Consumer complaint received 2025-02-12 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Closing disclosure or other related disclosures
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: DC

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX. XXXX XXXX XXXX  XXXX XXXX XX/XX/XXXX Subject : Request for Reimbursement of XXXX XXXX XXXX Social Security XXXX Account for Mortgage XXXX XXXX XXXX Dear XXXX XXXX XXXX ( Servicing Loan XXXX ), I hope this letter finds you well. I am writing to formally address a matter concerning the payments made by XXXX XXXX XXXX to your company on mortgage loan number XXXX, for the service address XXXX XXXX XXXX. XXXX, XXXX XXXX XXXX  XXXX. It has come to my attention that the funds used to make these mortgage payments were sourced from my Social Security XXXX Account, under the name of " XXXX XXXX. XXXX. '' These payments to your company by XXXX XXXX XXXX are indeed a form of double-dipping on your part, as the alleged mortgage debt was already paid at settlement or within 30 days of you receiving your first mortgage payment. Therefore, the continued collection of payments from my Social Security XXXX Account is both unlawful and unjust, as the debt was already settled at the outset. 

As I understand it, my Social Security XXXX Account is not simply an identification number but a trust account used for the discharge of debt and to fund transactions related to my business dealings. Upon signing the contract with your company and granting you access to my Social Security XXXX, I understood that my mortgage payments and other obligations would be processed accordingly. However, I now believe that your company has continued to collect payments for a debt that was already resolved, and I have concerns regarding the method and legality of these ongoing transactions. 

Additionally, I want to assert my lawful right to rescission under the Truth in Lending Act ( TILA ). According to TILA, 15 U.S. Code 1635, I am entitled to rescind this loan agreement within XXXX years of the transaction date, as your actions appear to have violated key provisions of this statute, particularly those regarding accurate disclosures and the terms of the loan. Furthermore, this violation of XXXX is compounded by your failure to disclose the true nature of the funds being used to pay the mortgage. 

Moreover, your actions also constitute violations of the Real Estate Settlement Procedures Act ( RESPA ), particularly concerning the failure to provide proper disclosures related to the servicing of my mortgage. As outlined under RESPA, 12 U.S. Code 2605, you have not adhered to the required guidelines for servicing of loans, including the improper handling of funds. 

In addition, XXXX XXXX protects the integrity of trust accounts from misuse and requires that all actions involving a trust be in accordance with fiduciary duties and lawful purposes. Your company 's actions appear to violate these principles, further substantiating my claim for restitution and the cessation of wrongful transactions. 

Furthermore, in cases such as United States v. Schneider ( 1998 ), the U.S. Supreme Court has affirmed that coercion or unlawful interference with financial transactions or trust accounts is not permissible under U.S. law. Based on these precedents, I assert that payments made to your company from my Social Security Trust Account were done so under duress and without proper consent. 

I am requesting that your company immediately reimburse the funds that were wrongfully collected from my Social Security XXXX Account, as these funds were used to make payments on a debt that was already satisfied. I believe that these payments were made under duress and coercion, and I seek lawful restitution of these amounts. 

Please provide a full accounting of all payments made to your company from my Social Security XXXX Account for mortgage loan # XXXX. I request that you take appropriate measures to resolve this matter promptly and ensure that all necessary actions are taken to reverse the improper transactions. I expect this matter to be resolved within 7 days from the date of this letter. If this issue is not addressed within the given timeframe, I will consider seeking legal advice and pursuing further action to protect my rights, including the exercise of my email at XXXX to discuss this further. 

Sincerely, XXXX XXXX XXXX

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