Consumer complaint received 2017-12-19 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
TO : XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. 

XXXX, NC XXXX Who 's at fault? 





AND ... ..who 'll take the punitive damages liability, the penalty and criminal code punishment if my efforts to extend an Olive Branch to Bank of America falls through? 





The Bank of America Board Chair and CEO, that 's whom. 







I 've requested the keys to XXXX XXXX XXXX XXXX XXXX , CA , but no more. 







Now, I 'm demanding them AND QUICK! 







Especially since learning that the CEO has the ability to hand over those keys because he has first hand access to the property. 





The way it looks to me, XXXX XXXX XXXX, has assumed possession of the house XXXX XXXX XXXX Stole from XXXX XXXX XXXX XXXX XXXX on XXXX XXXX, XXXX. 









" XXXX XXXX XXXX Announces Upsize and Pricing of Public Offering of Common Shares '' XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX A story in XXXX, says that several Bank and Mortgage Company CEO 's have " bought out '' XXXX XXXX, the thief who stole XXXX. 


Or, put another way ; received Stolen Goods " Receiving Stolen Property What Does It Mean to " Receive Stolen Property ''? 

Receiving stolen property is acrime to purchase or accept property that you know or believe was obtained through theft.The crime is separate from robbery, extortion, or theft.Receiving stolen property is a crime in order to deter people from aiding or rewarding thieves by buying stolen property, concealing stolen property, and to deter theft in general.Receiving stolen propertymay be a misdemeanor or felony. '' Our home, our assetsin particular, and a plantation of homes in general. 


" In order to be convicted of receiving stolen property, the prosecution must show Property Was In Fact Stolen : In order to be convicted of a receipt of stolen property, the property must actually be in a stolen status. This means that the police can not set up the defendant to receive the stolen property just to bust him or her. 
Knowledge : The defendant must have knowledge that the property was stolen, or should have known, that the property was stolen Intent to Defraud Owner : The defendant had intent to deprive the owner of his or her property, such as by keeping it, selling it, or giving it away to another party. '' XXXX " owned '' XXXX XXXX, which now is in the hands of several racketeers. 


As in the house he stole from us, we have Proof Of Reconveyance, from a Court Ordered Discharge and several CEO 's. 


Among them, XXXX XXXX XXXX, Bank ofAmerica. 



Hard to extend an Olive Branch to a CEO whose Vice Presidents record a Deed on behalf of my spouse and yours truly, and then assumes Trusteeship of the house ( s ) XXXX swiped. 


" XXXX XXXX, BofA XXXX XXXX, XXXX XXXX  XXXX, XXXX XXXX, XXXX and XXXX XXXX XXXX XXXX XXXX are joint book-running managers for the offering, and XXXX XXXX XXXX is a co-manager for the offering. '' In some states, according to " XXXX XXXX. XXXX, '' the prosecution must show that you intended to aid the thief by purchasing or accepting the stolen property. 



" Some states also differentiate between receiving and possessing stolen property. '' Well, if we do n't get the keys to the house, resistance when we move in, or written and literal assistance to repossess the premises, that 's the direct link to the receiving of stolen property. 


" XXXX, Ariz. -- ( XXXX XXXX ) -- XXXX  XXXX XXXX ( XXXX : XXXX ) ( the Company ) announced today that it priced its underwritten public offering of XXXX of its common shares at a public offering price of {$32.00} per share. 



The Company is offering 9,600,000 of its common shares, according toBusinesswire, which it says was up-sized from the previously announced 8,000,000 common shares, and the selling shareholders are offering 10,476,891 common shares. 



The gross proceeds to the Company, says the article, will be {$310.00} million. 



The Company, it says, will not receive any proceeds from the offering of common shares by the selling shareholders. 


" The Company and certain of the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 1,505,465 common shares and 1,506,068 common shares from the Company and such selling shareholders, respectively, at the public offering price. 

The offering is expected to close on XXXX XXXX, XXXX, subject to customary closing conditions. '' By proxy of their lingering partnership in Criminal Foreclosures and other Illegal rackets, Bank of America is joined at the hip with all the operatives named in the purchase and sale by XXXX XXXX. 


What If I Did Not Know That the Property Was Stolen? 






The answer : Bank of America is the Trustee So if they do n't have possession of the property, then it 's stolen. 





" The key factor between receiving and possessing stolen property is the timing of the knowledge that it was stolen. If the person receiving the property knew it was stolen at the time of acquisition, then the person is guilty. 



If the person discovered the property was stolen after accepting it, but still intends to keep it or use it for a dishonest purpose ( such as selling it to someone else ), then the person is guilty of possessing stolen property. '' Because XXXX knows his act of forgery, fraud and embezzlement have caught up to him. 




XXXX has said he wanted out, and now, out he goes. 


" Trump friend XXXX XXXX cashes out of XXXX XXXX XXXX '' So now, Bank of America, as Trustee, has no defense for not coming up with those keys. Essentially, the Bank CEO has been left holding the Bag by XXXX, as he knows that his Trustee Deed ( s ) Upon Sale, used to steal these homes, are all fraudulent. 




" What are the Possible Consequences of Receiving Stolen Property? 




Receipt of stolen property is categorized as a " wobbler '' meaning that the charge can be a felony or misdemeanor. A charge for a receipt of stolen property charge depends on the value of the property at issue. If the property has a high value, the defendant would be charged a felony. If the property value is low, the defendant would be charged as a misdemeanor. If you are found guilty, the court may do any or all of the following : Imprisonment Restitution Fines ( depending on the value of the property ) Probation '' The following article connected to the above headline is writtenByXXXX XXXX XXXX, XXXX, a colleague of mine at XXXX XXXX XXXX, " XXXX XXXX, a close confidant of President Donald Trumps, haswalked away from the rental housing empire he built following the housing bust, cashing out his ownership stake in a move likely to make him hundreds of millions of dollars. '' The move came late Friday, according to XXXX XXXX, one day afterReveal published an exposon the company he founded. 





According to afilingwith the Securities and Exchange Commission, Says the article 's author, XXXX sold all his stock in XXXX XXXX XXXX and resigned his position as co-chairman of its Board of Trustees. '' About the time XXXX XXXX sold his holdings, my spouse and me had filed a written complaint against him with the Consumer Financial ProtectionBureau. 







We sent him a Certified package, wherein he found a copy of Deed ( s ) of Reconveyance from Bank of America ( XXXX XXXX, XXXX ), and a " Release of Lien " Letter ( XXXX XXXX, XXXX ) from XXXX XXXX, XXXX, a " Wholly-Owned '' subsidiary of Bank of Anerica. 







In addition, we mailed within the packet, copies of Reconveyances from : b ) XXXX XXXX XXXX XXXX. 



XXXX ) XXXX XXXX XXXX ( both now owned by XXXX XXXX XXXX ) d ) XXXX XXXX, XXXX. ( XXXX XXXX, XXXX ) e ) XXXX XXXX XXXX XXXX XXXX and the Chapter XXXX Banrutcy Case XXXX, via a Purchase and Sale Agreement ( XXXX XXXX, XXXX ) Contracted using the signatures of XXXX XXXX and XXXX XXXX, without our knowledge or permission. 







Through the relay racket, possession of our home was left to the clutches of XXXX XXXX XXXX XXXX, which then colluded with XXXX XXXX XXXX whose Company then was called " XXXX XXXX XXXX XXXX ), to steal our home with a forged Trustee Deed. 







According to XXXX the phenomenon XXXX started where tens of thousands of single-family homes are bundled into giant mortgage-backed securities, creating new incentives designed, to skimp on maintenance and maximize rents, says the author, But the phenomenon XXXX started will outlive his ownership. 





" XXXX, who often says he likes to befriend the bewildered, has made a career out of profiting off other peoples pain. He began buying houses in XXXX, telling an audience in XXXX that the mass purchases of homes previously foreclosed on was the greatest thing Ive ever done. 



" Current tenants, however, say the company piles on onerous fees and forces them to live with chronic leaks, mold, mites and even snake infestations. '' While in action with his stolen goods, XXXX XXXX XXXX was making deals with the devil, so to speak, and committing acts of treachery against " tenants '', who probably were the same homeowners from whom the properties were stolen, and converted to Rentals. 





In one county in the XXXX area, says XXXX, the company filed eviction notices against one-third of its tenants, according to a report by the XXXX XXXX XXXX XXXX XXXX. 







Were just little people in his world, XXXX XXXX, XXXX, said of XXXX. 





Two weeks after her family moved into a XXXX XXXX home in suburban XXXX, she said a ceiling fan fell on her bed. 



XXXX first signaled his intention to sell in afilingwith the SECon Wednesday, says the article, a week after XXXX contacted the company for comment andfive days after XXXX talked to XXXX by phone, telling him directly that we planned to publish an investigation into poor conditions and mass evictions by XXXX. '' And I and others like me will continue pressing for that investigation, among others, as well as writing to the courts that have Bank of America and the others under foot. 







Not only will we pressure them into turning on their heretofore partners, but throwing them under the bus to save their own skins. 









In this upcoming example, an appeals court made a clear distinction between two separate versions of purchase and sale. 


" XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX, California. 
XXXX XXXX, Plaintiff and Appellant, v. XXXX XXXX XXXX XXXX, XXXX. et al., Defendants and Responde XXXX Decided : XXXX XXXX, XXXX ORDER MODIFYING OPINION ; NO CHANGE IN JUDGMENT. 

On the court 's own motion, we modify the opinion by deleting the sentence on page 10, stating, Additionally, the debtor has the right to postpone the foreclosure sale for one day to pay off the outstanding debt. ( XXXX v. XXXX XXXX XXXX XXXX XXXX ) XXXX XXXX XXXX, XXXX. ) Whatever the Court 's opinion, the distinction they make is clear and decisive, related to mortgages and transfer of title for a sale. 





' '' As we noted at the outset of this opinion, the Legislature has eliminated most of the legal and economic distinctions between a mortgage containing a power of sale and a deed of trust. 



( XXXX, XXXX, XXXX XXXX at p. 553 [ holding same rules are generally applied to mortgages and deeds of trust because there is little practical difference between the two instruments ]. ) However, some distinctions between the two security devices endure. 







Probably the most significant distinction is the execution of a mortgage involves only two parties ( i.e., he mortgagor and mortgagee ) ; whereas the execution of a deed of trust necessarily involves three parties ( i.e., the trustor-debtor, beneficiary-creditor, and trustee ) because title to the real property and the power of sale are conveyed to the third party trustee, who holds the interest for the benefit of the beneficiary-creditor. 



( See XXXX, XXXX, XXXX XXXX at p. 1510. ) '' In the case of a Title already transferred, the matter of a Deed of Trust is moot, and any purchase and sale agreement therefore is illegal. 







And if I am pushed to it, or someone challenges my demand for the keys, I will prove to them that the law ( s ) regarding refinancing, Purchase and Sale Contracts have been abused, butchered, broken. 





My spouse and I have obtained transfer of the Deed of Trust to a Title all the way back to XXXX XXXX, XXXX, in the U.S. Chapter XXXXBankruptcy court ( XXXX ). 







The court Discharged, our Debt and issued an order the Title be transferred to my spouse and me, based on the " Final Decree '' submitted byXXXX XXXX as U.S. Chapter XXXX Trustee in the above-referenced case. 




" XXXX XXXX, Chapter XXXX Trustee '' " The Final Decree After the submission of a reorganization plan, the bankruptcy court conducts a hearing for confirmation. In certain cases, there may be some alteration or modification due to the interference of the interested parties. If there is no alteration or modification in the reorganization plan, the bankruptcy court initiates steps for the affirmation of the plan. 



After completion of all post-confirmation proceedings of the plan, the bankruptcy court sets time limits for filing a final report and motion for a final decree. The Bankruptcy Code requires the court to close a bankruptcy case immediately after full administration of the real property and the discharge of the US Trustee. In short, the entry of a final decree is meant to close a bankruptcy case. '' An Order for a Deed of Reconveyance came with the Discharge. 







The Order was fulfilled by XXXX XXXX XXXX XXXX, which recorded a Deed of Recoveyance on that same date : XXXX XXXX, XXXX. 







In this upcoming example, again, the appeals court made a clear distinction between two separate versions of purchase and sale. 







" As the XXXX court explained, section 2932.5 's purpose is not to ensure that borrowers can identify who is holding their loans. Section 2932.5 requires the recorded assignment of a mortgage so that a prospective purchaser knows that the mortgagee has the authority to exercise the power of sale. 



This is not necessary when a deed of trust is involved, as the trustee conducts the sale and transfers title. [ Citation. ] It is the trustee 's holding and transferring of title that underlies the application of different recording requirements than those required of mortgagees under section 2932.5 [ T ] he literal application of section 2932.5 to deeds of trust would effectively require the power of sale to be transferred to the lender, contrary to the terms of the trust deed and of section 2934a which provides detailed requirements for the transfer of the power of sale to another trustee. ( XXXX, XXXX, XXXX XXXX at p. 336, fn. omitted. ) We agree with the XXXX court that the transferee of a promissory note secured by a deed of trust is not a mortgagee, or other encumbrancer to whom a power of sale is given within the meaning of section 2932.5, and such a transferee need not have a duly acknowledged and recorded interest in the promissory note before exercising the power of sale. 



XXXX XXXX, XXXX, XXXX XXXX at p. 333. ) '' And if pressed to do so, I gladly will embarrass these detractors by proving their treachery, Evasion of Taxes, Embezzlement and Seizure of Assets and of Property without authority or legal standing. 




" U.S. CodeTitle 12Chapter 38A 3763 12 U.S. Code 3763 - Transfer of title and possession US Code Notes Authorities ( CFR ) prev|next ( a ) Delivery of deeds The foreclosure commissioner shall, upon delivery of a deed or deeds to the purchaser or purchasers ( which shall be without warranty or covenants to the purchaser or purchasers ) obtain the balance of the purchase price in accordance with the terms of sale provided in the notice ofdefaultand foreclosure sale. 



Notwithstanding anyStatelaw to the contrary, delivery of a deed by the foreclosure commissioner shall be a conveyance of the property, and constitute passage of title to the mortgaged property, and no judicial proceedings shall be required ancillary or supplementary to the procedures provided in this chapter to assure the validity of the conveyance or confirmation of such conveyance. 


( b ) Right of possession A purchaser at a foreclosure sale held pursuant to this chapter shall be entitled to possession upon passage of title under subsection ( a ) to the mortgagedproperty, subject to any interest or interests not barred undersection 3765 of this title. 



Any person remaining in possession of the mortgaged property after thepassageof title shall be deemed a tenant at sufferance subject to eviction under local law. '' Our property never was legally mortgaged, and the " loan ( s ) '' never were true transactions of a debt. 





That 's because all of this was done under the false pretense of ownership, when in fact, we had and still have the requisite document ( s ) to show Clear Title. 





We had and still have in our possession, at least five recorded versions of our Title Transfer by several Mortgagees, among them Bank of America. 





Having recorded a Deed through XXXX XXXX, XXXX, a wholly owned Subsidiary of Bank of america, on XXXX XXXX, XXXX, and again ion XXXX XXXX, XXXX, Bank of America reaffirmed their version of our ownership witnessing, and now is the binding Trustee. 







It is solely responsible for the fact that we do not have possession of our home, one they admit we own. 



" XXXX XXXX XXXX XXXX, XXXX. 


XXXX XXXX XXXX XXXX XXXX XXXX XXXX. 
XXXX : XXXX XXXX, AZ XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX # XXXX XXXX, CA XXXX XXXX : Substitution of Trustee and Full Reconveyance Property Address XXXX XXXX XXXX XXXX XXXX, CA XXXX Dear Homeowner, Please be informed that when a mortgage or deed of trust is paid in full, the public records must be cleared using a legal document called a lien release or reconveyance. A lien release is a document which " releases '' a lien on property included in public records. The lien release serves as notification that the borrower no longer owes that specific debt secured by an interest in the property. 

In the states of California, Idaho, Montana, Nebraska, Nevada, Oregon, Utah, and Washington, the Reconveyance is combined or accompanied by a Substitution of Trustee wherein the lender or current holder/beneficiary substitutes the original Trustee with a new trustee. 

XXXX XXXX, XXXX, is substituted in the above referenced states to replace the original trustee for the very purpose of releasing a lien on the property. The document is accurate and properly recorded based on the state statutory guidelines and it removes th encumbrance from your property. 

XXXX XXXX XXXX, is a wholly-owned subsidiary of Bank of America, N.AXXXX, and is responsible for preparing, executing, notarizing and sending real property lien releases on behalf of Bank of America. 

Paid-in-full loans are referred to XXXX XXXX, XXXX, for lien release processing, All lien releases or reconveyances are recorded with the Country Recorder 's office where the original Deed of Trust or Mortgage was recorded. Please retain for your records the lien release or reconveyance you received as that is proof that your loan is paid in full and released from public records. '' Thank you for your business XXXX XXXX, XXXX. 
Lien Release Department '' By holding my property hostage through outright theft, you are in direct violation of18 U.S. Code Section 641 : " Whoever embezzles, steals, purloins, or knowingly converts to his use or the use of another, or without authority, sells, conveys or disposes of any record, voucher, money, or thing of value of the United States or of any department or agency thereof, or any property made or being made under contract for the United States or any department or agency thereof ; or Whoever receives, conceals, or retains the same with intent to convert it to his use or gain, knowing it to have been embezzled, stolen, purloined or converted Shall be fined under this title or imprisoned not more than ten years, or both ; but if the value of such property in the aggregate, combining amounts from all the counts for which the defendant is convicted in a single case, does not exceed the sum of {$1000.00}, he shall be fined under this title or imprisoned not more than one year, or both. '' To this point, they themselves would be guilty of stealing our home and assets. 






In this article entitled, '' Failure to Reconvey : Quiet Title Without a Quiet Title ActionbyXXXX XXXX XXXX XXXX, XXXX |Attorneys, Blog, Civil Litigation, Real Estate WA XXXX Trusts and Estates WA, Washingon State '', the author illustrates what happens when the Trustee tries to weasel out and does not reconvey. 





The author answers the question as to : " What do you do when a seller fails to reconvey the title to property following payment of the loan, then dies? '' Failure to reconvey, says XXXX XXXX, puts a cloud on the title that must be quieted. However, warns the author, a quiet title action can be a drawn out and expensive matter. 







" Is there a way to obtain a quiet title without a quiet title action? '' In this case, that 's exactly what the attorney accomplished for this client. 







After having agreed to take on the cumbersome title of Mortgage Trustee, the author notes the legal obligation one faces. 







" As the proposed Trustee, I was less excited. I had two main concerns. 



First, the Trustee must act in good faith toward both the grantor and the beneficiary. 



This would require a careful conflicts letter and explanation to both my client and the former owners daughter. 



Because the daughters concerns had been, all along, the wording of the reconveyance request and the indemnification, not actual opposition to reconveying the property, her interest was not adverse to my client, and a carefully drawn conflicts letter was possible. '' Second, I was not wildly enthusiastic about taking on the liability of a Trustee. 



However, in this case, I did feel the risk was minimal. I had a long history with the client and remembered when she had paid off the Note. 



The loan servicing company had a record of the payments showing the payoff by cashiers check as well as a notation that the documents had been returned for reconveyance. '' The loan servicing company had held the original Note and Deed of Trust until the loan was paid, saysXXXX XXXX, meaning that the Seller could not have assigned or sold it during that time. 







" Further, this particular seller represented almost no risk of having fraudulently assigned the Note or Deed between the time they were returned to her and her death a few months later. 



" Further, if either had been assigned, my client would, no doubt, have heard something from the new holder in the fourteen years that hadpassed since the documents had been returned. '' After explaining these concerns to my client and the daughter, both were willing to sign a conflict letter and my client was willing to indemnify me for taking on the role of Trustee. 



Upon this, the new title company was willing to issue a policy without holding back any proceeds. The title was cleared with no quiet title action and the sale closed within the extension period. '' What is the Olive Branch I sought to send Bank of America XXXX XXXX XXXX XXXX? 





Instead of being liable for the entire length of the criminal acts in our home ownership dispute Bank of America would assume liability for the the years between XXXX XXXX, XXXX, to XXXX XXXX, XXXX, plus penalty and interest for all payments, fees and charges. 





But if they fail to resolve this issue of our home being held hostage, that in effect would render them sole Obligor. 



" XXXX XXXX XXXX XXXX Obligor Definition : A person who is contractually or legally, committed or obliged, to providing something to another person ( the obligee ). 

Related Terms : Promisor, Obligee, Debtor The recipient of the obligor 's benefit is theobligee. 



The person to whom the benefit of an obligation flows. 

Also referred to as thepromissorwith the recipient, thepromisee. 



The person who binds himself, acting as a surety or giving security, for another 's contractual obligation, by a bond, is referred to as an obligor. 



The LouisianaCivil Codeprefers thecivil lawword " obligation '' to thecommon lawtermcontract. In many ways, the terms are interchangeable. 



In the LouisianaCode, obligationis defined as follows : " An obligation is a legal relationship whereby a person, called theobligor, is bound to render a performance in favor of another, called theobligee. Performance may consist of giving, doing, or not doing something. '' Who 's at fault, and who 'll take the bulk of the expense, penalty and punishment if my efforts to extend an Olive Branch to Bank of America XXXX XXXX XXXX XXXX falls through? 





The Bank of America Board Chair and CEO, that 's whom. 





I 've requested the keys to XXXX XXXX XXXX XXXX XXXX , CA , but no more. 





Now, I 'm demanding them AND QUICK! 





Especially since learning that the CEO has the ability to hand over those keys because he has first hand access to the property.

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