Date Received: 2023-04-27
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I have a Countrywide mortgage that originated in XXXX. Bank of America states that they service the loan for XXXX XXXX XXXX XXXX XXXX On XX/XX/XXXX Bank of America wrote to me ( letter attached ) : " After reviewing the new documents and information you provided to support your appeal, the loan is still not eligible for the following program ( s ) for the reason ( s ) indicated below. Since the reason ( s ) your loan modification wasn't approved hasn't changed, you may not request another appeal review. Bank of America Loan Modification Program : your loan isn't eligible for this program for the reason ( s ) stated below : Under applicable program requirements, we seek to reduce the monthly mortgage payment to equal a target payment that is a specified percentage of your gross monthly income through a series of steps that include evaluation of the impact of eliminating interest and amortization on a portion of the principal balance of your loan by forbearance of this portion ( subject to the requirement that it does not exceed a specified percentage of the amount of your loan. Because your gross monthly income of {$520000.00} is so low relative to the outstanding amount of your loan, the portion of the amount of your loan as to which we would need to eliminate interest and amortization would exceed the specified percentage. '' On XX/XX/XXXX XXXX XXXX XXXX, Bank of America Resolution Specialist, Regulatory Complaints, wrote to me in response to a Complaint I made to the Consumer Financial Protection Bureau ( letter attached ) : " On XX/XX/XXXX, Bank of America received a request to appeal our previous decision that this loan was not eligible for a loan modification. Further research indicates there was no additional information or income provided for the appeal, than what was originally submitted for the initial review. Our records indicate we used the average of XX/XX/XXXX and XX/XX/XXXX rental income to calculate the gross monthly income of {$5200.00}. Please understand that when considering rental income, there is a vacancy factor of 75 percent and debt services ( i.e. outstanding mortgage on a rental property ) that are accounted for. The enclosed letter dated XX/XX/XXXX, advised you the loan modification appeal you submitted had been denied. '' XXXX XXXX was the first person at Bank of America to explain to me that when considering rental income it had been reduced by 75 percent. This was not explained in the XX/XX/XXXX letter to me. All that was explained was that my " gross monthly income of {$5200.00} is so low relative to the outstanding amount of your loan, the portion of the amount of he loan as to which we would need to eliminate interest and amortization would exceed the specified percentage. '' The XX/XX/XXXX letter quoted a gross monthly income which was not correct and which had been reduced by 75 percent. I only had rental income for the months of XXXX and XX/XX/XXXX. I was never informed that the appeal needed more information and it was understood that all of the financial information I had provided was everything that I had. I was appealing the figure of {$5200.00} as not accurate. Nobody informed me that that amount was arrived at by reducing my rental income ( which was all of my income ) by 75 %. The appeal was to figure out how my income of over {$15000.00} per month had been reduced to {$5200.00}. If a customer earning {$20000.00} ( 4 x {$5200.00} ) or {$15000.00} ( 3 x {$5200.00} ) is not told upfront that their rental income ( which was my only income ) will be reduced by 75 percent and is not told when they are denied but only told when they file a complaint with the CFPB what does that say about how Bank of America is handling old Countrywide loans? Is this reasonable? Bank of America was not clear in their XX/XX/XXXX letter about how they arrived at such a low gross income and in factthe gross income figure of {$5200.00} was arrived at by reducing my gross income ( all of my income was from rental income ) by seventy-five percent. This was then used to state I would not be apply to afford the monthly modification payments. The normal industry standard is : " They usually use 75 % of your total reported [ rental ] income 25 % is subtracted to account for potential vacancies and ongoing maintenance. https : //www.valuepenguin.com/mortgages/claiming-rental-income-for-mortgage. In addition, My Countrywide loan has been the subject of different class action settlements and this settlement : https : //www.justice.gov/opa/pr/bank-america-pay-1665-billion-historic-justice-department-settlement-financial-fraud-leading https : //www.doj.state.or.us/media-home/news-media-releases/countrywide-settlement-fact-sheet/ The settlement states : These goals are achieved with a number of loan modification options, including : A reduction of the interest rate to as low as 3.5 % for five years, at which time the loan will be converted to a fixed interest rate set at the greater of the Fannie Mae rate or the introductory interest rate on the loan. If that rate is still unaffordable, the reduced interest rate can be extended for another two years ; A reduction of the interest rate to as low as 2.5 % with annual step rate increases, subject to a lifetime cap on the interest rate on the loan ; A 10-year interest-only modification, with an interest rate reduction to as low as 3.5 % for these modifications and yearly step rate increases, subject to a lifetime cap on the interest rate on the loan. My Countrywide loan which has been at 6 percent since XXXX and has never been modified, is eligible for modification under the above settlement, following the above guidelines and should have already been modified. Thank you.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: DC
Zip: 200XX
Submitted Via: Web
Date Sent: 2023-04-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-27
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: I applied for a home loan with Bank of America for a purchase loan but I had a seller credit for $ XXXX and was told that I could not do that. The seller was crediting me back the money to fix the sewer line. They told me I could not receive a seller credit that exceed closing costs, what I read online was you cant get cash back, if you dont have 20 % more in down payment. I was putting 40 % down, with the seller credit it would have 37 %. I decided to forgo financing and paid cash. I then applied to get delayed financing through B of America, since the previous loan was approved. Although, Im not sure why they would offer delayed financing if they dont want customers getting cash back on a purchase transaction. Delayed financing is a refi of your cash purchase with no title seasoning., They told me they could use the loans documents from the previous file. Unfortunately, they couldnt, they required new documents and appraisal. I was in the process of remodeling the kitchen before moving in and I had the sewer line fixed. They had to drill into the floor in the kitchen. The appraisal was delivered XX/XX/XXXX. My lock expired on XX/XX/XXXX. B of a year s now telling me that it requires 10 days to close a loan from the time the appraisal is received. This was never communicated and now they are charging me an XXXX of point to extend because they always require 10 days. If I would have know that up front, I would have not locked or I would have moved the remodel until after the financing was completed. I did a refinance with last year, they didnt require 10 days then. I would like for CFPB to look into the mortgage practices and see if this happens to other customers.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AZ
Zip: 850XX
Submitted Via: Web
Date Sent: 2023-04-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-27
Issue: Closing an account
Subissue: Company closed your account
Consumer Complaint: Good evening, To start I had deposited a verified check into my checking account and BOA stated that it would be available Tuesday the XXXX of this month, I also had two fraud claims one for XXXX, and the other one for XXXX that I was being provided with provisional credit available on the XXXX as well. When I went to check my account that morning I was locked out of my account I immediately called the bank and they stated that it was A branch decision to close down my account they couldnt give me any information. I tried to talk to supervisors, managers, and different employees all for some type of answer but was getting the run around. Im in a low income apartment that I just got approved for last Friday and have to pay rent on the XXXX of this month, I can not afford to miss a payment this will be detrimental To the program that I am in. I was about to purchase a vehicle the same day my money was deposited into my account and had to put that on hold because of me not having access to my money. Its just me that I depend on so me not having access to my money has been hard on me these pass 2 days. I can not afford to feed myself, im barley making it to Work with the little gas I have and I can not even afford to pay my phone bill this month and im at my limit with extensions. I cant call on no one to borrow any money so this has gotten me very depressed that I can not access my money. They have an option for me to withdrawal my funds from a branch but keep giving me the run around and says that most likely I cant do that because of open claims. Also, to contact me please dont call because I dont know how long my phone is going to be on with my bill past due please send me an email to : XXXX. Please be advised that the issues described in this complaint will be shared with the financial institution or company in question for their response.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MI
Zip: 482XX
Submitted Via: Web
Date Sent: 2023-04-27
Company Response to Consumer: Closed with monetary relief
Timely Response: No
Consumer Disputed: N/A
Date Received: 2023-04-27
Issue: Incorrect information on your report
Subissue: Information belongs to someone else
Consumer Complaint: Some unknown person has breached/ obtained my identity information ( name, previous address, Social Security number, and date of birth ) and fraudulently opened a Bank of America credit card on XX/XX/XXXX in my name. During XX/XX/XXXX to XXXX, XXXX, this unknown person has made several charges at several businesses in the New Jersey / New York area and has also made numerous cash withdrawals at multiple ATM machines in New York. Fraudulent activity totals at one point {$7700.00}. After discussions with the Bank of America, the credit card was disabled, blocking any further use/ charges/ ATM withdrawals. The credit card statement was being mailed to an address in XXXX XXXX, NY XXXX. Do not mail any correspondence to the XXXX XXXX address. It's a false address. I have never lived in this place. I have not traveled to New Jersey or New York at any time in XXXX or XXXX. I have lived in my current home in XXXX, TX since XX/XX/XXXX. The identity thief completed a credit card application using a previous home address XXXX XXXX XXXX, XXXX, TX. We relocated from that home in XX/XX/XXXX and sold that home in XXXX. We did not own or live at the XXXX home in XX/XX/XXXX when the credit card was fraudulently opened. The Bank of America has been mostly unhelpful in working with me to resolve this matter. Even so I have reached out to them on multiple occasions. BoA repeatedly told me I needed to contact its Fraud Dept. In my multiple attempts to contact the Fraud Dept., no one ever picked-up the phone. I never had an opportunity to speak with someone in the BoA Fraud Dept. There was not a means to leave a voice message to request a call back. On/ abouXXXX XXXX XXXX XXXX, while in the process of seeking pre-approval for a home loan, the mortgage lender identified to me that my credit score was XXXX. I was under the impression my credit score was about XXXX. Upon learning of this miserably low credit score, I began to look into what was going on. I have also reported this identity theft to my local XXXX, TX Police Dept. Incident number : XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 76065
Submitted Via: Web
Date Sent: 2023-04-28
Company Response to Consumer: Closed with non-monetary relief
Timely Response: No
Consumer Disputed: N/A
Date Received: 2023-04-28
Issue: Problem with a purchase shown on your statement
Subissue: Credit card company isn't resolving a dispute about a purchase on your statement
Consumer Complaint: Ive spent XXXX on and engine from XXXX XXXX. They told me the engine was in perfect condition so I buy it and have a shop put it in, not a day later it overheats due to bad water pump and wiring so I call the lady who sold me the engine and she claims that then engine had a bad water pump AFTER I already brought it so I I ask her why didnt she tell me the problems with the engine before I brought it I couldve took my money somewhere else and she went silent. Then tells me that they will send someone out to check for the warranty. Ive waited WEEKS for the guy to come just to tell me theirs nothing they can do and he tells me the water pump is bad, uh obviously you guys sold me a bad engine. So I submitted a claim with boa for a refund and they told me it will take 3 months finish case. Its Been 175 days and counting! My bills are past due and I can only wait for so long all cause I got scammed for an engine they told me was perfect
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: GA
Zip: 30032
Submitted Via: Web
Date Sent: 2023-04-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-28
Issue: Closing an account
Subissue: Can't close your account
Consumer Complaint: In XXXX, I was a victim of bank identity fraud. The Bank of America, which I have never utilized, allowed someone, online ( and clearly without identification ) to open an account in my name. I was told this is a new COVID policy. Considering everything has opened since the pandemic, I feel this is not a valid justification but simply a way for them be remain laxed in their security procedures. This person was able to obtain access to my social security number and opened an account with errors in my mailing address and with my name spelled incorrectly. When I learned of the fraud, I had to go through the trouble of freezing all of my accounts. I even obtained the services of an identity protection agency. It has required a lot of time on my part to try rectify this issue. I immediately contacted the Bank of America who said that the account would be closed. The following month, I received another bank statement. I called the Bank again and was informed the account the closed but a last statement may have been mailed. This past Friday - XX/XX/23, I received another statement. I just called and now I am being told that the investigation is still pending. They sent me a packet of forms they wanted me to complete with all of my personal information and which also required me to request personal documents from the social security XXXX. I told them that this should not be my responsibility since it was their lack of security which allowed the creation of this problem. Yet they now want me to spend additional time to request all of these documents with my personal information and send it through the mail. First, this is none of their business. They should not have access to all of my personal information. I am not even a client of this bank. Second, I am not comfortable sending this information through the mail when my social security number has already been compromised. In fact, this Bank has had issues with previous data breeches. Hence, why would I want to provide them with more information. They want more information to close the account than they required to open the account. When I called on XX/XX/23, I was on the phone for over an hour and spoke to multiple supervisors who will not tell me when the account will be closed. They are actually telling me if any transactions occur with this account, I could be held responsible. Today ( XX/XX/23 ) I received a letter sating they are refusing to close the account because I refuse to provide them with any more personal information. How can it take more time to close an account than it does to open one? Something is inherently wrong. I could really use some assistance in this matter and I believe their policies need to be changed.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 10956
Submitted Via: Web
Date Sent: 2023-06-02
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-28
Issue: Other features, terms, or problems
Subissue: Other problem
Consumer Complaint: Bank of america credit card XXXX XXXX Called to dispute overpayment BofA sent check that I never received XXXX XXXX -called to check on status and they did a stop payment and offered to send money direct deposit ( said ir would take 3-5 business days ) XXXX XXXX Chat with a customer service rep and rudely said I had to wait 7-10 business days XXXX XXXX Chatted with customer service and said it would now be two billing cycles Asked why I was getting different information and why the reason for the hold up. No answers XXXX XXXX Called again and asked to speak with Manager. Said that refund department sent my request to research the account and that I would have my money back.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 79938
Submitted Via: Web
Date Sent: 2023-04-28
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-27
Issue: Problem with a purchase or transfer
Subissue: Card company isn't resolving a dispute about a purchase or transfer
Consumer Complaint: XX/XX/ edd benafit card with bank of america .i didnt not recevice the card my imforfamtion was stolen and change of address was made after reliazing i never got my card and contacted bank of america to report why i never recieved my card and thier was XXXX made for the {$15000.00} on the card i never recieved endind in XXXX XXXX XX/XX/XXXX i made a claim and disputed transactions that i did not make. claim # XXXX XXXX did everything they asked of me to do from documents to police report towards us postal mail /XXXX servies send B.O.A reort number etc,, ive been checking on my claim stuts everyday snice XX/XX/ and still pending .back in XX/XX/XXXX i received a letter from B.O.A stating i was getting credited {$15000.00} and never received no card no money and now the claim has not been resolved because its still being reviewed i would like to know if someone can help me with this matter its been going on 3years .thankyou
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 91335
Submitted Via: Web
Date Sent: 2023-05-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-27
Issue: Attempts to collect debt not owed
Subissue: Debt was result of identity theft
Consumer Complaint: Federal XXXX judge denied Bank of America motion to dismiss my wrongful foreclosure adversary and clearly ruled that Bank of America and XXXX XXXX XXXX were untimely initiating foreclosure on XXXX The judge has made a very detailed finding of fact, with day by day accounting, that clearly shows that Bank Of America and XXXX XXXX XXXX untimely initiated nonjudicial foreclosure. The attorneys/parties to that litigation did not appeal the courts decision, and under this court order and the doctrine of Stare Decisis they can not restart the same foreclosure without a court permission. The state court is bound to the federal court decision. The attorneys and their law firms are liable if they ignore federal court ruling and a finding of fact by a federal judge if they intentionally untimely initiate foreclosure. On XX/XX/XXXX attorney XXXX from XXXX XXXX foreclosure XXXX and attorney XXXX from XXXX XXXX foreclosure XXXX restarted the same untimely foreclosure and recorded an irregular Amended Notice of Default explicitly stating that it is solely for the purpose of setting a new sale date under the previous Notice of Default recorded on XX/XX/XXXX that was ruled to be untimely by this courts XX/XX/XXXX order denying the defendants motion to dismiss the wrongful foreclosure adversary. And, also recorded in violation of the XXXX automatic stay that is still on. Even though the XXXX was dismissed on XX/XX/XXXX it has not been closed, and it is still active and Bank of America attorney has just filed an objection to the XXXX Trustee Final Report and theres no court order lifting the stay. The same defendants attorneys that were personally present in all the hearings in which this court clearly stated its serious concerns about their untimely filing of the XX/XX/XXXX NOD ( calculated by this court to be untimely as of XX/XX/XXXX ) brazenly filed again under the same NOD on XX/XX/XXXX thinly veiled Amended NOD, without providing any Alaska statutory support.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AK
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-04-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-27
Issue: Opening an account
Subissue: Account opened as a result of fraud
Consumer Complaint: On XX/XX/23 I reported a identity theft fraud issue where someone opened up a checking account in my name the associate closed it out and gave me a fraud claim number XXXX at that point I Froze my check system profile to prevent this issue from happening again but Bank of America allowed another checking account to be open in my name which was again fraud on XX/XX/23 without taking additional steps to block a new account from being open claim number XXXX.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CT
Zip: 06053
Submitted Via: Web
Date Sent: 2023-04-27
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A