Consumer complaint received 2025-04-17 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Paying off the loan
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: GA

Complaint narrative:
XXXX ) In XXXX, I purchased a home with a mortgage from Bank of America. The original principal on the loan was {$180000.00}. It was a 30-year Balloon ARM loan. 

XXXX ) In XXXX, during the housing crisis, my payment amount tripled. As a result, I was unable to make loan payments and default. I applied for a loan modification. 

XXXX ) In XX/XX/XXXX, I was approved for a loan modification through Bank of America. The loan modification documents noted that my new principal balance for the loan was {$200000.00}. I then proceeded to make payments on the modified loan. 

XXXX ) I continued to make payments on the loan until XXXX. During this time, I made NO REQUEST for modified payments nor did I request hardship assistance. My payments were all made in full and on time. 

XXXX ) In XX/XX/XXXX ( during Covid ) I requested and received deferrals for a total of 18 months. The total COVID deferral plus fees was {$15000.00}. 

XXXX ) In XX/XX/XXXX, I restarted by original payments. As of XX/XX/XXXX, I was told the principal balance of my account was {$130000.00} and the deferred amount was $ {$15000.00}. 

XXXX ) Accordingly on XX/XX/XXXX, I made a principal only payment of {$100000.00} in order to pay off my principal. 

XXXX ) On XX/XX/XXXX, I made another principal-only payment of {$20000.00} in order to pay off my principal. 

XXXX ) On XX/XX/XXXX, I made a final payment of {$7600.00}, which was the total amount remaining principal. Thereafter, I requested a payoff amount because I am eager to pay off the loan and own my home. 

XXXX ) I was told in XX/XX/XXXX that the payoff amount was {$170000.00}. Again, the original loan balance after the XXXX modification was {$200000.00}. Since then, I have made full payments for approximately 15 years, and made principal-only payments of {$120000.00}. Thus the payoff amount must be incorrect. 

XXXX ) As a result of the error above, I have called Bank of America a total of 9 times over the course of the last 3 months, including most recently on XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX. During each of these calls, I have requested an itemized explanation of the payoff amount given that it does not make sense. Every time, I have been redirected and they have been unable to locate the documentation that would help explain the payoff amount. 

XXXX ) On each occasion, it was conveyed to me that they will be sending me documentation that would explain the payoff amount, but I have never received it, and each time I call, I am told that the documentation was never mailed and they are not sure why the inquiry was closed. 

XXXX ) MOST NOTABLY, I continue to receive letters from Bank of America saying that I am past due on my mortgage payments, and they have reported me as delinquent to the credit bureaus, such that my credit score as decreased. When i go to make a payment through my online account, I am NOT ALLOWED to make a payment because there is no principal balance remaining on my account. Further, I am receiving statements saying that there are funds that have NOT BEEN APPLIED. Nonetheless, I continue to receive letters that I am past due on my mortgage. 

I am very concerned that Bank of America is unable to provide me a payoff amount and underlying documentation that explains the payoff amount, given that, as of now, i have paid off this loan 10 years early.

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