Date Received: 2023-08-28
Issue: Closing on a mortgage
Subissue: Closing disclosure or other related disclosures
Consumer Complaint: Excerpt from 2nd Edition Attorney Workbook, Treatise and Practice Manual ASSIGNMENT : All contracts require an offer, acceptance and consideration to be enforced. An assignment is a contract. In the context of mortgage loans and litigation, an assignment is a document that recites the terms of a transaction in which the loan, note, obligation, mortgage or deed of trust is transferred and accepted by the assignee in exchange for consideration. Within the context of loans that are subject to securitization claims or claims of assignment the documents offered by the pretender lender are missing two out of three components : consideration and acceptance. The assignment in this context is an offer that can not and in fact must not be accepted without violating the authority of the manager or trustee of the SPV ( REMIC ) pool. Like all contracts it must be supported by consideration. An assignment without consideration is probably void, almost certainly voidable and at the very least requires the proponent of this instrument as evidence to be admitted into the record to meet the burden of proof as to foundation. The typical assignment offered in foreclosure litigation states that for value received the assignor, being the owner of the note described, hereby assigns, transfers and conveys all right, title and interest to the assignee. The problem is obvious there was no value received if the loan was not funded by the assignee or was being purchased by the assignee at the time of the alleged transfer. A demand for records of the assignor and assignee would show how the parties actually treated the transaction from an accounting point of view. Therefore we are declaring this as a QWR. In the same way as we look at the bookkeeping records of the payee on the original note to determine if the payee was in fact the lender as declared in the note and mortgage, we look to the books and records of the assignor and assignee to determine the treatment of the transaction on their own books and records. The highest probability is that there will be no entry on either the balance sheet categories or the income statement categories because the parties were already paid a fee at the inception of the loan which was not disclosed to the borrower in violation of TILA. At most there might be the recording of an additional fee for processing the assignment. At no time will the assignor nor the assignee show the transaction as a loan receivable, the absence of which is powerful evidence that the assignor did not own the loan and therefore conveyed nothing, and that the assignee paid nothing in the assignment transaction because there was no transaction. Any accountant ( CPA ) should be able to render a report on this limited aspect. Such an accountant could recite the same statements contained herein as the reason why you are in need of the discovery and what it will show. Such a statement should not say that the evidence will prove anything, but rather than this information will lead to the discovery of admissible evidence as to whether the party whose records are being produced was acting in the capacity of servicer, nominee, lender, real party in interest, assignee or assignor. The foundation for the assignment instrument must be by way of testimony ( I doubt that business records could suffice ) explaining the transaction and validating the assignment and the facts showing consideration, offer and acceptance. Acceptance is difficult in the context of securitization because the assignment is usually prepared ( a ) long after the close out date in the pooling and servicing agreement and ( b ) after the assignor or its agents have declared the loan to be in default. Both points violate virtually all pooling and servicing agreements that require performing loans to be pooled, ownership of the loan to be established by the assignor, the assignment executed in record-able form and many PSAs whereas we have ( 2 ) require actual recording a point missed by most analysts. If we assume for the moment that the origination of the loan met the requirements for perfecting a mortgage lien on the subject property, being that of XXXX XXXX XXXX XXXX Georgia XXXX is the party managing the pool ( REMIC, Trust etc. ) would be committing an ultra vires act on its face if they accepted the loan, debt, obligation, note, mortgage or deed of trust into the pool years after the cutoff date and after the loan was declared in default. Acceptance of the assignment is a key component here that is missed by most judges and lawyers. The assumption is that if the assignment was offered, why wouldnt the loan be accepted. And the answer is that by accepting the loan the manager would be committing the pool to an immediate loss of principal and income or even the opportunity for income. Thus we are left with a Hobsons choice : either the origination documents were void or the assignments of the origination documents were void. If the origination documents were void for lack of consideration and false declarations of facts, there could not be any conditions under which the elements of a perfected mortgage lien would be present. If the origination was valid, but the assignments were void, then the record owner of the loan is party who is admitted to have been paid in full, thus releasing the property from the encumbrance of the mortgage lien. Note that releasing the original lien neither releases any obligation to whoever paid it off nor does it bar a judgment lien against the homeowner but that must be foreclosed by judicial means ( non-judicial process does not apply to judgment liens under any state law I have reviewed ). There is nothing as far as my credit report that states that I have a mortgage loan which was removed around XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: GA
Zip: 302XX
Submitted Via: Web
Date Sent: 2023-08-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-28
Issue: Other transaction problem
Subissue:
Consumer Complaint: My name is XXXX XXXX, I am a XXXX XXXX XXXX XXXX XXXX XXXX XXXX i was hired to do a job by a known client that ended up with me being set up and forced to empty my pockets and open my phone at gun point. The person holding me at gunpoint then forced me to open my bank account and proceeded to XXXX all of the money out of my business account to a random person I do not know. The total amount stolen was {$13000.00} from multiple accounts. I have contacted the bank and they have denied my claims stating that this was authorized by me even though I have provided clear as day evidence including police report and multiple news reports.. even the detectives phone number who is on the case.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 912XX
Submitted Via: Web
Date Sent: 2023-08-28
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-26
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: I'm filing a complaint against Bank of America due to the fact that they profile me and decided to false accuse me of depositing a counter fake check. Around XX/XX/2023 I deposited at a Bank of America ATM 2 checks that I received by mail from my XXXX XXXX ( XXXX XXXX XXXX ) ; one for the amount of {$2600.00} and another for the amount of {$2700.00} for a total deposit of {$5400.00}. On XX/XX/XXXX, I received a notification that the checks were not going to be clear until XX/XX/XXXX. I called the institution for answers and for my surprise they told me : " I was under investigation due to counter fake check and that my account was getting close ''. On XX/XX/XXXX they locked my account and left me with no money away from home, without a valid reason. I went personally to XXXX XXXX, FL XXXX to show the documentation that my XXXX provided me as an evidence ( See the attached documents ). Routing numbers of the checks are valid and belongs to XXXX XXXX XXXXXXXX. I've been calling multiple times and every time is a different person, a different supervisor, a different story. I was supposed to receive my checks back by mail but no checks have been sent and I need my money to be able to return to XXXX and buy my XXXX supplies and clothes. This situation already cost me 2 XXXX XXXX visits.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 34769
Submitted Via: Web
Date Sent: 2023-08-26
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-25
Issue: Improper use of your report
Subissue: Reporting company used your report improperly
Consumer Complaint: Hello, i have noticed that per my credit report, Bank of America has reported a late payment for XX/XX/XXXX on my credit report. This was reported to the credit bureaus without my consent. Per U.S. Code below, im asking for proof documentation that i consented for this to be reported to XXXX, XXXX, XXXX, or any other party I am unaware of. Proof of signed/agreed consent to share our transactional history is being requested. Thank you 15 U.S. Code 1681a - Definitions ; rules of construction U.S. Code ( 1 ) In general.The term consumer report means any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumers credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living which is used or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumers eligibility for ( A ) credit or insurance to be used primarily for personal, family, or household purposes ; ( B ) employment purposes ; or ( C ) any other purpose authorized under section 1681b of this title. ( 2 ) Exclusions.Except as provided in paragraph ( 3 ), the term consumer report does *****************NOT************** include ( A ) subject to section 1681s3 of this title, any ( i ) report containing information solely as to transactions or experiences between the consumer and the person making the report ; ( ii ) communication of that information among persons related by common ownership or affiliated by corporate control; or ( iii ) communication of other information among persons related by common ownership or affiliated by corporate control, if it is clearly and conspicuously disclosed to the consumer that the information may be communicated among such persons and the consumer is given the opportunity, before the time that the information is initially communicated, to direct that such information not be communicated among such persons ;
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: DE
Zip: 19711
Submitted Via: Web
Date Sent: 2023-08-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-25
Issue: Problem with a company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: The existence of a derogatory rating on my account is causing me significant concern. I am deeply worried about its potential impact on my credit. It has already resulted in the denial of a recent loan application and an increase in the interest rates on my existing credit accounts. I want to emphasize the severe financial and emotional distress that this negative rating has caused me and will continue to cause until it is resolved.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NV
Zip: 89074
Submitted Via: Web
Date Sent: 2023-08-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-25
Issue: Getting a credit card
Subissue: Card opened without my consent or knowledge
Consumer Complaint: I was sent an active credit card ( XXXX XXXX XXXX XXXX ) from Bank of America in the mail that I did not apply for or approve. I called bank of America to report the fraud and ask why the card was opened. They did close the account but gave no explanation of why it was opened in the first place.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: IL
Zip: 60126
Submitted Via: Web
Date Sent: 2023-08-25
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-25
Issue: Closing your account
Subissue: Company closed your account
Consumer Complaint: Bank Of America has entered into a consumer credit transaction with via using my social credit card defined under 15 USC 1602 to extend me my o n credit on multiple accounts. In the year of 2022 Bank Of America has committed ADVERSE ACTION and has discriminated against me and my RIGHT TO CREDIT as defined under 15 USC 1691 by shutting down my accounts and denying me a Granted Right which is access to extend credit. Bank Of America has been in violation of the ECOA and Tittl 18 USC 242 for denying me a federally protected right to extend credit and have access to credit. Bank Of America once aft er taking ADVERSE ACTION discriminating against me has reported false statements on my consumer report hurting my reputation and hurting my credit worthiness further negatively impacting my right to extend credit in the banking system. Bank Of America is reporting an alleged debt that arose out of a consumer credit transaction via a FINANCE CHARGE and is falsely reporting charged off accounts as Income on my reputation as defined under IRS Guidelines. Bank Of America has been given the opportunity to perform and provide VALIDATION of the alleged debts by providing key information that which if provided payment in FRN would have been made. Bank Of America has FAILED to provide lawful evidence of a Lawful debt and continues to furnish false statements on my reputation hurting my character and Right to Credit for personal and household needs.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CT
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-08-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-25
Issue: Attempts to collect debt not owed
Subissue: Debt was result of identity theft
Consumer Complaint: Had a account with bank of America they were committing fraud on my account despite there numerous attempts they were unsisesfu in 2022 I notice a big amount in the negative on my account I immediately called the bank and I closed the account and asked them to do a claim. Recently I noticed was in collection because of this the banker did NOT file a claim witch lead me to collections I was put on a check watch list an affected my credit score. Bank refuses 2 do anything about it won't give me I formation or let me speak to a supervisor
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 92308
Submitted Via: Web
Date Sent: 2023-08-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-25
Issue: Closing an account
Subissue: Funds not received from closed account
Consumer Complaint: Bank of America will not release my Funds. Due to no fault of my own. The XXXX in that account is the only thing left I have right now in this world due to my loss of Work due to a XXXX XXXX. I have not ate in over a week. Everyone wants something and no one wants to help me. They will not release my funds even if I file a hardship request supposedly due to Claims and BOA taking the side of the merchants that I have claims with. I have gotten XXXX from one of the merchants and trust me if there is a reason I asked for the funds to be given back by these merchants but they are not even considering the loyalty I've shown for the past 17-18 years. They are not releasing my funds and want me to wait until the XXXX XXXX XXXXXXXX. I've been waiting since before the XXXXXXXX XXXX XXXXXXXX. I have not ate since then.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33702
Submitted Via: Web
Date Sent: 2023-08-25
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-25
Issue: Written notification about debt
Subissue: Didn't receive notice of right to dispute
Consumer Complaint: I owed bank of america credit card and I agreed to pay and for payment to be deducted from my bank account automatically and it never did they did send me to collections even when I was willing to pay an amount to them to settle
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 92626
Submitted Via: Web
Date Sent: 2023-08-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A