Consumer complaint received 2022-02-25 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Closing on a mortgage — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: WA

Complaint narrative:
I was doing refi on our home last week. As part of the process we had to pay off the XXXX held by Bank of America for over XXXX years. I tried reaching out to them and was told that I had to contact their appropriate department which I think was located in XXXX. I spent about an hour on the phone, was passed around, and got nowhere. I decided that I would not have an opportunity to pay off the loan myself, so I expected it to be included in the XXXX documents. On XXXX XXXX the escrow XXXX said that she had been given a payout amount of {$65000.00}. On XXXX XXXX, the closing date, she received a new payout amount of {>= $1,000,000} with no explanation. She was able to refinance the first mortgage, preventing a foreclosure sale, but she was given no explanation for the huge amount demanded by BofA to pay off the XXXX. After numerous calls it was revealed to her that Bank of America was demanding payment for both their second mortgage plus the much larger XXXX XXXX. This information was never communicated to me. She said that she couldn't close the XXXX  without a proper accounting from XXXX, something that they refused to give. I was supposed to receive {$75000.00} cash out. I need the money. She asked me to call BAC. I spent XXXX hours on the phone last Friday, XXXX XXXX. I was passed around from XXXX XXXX department after another -- -foreclosure, consumer credit, and others. These various departments were located in far away locations throughout XXXX -- -- I started in XXXX, was transferred XXXX, then XXXX XXXX, then XXXX, I was to be transferred to XXXX when I just gave up. At no point in this long telephonic journey did I encounter anybody who was even close to understanding the problem ; it was always the problem of another department in another city, and each step of the way required long waits on hold, re-identification of me and my loan. 

The XXXX XXXX told me that she started in again on Tuesday and logged an hour and a half holding and talking before finding a XXXX employee who would clearly identify the problem. This person told her that they would not give her the opportunity to pay off the XXXX until they, giant BAC, had received back their check for {$1.00} XXXX which they submitted as a bid on my home in foreclosure. She said that 'maybe ' it would be returned by XX/XX/XXXX. I have a couple of questions : Why can't BAC just put a stop payment on the check? That would end their liability. Why can't BAC just have someone in their giant organization straightforwardly explain what they are doing? Why didn't they simply inform the XXXX  officer that they were going enter the bidding on my house instead of giving her a valid payoff amount, and then, at the last minute, bumping that amount by XXXX XXXX? Why should I be punished because they failed in their attempt to exploit my situation by bidding on the sale which didn't happen? Why is there no penalty for BAC for behaving so badly? They have wasted so far about a day of my time and probably half a day of the escrow XXXX 's time. I will start in again tomorrow with a new BAC XXXX number. I am not optimistic because these calls have not worked in the past, but I have no other alternative. I have had a BAC account for over XXXX years. It means nothing to them. I am just another victim to be fleeced. I went to my local branch seeking help, and after waiting, was informed that I would have to call another XXXX number... .which leads to a XXXX zone of ignorance and indifference. These big banks make billions in profits. They pay their CEOs XXXX to XXXX ; why don't you compel them to provide some decent public service. The federal government is always there to bail them out and to keep the vast salaries high while small business people ( me ) go to the wall. 

Make these guys provide people who will answer the phone and respond to their customers promptly in a meaningful way. 

Thank you.

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