Consumer complaint received 2015-12-06
Product: Mortgage — FHA mortgage
Issue: Loan modification,collection,foreclosure — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (TN)

In XXXX I decided to buy my first house. I had XXXX accounts with bank of America so I went to my bank and asked for a loan and about first time home buyers. XXXX XXXX at the XXXX location in XXXX tn said he got me the first time home buyers with no downpayment. I was so excited to go look for homes, I took my time finding a home and at the closing table while I was signing everything they told me I had another loan. I said I was told I had the down payment for first time home buyers that I did n't have to pay back, they said you can either get the loan it will be another 30 days and youll loose the house and have to find another. I signed because I had already been through so much finding this house and so many months had past we had already moved out of our house and had to move in at this point i had no more time. We had a house fall through prior to making the offer on this house and had already turned in our 30 day notice and they needed us out as per our notice. My loan was to be fixed at {$740.00} a month after being there several years i got a new mortgage coupon book and the amount changed to {$890.00}. I couldnt afford this at this point we had a child that XXXX in the hospital and passed away and had many expenses. I had this insurance that would help me in times of need or so i thought it would until i needed it. They told me that they couldnt help becuase i wasnt the person that died. So i had a baby in XXXX and called in to get the insurance to cover a month after her birth and they did. At this point I had lost my higher paying job and needed to stay hoe a little more to raise my children but the economy had just hit the industry i worked in and i couldnt get people to come in if i offered things at half off. It was really hard to make a dollar at this point so i started taking on other jobs to make extra income and eventually got my way back up to the amount i made before. i called bank of america to ask about the making homes affordable plan because i had heard it would lower your loan payment and i needed to get mine lower since it was over what i aggreed on in the first place and i went and got them to access my house for a tax adjustment which lowered the taxes. The woman i spoke with at bank of america told me it was easy to qualify all i had to do was miss XXXX payments on my motgage although i thought that was strange i still did it because i was so badly needing my mortgage at least back to the original price. I applied XXXX or XXXX times with XXXX for the making homes affordable interest adjustment and was turned down every time because i didnt make more than i made when i bought the house. I thought the point was to adjust your interest rate so you could afford it because the economy was shot but i was wrong. I quickly started recieving mail stating my house was to be sold and i needed to move out so i did in fear me and my children would be on the street. My house was then sold to another bank and they are renting it out. They hounded me for months trying to get the money but I only wanted my and to make my payment what it shouldve been. Bank of America couldnt explain why it went up so high lead me to believe i could lower it by missing payments which through me into foreclosure and ruined my credit. I cant buy anything on credit i lost everything because i trusted some guy at my bank. They know they can make more money off of renting a house then helping me stay in it to own it. Theres way more money in renting it. I asked to make payment arrangements to pay down what i owed for missing the payments while trying to get approved and they would only take it in full which i was not in the position to provide.The address im reffering to is XXXX XXXX XXXX XXXX XXXX, TN XXXX. If you need anything let me know. Thank you so much for taking your time to read this. I appreciate someone hearing my experience.