Consumer complaint received 2021-05-25 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CT

Complaint narrative:
In XXXX of XXXX Bank of America reach out to us to see if we were interested in refinancing our 1st mortgage to a lower interest rate. My husband and I were interested we asked if we could roll are 2nd mortgage that we were behind on into the loan. The agent I was speaking with explain to us there was not another mortgage and if we were delinquent they won't have reached out to us to refinance the mortgage and that the mortgage must have been forgiven .We had several discussions with the agent and we were assured there was no other loan. My husband I hadn't received any forms or papers from Bank of America in some time so we figured we just didn't understand a letter that was sent to us or never received the paperwork stating it was a forgiven. We went ahead with the refinance and we consistently made all our payments and in addition to making all of our payments we paid weekly to bring the balance of the loan down sooner. Fast forward to XXXX of XXXX and I receive a bank statement for this loan stating we are delinquent I need to start making payments. I immediately called Bank of America spoke with an agent who then referred me to another department that would handle delinquent accounts. I gave the agent my account number that was listed on the statement and she insisted there was no account and the only loan showing up in our names was our 1st mortgage. After several phone calls and being switched to several agents they were able to find the loan. I was told by the agent she wasn't sure why the loan had been misplaced or forgotten that we needed to start making payments. I spoke to several agents to see if there's any assistance we could be given I was basically told no. My husband and I have been making payments ever since our 1st payment being in XXXX of XXXX on occasion I paid 2 months worth within a month we've paid over {$10000.00} and The balance owed never seems to go down. The agent spoken to admitted that they did understand why we weren't receiving statements or being contacted they weren't sure why the loan went missing. My husband and I have been making payments even throughout this past year with covid him losing his job him being sick and myself having gotten XXXX. My husband Began a new job in XXXX of XXXX We continue to pay all our bills with the exception of the 1st mortgage which we excepted the covid  assistance. On XX/XX/XXXX of XXXX we began making our regular payments on the 1st mortgage. This has been a difficult year and a half but we are in the position to get everything back on track. I am pleading with you to work with us on this loan we started and continued making payments in good faith once notified the loan was found. This home is all we have and we do not want to lose it .Please work with us by reducing the interest rate and amount owed we respectfully ask for your consideration on this matter and beg of you to help us keep our home and payments we can live with while supporting our family. The mistake was not ours and I feel we aren't asking for anything unreasonable. I am begging you to help us. I was also advised to contact the Consumer Financial Protection Bureau by another financial institution as well as some of the Bank of America associates I spoke to. I have names of Bank of America staff but don't want to get them in trouble. I will give them to you if need be. 

Sincerely XXXX  and XXXX XXXX My number XXXX The following is the response I received back from Bank of America. 

Digital Signature is VALID From : XXXX, XXXX To : XXXX Response to your inquiry XX/XX/XXXX XXXX XXXX  XXXX XXXX, Thank you for contacting Bank of America in regard to your mortgage loan. 



Our records show that your loan ending in XXXX has benefited from the special forbearance and currently it is under the trial payment plan. However, your loan ending in XXXX is delinquent and due for XXXX. Additionally, my research reveals that this second loan was recently declined for workout assistance as it doesnt meet the delinquency requirements under program guidelines. I am attaching the recent declination letter dated XXXX. 



Please understand that Bank of America doesnt currently have any program that reduces the interest rate or the amount owed on the loan as it doesnt qualify. There is no loan forgiveness. 



Thank you for bringing the concerns to our attention. We understand that this may not be the result or resolution you were hoping for, but I hope we have been able to clarify matters in a way that enhances your understanding of the reasons for our decision. 



Sincerely, XXXX XXXX Officer, Resolution Specialist Executive Escalations for Mortgage & Vehicle Servicing Bank of America Hours : XXXX XXXX to XXXXXXXX XXXX Central Time XXXX XXXX, extension XXXX Fax XXXX XXXX Bank of America logo From : XXXX, XXXX Sent : Tuesday, XX/XX/XXXX XXXX XXXX To : XXXX ' XXXX Subject : Acknowledgment of your inquiry XXXX XXXX, Thank you for contacting Bank of America . Our Executive Escalations for Mortgage & Vehicle Servicing Team has received your inquiry sent to Bank of America. I have been assigned as your dedicated point of contact to resolve your concerns or to direct you in the right direction. 

Im sending this e-mail to provide you with my contact information and another way of communication. Im available Monday through Friday from XXXX XXXX  to XXXX XXXX  CST, and my phone number is XXXX, extension XXXX. 

Im looking forward to speaking with you. 

Sincerely, XXXX XXXX Officer, Resolution Specialist Executive Escalations for Mortgage & Vehicle Servicing Bank of America Hours : XXXX XXXX to XXXX XXXX. Central Time XXXX XXXX, extension XXXX Fax XXXX XXXX Bank of America logo This message, and any attachments, is for the intended recipient ( s ) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and conditions available at http : //www.bankofamerica.com/XXXX. If you are not the intended recipient, please delete this

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