Consumer complaint received 2024-08-07 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — Trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: GA

Complaint narrative:
XXXX writing this complaint against Bank of American for Financial Fraud - Mishandling money of customers Escrow Accounts. I purchased a home in XXXX of XXXX with Bank of America as my loan provider which includes XXXX and PMI. During the XXXX years of this Escrow it has had a shortage XXXX times, I received a letter in XXXX from BOAs mortgage department that my XXXX account was {$600.00} short, 6 months later another letter informing me that my account is {$800.00} in shortage. In XX/XX/XXXX I received a letter saying another shortage has occurred in the amount of {$2700.00}, Each letter states that I must send them money by a certain date or the shortage will be added onto my monthly mortgage payment spread out over 12 months. Thus far Bank of America has added XXXX shortages to my mortgage escrow account, my mortgage payment has increased from {$1800.00} to {$2500.00} monthly and they will add an extra {$2700.00} at the end of XXXX if I dont send someone in the Mortgage department a check in that amount!! This will significantly increase my monthly mortgage payment by {$220.00}!!! That's {$2700.00} a month this would be unaffordable for a person on a fixed retirement income!! 

Tried several times to contact the Bank of America Escrow department to explain that there shouldnt be a shortage, but an overage that needs to be refunded. Ive asked how is it that my escrow goes into a shortage every 6 months? My mortgage is paid on time every month, Ive also sent {$200.00} dollars extra a month to my escrow account which doesnt show as being received. The customer service is unprofessional, rude, unhelpful and refuse to transfer calls to supervisors or to a mortgage specialist who can access the account from its establishment. Ive spoke with my local Bank of America branch office at XXXX XXXX XXXX XXXX. XXXX, XXXX XXXX this was in-person and was told that they couldnt help me because they would have to call the Mortgage department unsure of why that would be a problem for them. 

There is {$2700.00} missing from my escrow account!! Purchased my home in XX/XX/XXXX, on the purchase agreement contract the former owner agreed to pay the XXXX property taxes which was a little over {$1400.00} a year with a {$500.00} XXXX credit ( total XXXX tax amount was {$2000.00} ), former owner had months of escrow that had accumulated for the property ( XX/XX/XXXX to XXXX of XXXX ) and the latter months ( XX/XX/XXXX to XX/XX/XXXX ), were to be paid as well. Property taxes are due every XXXX, I have the property tax receipt showing that the former owner paid the XXXX property taxes in full as agreed. 

My first mortgage payment was XX/XX/XXXX, with escrow set aside of {$1100.00} established at closing, with each monthly mortgage payments made from ( XX/XX/XXXX to XX/XX/XXXX ) ( 16 months ) {$360.00} of it was sent to escrow, this amount accumulated over 16 months totaling {$5700.00}, Paid my first property tax bill in XX/XX/XXXX the balance in my escrow should have been {$6900.00}. This amount was enough to pay the necessary fees : Property Taxes - PMI - and Home Owners Insurance leaving a positive balance. 
There wasn't any shortage! It appears that my home loan mortgage Escrow account is intentionally being mishandled. Requesting an investigation into this 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