done to the house as it sits. This is also holding up the purchase of a new property. It should not take 30 days for them to process a mortgage payment, that is beyond excessive. I have serious issues as to why I keep getting the run around and being told something different every time that I call them in order to prolong this process. Not one person seems to have any idea what they are doing or what is required to get this done. Are they not required to process payments as of the date they are received? Am I not entitled to a payoff statement upon request?