Consumer complaint received 2024-11-22 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Paying off the loan
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL

Complaint narrative:
Complaint Against Bank of America for Breach of Trust, Contract, and Fraudulent Practices To the Attorney General Offices of Florida : I am submitting this formal complaint to address Bank of Americas fraudulent practices, breach of trust, and deliberate mismanagement of my mortgage loan. These actions have resulted in significant financial loss, mental distress, and long-term harm to my familys stability. My mortgage, originally with a remaining balance of {$17000.00}, was improperly handled in ways that reveal a pattern of predatory intent under the guise of industry standards.

Key Issues in My Complaint : 1. Unauthorized Placement in Forbearance : In early XXXX, anticipating financial strain from my military duties during the COVID-19 pandemic, I requested a refinance for my home loan. Instead, Bank of America placed my loan into forbearance without my consent or proper explanation. My efforts to reverse this unauthorized action were met with absolute refusals, with representatives stating that the decision was irreversible. When I continued to question this action, I was repeatedly dismissed and told that it was industry standard. 

2. Mishandling of Loan Transfers : While the forbearance issue remained unresolved, Bank of America transferred my loan to XXXXXXXX and later to XXXX XXXX. XXXX has since ceased operations, leaving me unable to access vital documentation of payments made under their servicing. Bank of America failed to ensure that I had a complete record of my loan history before this transfer, severely compromising my ability to manage my mortgage. 

3. Financial and Emotional Harm : This ordeal has caused profound financial damage and stress. Due to the unauthorized forbearance, the extra payments I had made during my active military service were rendered useless. Navigating the confusing and deliberately obstructive responses from Bank of America has exacerbated the challenges of providing for my family post-COVID. The systemic failures and dismissive responses have eroded my financial security and caused immeasurable mental anguish. 

Historical Misconduct by Bank of America XXXX Bank of America has a documented history of predatory and fraudulent practices targeting homeowners, evidenced by penalties and legal actions : XXXX DOJ Settlement : The bank agreed to a {$16.00} XXXX settlement with the U.S. Department of Justice for mortgage fraud, including misrepresenting loan quality and selling defective loans to consumers and investors. 
COVID-19 Forbearance Issues : Numerous consumer complaints reveal that Bank of America improperly placed mortgages into forbearance without borrower consent during the pandemic, further harming financially vulnerable customers.

Ongoing Allegations : Despite past penalties, Bank of America continues to face widespread allegations of mismanagement, deceptive practices, and failure to communicate effectively with borrowers. 
These actions demonstrate a systemic pattern of exploitation, perpetuated despite previous accountability measures. 

Requested Resolutions : To address the extensive harm caused, I request the following actions : Restoration of Loan Terms : Reverse the unauthorized forbearance and restore my loan to its original terms, reflecting the accurate remaining balance of {$17000.00}. 
Comprehensive Documentation : Provide all payment records, loan activity, and detailed explanations of adjustments made during Bank of Americas servicing and subsequent transfers.

Integration of Deferred Balances : Consolidate any deferred amounts into a transparent, structured payment plan, ensuring future payment discrepancies are avoided.

Independent Audit and Accountability : Conduct a third-party review of my mortgage account for violations of consumer protection laws, including the Truth in Lending Act ( TILA ) and the Real Estate Settlement Procedures Act ( RESPA ). 
Substantial Financial Compensation : Monetary Damages : Restitution for financial losses, lost payments, and inflated fees caused by Bank of Americas unauthorized actions.

Punitive Damages : Compensation that reflects the gravity of their repeated misconduct and failure to address systemic issues.

Interest and Legal Fees : Reimbursement for accrued interest and costs incurred in resolving this matter.

Emotional Distress Compensation : Recognition of the severe mental and emotional harm inflicted on me and my family due to these practices. 
Closing Statement : As a veteran who has proudly served my country, I expect institutions entrusted with financial stewardship to operate with integrity. Instead, Bank of America has engaged in practices that exploit its customers, leveraging systemic vulnerabilities under the guise of standard practice.

I respectfully urge the Attorney Generals office to thoroughly investigate these practices and hold Bank of America accountable for their actions. My case represents one of many instances where the institution has harmed homeowners through deceptive means. The resolution of this complaint will not only provide justice for my family but also safeguard countless others from enduring similar harm.

In short : I was close to paying off my loan, but Bank of America placed me on forebearance and sold my loan to another company because it was an : " Industry Standard ''. Not sure what that means, but the outcome as a homeowner has only proved negative. 

I have tried to resolve the problem by myself, as I consult with an escalation expert from Bank of America, with them telling : There's nothing we can do, it is not our problem anymore, go talk with your new servicer, by whom is owned by XXXX XXXX as an investment property, but uses servicing from XXXX XXXX, whom are not recognized within the mortgage industry.

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