Consumer complaint received 2024-10-14 00:00:00
Product: Debt collection — Other debt
Issue: False statements or representation — Attempted to collect wrong amount
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CO

Complaint narrative:
I am selling a XXXX XXXX XXXX ( XXXX ) with Serial Number XXXX. An individual agreed to purchase this aircraft ; with the intent to use it in a XXXX organization offering flight training to underserved youth. I accepted a deposit of {$37000.00} on XX/XX/XXXX. Since the rest of the selling price was being financed, his lending institution did a title search. XXXX XXXX XXXX XXXX XXXX XXXX discovered an " expired lien '' held by : Bank of America ( BoA ) XXXX Paper XXXX XXXX XXXX, DE XXXX The Closing/Escrow agent reached out to BoA on XX/XX/XXXX at the above address asking to have the lien to be released. The lien was recorded at the XXXX on XX/XX/XXXX and has a conveyance number of : XXXX. The requesting agent identified the BoA encumbrance information which was dated XX/XX/XXXX. Long story short, the debtor defaulted on his loan sometime around XX/XX/XXXX after he lost his employment. BoA will NOT share information about the loan with me ( amount owed, or when defaulted ). BoA should have taken action to repossess the aircraft back in XXXX. The agreement states the state of Delaware is the state of Governing Law. Well, Delaware has a THREE YEAR statute of limitations on bad debt. Additionally, I was informed that financial institutions have a TEN YEAR records retention law to comply with. I've communicated this and MORE to BoA and have NOT received the requested lien release. By definition BoA is guilty of an ILLEGAN ENCUMBERANCE of my airplane. BoA did compose a letter and FAXed it to the XXXX, BUT in the letter written by the Officer, Resolution Specialist, Executive Escalations for Mortage & Vehicle Servicing stated " BoA is unable to release the lien ''. This is a " XXXX XXXX '' and is the exact OPPOSITE of what the XXXX needs to remove the lien from the files. I do NOT believe BoA is acting in good faith. As a matter of fact, on XX/XX/XXXX said individual called me and stated BoA will NOT respond to any of my emails. Short summary the XXXX can NOT remove the lien without the authorization from BoA and BoA has shut me down from all future communications. " Catch XXXX ''!!! I OWN the aircraft according to the XXXX. I have the XXXX XXXX XXXX ( XXXX ) dated XX/XX/XXXX. I acquired the aircraft in an auction offered by XXXX XXXX, Colorado which acquired the aircraft via terms of a " Tie Down Lease Agreement ''. The sale was done " in accordance with local law ''. My bill of sale is dated XX/XX/XXXX. Due to the intentional lack of cooperation by BoA, I have LOST the aforementioned sale. I returned the XXXX XXXXXXXX on XX/XX/XXXX with my personal check. I also have monthly hangar rent and insurance costs that I have paid caused by the lack of cooperation by BoA. This is a LOT of information. I have LOTS more. BUT, in the end it is such a SIMPLE problem with a SIMPLE solution. BoA has NO claim to the aircraft and has forfeited their rights for restitution from the previous owner. THEIR inaction or incompetence should NOT be used as a weapon against ME... I am an INNOCENT third party. By the way, I am a 100 % XXXX veteran. I have LOTS of additional documentation, but I didn't want to overload the reviewer.

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