Consumer complaint received 2015-05-08
Product: Mortgage — Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (MD)

I purchased my home with Bank of America in 2008 for {$930000.00}. The loan officer XXXX XXXX, told me that I needed to put XXXX % down. Which the $ XXXX.was to avoid paying for PMI insurance. What I did not know until settlement, was I had XXXX loans, so there was n't any PMI insurance to begin with. He also said that I could apply for a HELOC immediately after settlement to get my upfront capital back. One week after I settled, I applied with the same credentials that I used to meet loan approval, and was denied. I was told that the appraisal was out of date and that the value did not support the now value of my home. Unbeknownst to me, the appraisal was 6 months old, and to induce me to purchase my home the appraisal was creditable, but not for a HELOC. The market had begun to decline. Less than 14 months later, the XXXX XXXX marketed plummeted in my area, and I lost my income as a XXXX. I contacted Bank of America and explained to them that I was interested in getting Refinanced, and I was told that my house was not worth the XXXX. that I just paid some months earlier. So I called Bank of American again to request a modification at this point. I was told that I had to be 90 days behind and delinquent in order to get consideration. I was told not to make any payments for 90 days. So I followed her instructions ... After 90 days passed, I called Bank of America to request a modification for the second time. I was told that they would send out a packet for me to complete. I received the packet about 45 days later, I filled out the application, and I returned it promptly. I did not hear from Bank of America until 3-4 months later. They said that my paperwork had expired, and that I needed to resubmit the entire packet over again. I waited for them to resend a new packet to re- submit which arrive several months later, I completed the application an re-submitted. For over 3 years that had been the routine. The more documents that I sent, the more they lost and or had expired. I was later sent a letter from XXXX informing me that they were now the services of my loan, and that I would be hearing from them soon with my new account information. I shortly received some weeks later. During this time, I 've been dealing with HUD counselors, Home-save workshops representatives, Maryland Home-Save, and for the last 18 months, XXXX. I 've been cooperating diligently but, I 've never gotten a denial of my application until XX/XX/2015. The issue is that Bank of America/ XXXX has added {$390000.00}. in late fees and other fees. My first trust is only {$410000.00}, Which, now I 'm about to loss my home in foreclosure because of late and misc. fees that everyone has added while they were dragging their feet at my expense. I think these fees from XXXX and Bank of America are outrageous and needs to be regulated. Bank of America forgave my first trust for being sited for wrong doings. I would like to request that someone help me with asking if these charges could be reviewed and have them considerably deducted. So that I can qualify for my modification and stay in my dream home. It is a disservice to homeowners interested in honestly working hard to save their homes and than big hit with {$390000.00} worth of fees. My mortgage payment is only XXXX The fees that Bank of America has accessed are XXXX % of my First-Trust. Please help.