Consumer complaint received 2015-07-17 00:00:00
Product: Mortgage — Reverse mortgage
Issue: Loan modification,collection,foreclosure — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: PA

Complaint narrative:
CFPBMy issues started XX/XX/XXXX with Bank of America ( BOA ). Reached out to BOA for help with my mortgage : rate reduction, refinance, etc ... At that time the representative recommended the loan modification at no cost to me. Began the modification process XX/XX/XXXX, had questions about the figures they calculated and then I was denied the process. Reached out again to inquiry about the denial and was recommended to reapply due to government changes. Process began again XX/XX/XXXX. Again, I had questions about the figures. No one during the modification process ( during negotiation ) was able to explain how they calculated the new totals. Yes, I receive documents with the figures but not sure how the numbers formulated. So I signed the modification papers clearly under duress to avoid starting the process all over again. Finally get new statement and begin to inquire about a {$3400.00} non-interest bearing loan amount. I called BOA several times to inquire about the non-interesting bearing loan. One BOA representative told me not to worry about that loan because there is no interest accruing on it. He told I had to wait 30 days before I can hear from someone regarding the loan amount. On the 30th day I call BOA again to see if someone could explain to me what makes up the {$3400.00}, the representative at that time told it was too late for me because I already signed the papers. Again, I requested for a manager or supervisor to contact me regarding the {$3400.00}. I was told again that it will be 30 days before someone will be able to get back to me. Within the 30 day waiting period, I received a letter stating the {$3.00} will be forgiving. New government laws allow companies to forgive debt, issue a XXXX at year end and the client has to pay taxes on the forgiven amount. My original request was for an explanation to the non-interest bearing loan. Now I have until XX/XX/XXXX to accept or decline the forgiveness offer. I do not understand why I would have to pay taxes on something I do not owe. BOA has already damaged my credit by stating my mortgage payments were late during the modification process. Totally untrue. I made ever payment they recommended me to pay ON TIME. Clearly I have been going through a completely unfair process with Bank of America. If BOA believes I owe and wants to forgive please apply to the current mortgage loan balance. CFPB, please help me understanding why a client has to pay for BOA errors. Their current representatives have no clue how to handle situations regarding problems or issues that has occurred on BOA 's behalf. All they want to know is - " Are you making a payment today? '' I love to get out of BOA loan and find another mortgage company but I do not want to carry the incorrect balance to another company and pay something I may not owe. Again, PLEASE HELP ... ... ....

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