Consumer complaint received 01/28/2016 about Mortgage (Conventional fixed mortgage) with BANK OF AMERICA, NATIONAL ASSOCIATION (CA).
Issue: Loan modification,collection,foreclosure

Complaint: In XXXX, XXXX we purchased our dream retirement home at XXXX, XXXX, California XXXX, and Bank of America serviced the loan. Our Bank of America mortgage account number was XXXX. 

The price of our dream home on XXXX XXXX was in the amount of {$660000.00} and our down payment was in the amount of {$260000.00} cash ( our life savings at the time ). We put down our life savings so that our payments would be low enough to afford us retirement in a few years, as we were already in our XXXX 's. 

In or around XXXX, we received a telephone call from Bank of America asking us if we would like to modify our loan to a lower interest rate. They explained that because we had never been late in paying our mortgage payments, they wanted to show their appreciation by offering to modify our loan to a lower interest rate. We, of course, agreed to their " kind '' offer. 

For the next 4 years, we made our mortgage payments each month and were never late. 

A timeline of the events is attached to this complaint. 

By XXXX, XXXX 's business was down 40 % from the previous year, and we were having a hard time financially. We called Bank of America to find out if they could modify or lower our interest rate or if they could offer us any options or programs that were available. They said that since we had modified our loan in XXXX and we had never been late in paying our mortgage payments, we did n't qualify for any of their programs. However, Bank of America 's loan agent suggested that we not make payments for 2 months and then call back and they would be able to help us. She also said that this is something they recommend for individuals in our situation. 

For the next 2 months, we did n't make our mortgage payments as Bank of America had suggested. At the end of the two months, we again called Bank of America to find out what program we could now qualify for, and to our great shock, horror and disbelief, the agent informed us that because we had n't made our mortgage payments in 2 months, our house was now in foreclosure and we would need to vacate the property within 2 months. We explained to the Bank of America agent that it was Bank of America who told us that in order to qualify for a relief program, we would have to be at least 2 months behind in our mortgage payments and the agent basically said " too bad ''. We told her that we would be sending a check to Bank of America in the amount owed for the previous two months and she responded that we were too late and not to bother sending the check! Regardless of what she told us, that day we sent a check to Bank of America in the amount owed for the previous two months by overnight and certified mail. 

A few days later, we received in the mail our check returned from Bank of America along with a letter explaining that it was too late because our house was in the midst of being foreclosed on. We begged them to stop the foreclosure and they refused. 

A few months later, we had sold our dream house through short-sale at half the price we had paid for it. Not only did Bank of America steal our home, but they also kept our {$260000.00} cash down payment, as well as the amount we had paid in mortgage payments for the previous 6 years. We walked away from our dream retirement home empty-handed, broke and humiliated at our great loss. 

Since that day, we have never been able to get over the loss of our {$260000.00}, and have no assets at all. At the age of XXXX, XXXX has gone back to work full-time, XXXX 's business has all but failed, we live in a rental after owning homes for the past 40 years, and we worry daily how we are going to live once we can no longer work. 

Due to the outrageous actions of Bank of America, we are well aware that we will never be able to retire and hope and pray that neither of us gets sick and is unable to work.

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation