About 7 yrs ago, we lost our house. It was foreclosed. We had a second on it through Bank of America. We continue making our payments on the second. We have never been late with these payments. This month, Bank of America returned our payment and said they wiIl not accept payments any longer. They are demanding the full amount. It's been years since the foreclosure and we have repaired our credit. Can they destroy our credit again like this. We have never been late with our payment to them. Why would they do this if we are making our payments?
Pull out a copy of your second note and mortgage paperwork and read it. Does it have a balloon (early maturity date)? Some of those seconds were amortized over 30 years, for example, but the whole balance was due in 10 or 15 years.
You may want to speak to an attorney. Not the banks attorney, but one of your own to help you with BOA.
I spent 6 hours on the phone trying to fight this. All they could say was "I'm sorry you feel that way." I talked to Quicken Loans about it and they told me BofA has large corporations lawyers that protect them from anything. We can't win. They have their tax write off and we continue to live this nightmare.
Report BOA to the CFPB. Make sure you have all of your documentation so you can attach it to the complaint. http://www.consumerfinance.gov
The CFPB has teeth and can get this resolved or point you in a direction to get it solved. GL.