Consumer complaint received 2024-11-16 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Fees charged
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: PA

Complaint narrative:
Subject : Urgent Assistance Required Regarding Mortgage Forbearance and Modification Issue I am writing to seek your assistance regarding a troubling situation I have encountered with my mortgage through Bank of America. 
In XXXX, I applied for the CARES Act XXXX forbearance. My loan was resumed in XX/XX/XXXX with a remaining payoff amount of {$21000.00} and only one year left until completion. After making the first two payments, my electronic transfer for the third payment was unexpectedly frozen. When I contacted Bank of America, they informed me that they had lost the necessary paperwork and requested I mail a check instead. This situation felt suspicious, leading me to question whether I was being scammed.

During this period, I also had two insurance companies managing my escrow, and they were able to transfer the returned funds without any issue. As a registered nurse, I returned to work and was capable of meeting my financial obligations, yet I faced increasing difficulties with my mortgage payments. 

Despite my efforts, I have been unable to hire legal representation as attorneys have advised me to consider bankruptcy. While I currently have funds available, I can not provide an entire lump sum payment at once. I have repeatedly attempted to make payments, but the bank has not allowed this, nor have they offered any alternatives over the phone. 

Recently, I was placed into a mortgage assistance program, a decision I approached with skepticism. Since then, I have been reported as seriously delinquent, and foreclosure has been threatened. Currently, after three months, I was informed that I could only make minimal payments of {$600.00}, stalling any chance of catching up, especially given my monthly mortgage payment ( including taxes ) is approximately {$1500.00}.

I have also encountered issues with modification paperwork. I have completed this paperwork multiple times, each time indicating that my previous payment amounts and terms should remain unchanged. Yet, the bank has claimed not to have received the documents, despite using a self-addressed envelope. I feel compelled to accept a modification that is not in my favor ; the proposed modifications have increased my payoff amount to {$31000.00}, extended my mortgage term by an additional 39 years and 6 months, with a payoff date now set for XX/XX/XXXX. 

This process has been overwhelming and I am seeking your guidance. I have plans to cash out a pension plan, with anticipated funds by XX/XX/XXXX, but my modification paperwork is due by XX/XX/XXXX, adding to my anxiety regarding this matter. 

Furthermore, I have found that communicating via phone has resulted in no formal documentation on my part, which feels unsafe and untrustworthy. 

I greatly appreciate any assistance or guidance you can provide to help me navigate these issues with Bank of America. Thank you for your attention to this pressing matter.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation