Date Received: 2022-08-10
Issue: Trouble during payment process
Subissue:
Consumer Complaint: In XX/XX/XXXX, I received a letter in the mail from LoanCare indicating there was an escrow disbursement check which was issued to me in XX/XX/XXXX for {$1400.00}. ( The excess funds in the account is money I've paid to escrow ). The letter stated that for the check to be reissued, I would need to fill out the attached form and either mail or fax it in. If the form was not received by LoanCare by XX/XX/XXXX, the funds would be sent to unclaimed property with the state treasurer 's office. Furthermore, the letter also indicated that processing/reissuing the new check would take XXXX weeks from XX/XX/XXXX ( not from the date they receive the response from me ). After going back through the previous mortgage statements I have received in the mail, I was able to locate the aforementioned check as well as another escrow disbursement check dated for XX/XX/XXXX for the amount of {$1500.00}. I called LoanCare to ask if I would be able to cash the checks. I was told that the checks were not valid after 90 days ( although no such timeframe was noted on the checks ). I was further informed that there was another check which was issued in XX/XX/XXXX for {$2200.00} that was not cashed. I asked the LoanCare agent if upon reissuing the XXXX check, that the checks for XXXX, XXXX, and XXXX could be combined or if I could fill out a similar form I filled out and returned for the XXXX check could be done for the XXXX and the XXXX checks. He told me this was not possible. He stated to me that the checks could not be combined, and that I would have to wait for their unclaimed property division to send me a similar letter in the following years for the XXXX and XXXX checks. The agent also read from the letter I received that any calls or further communication with them to receive or expedite the checks would result in a delay/longer wait time to process the check [ XXXX ]. In other words, LoanCare has $ XXXX in escrow money that is owed to me, however, they are going to pay this money back to me over the course of the next XXXX or XXXX years. The most concerning issue is that the letter stated, they have a high volume of these checks to reissue. If that is the case, LoanCare is holding on to potentially millions of dollars in consumer escrow overpayments.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CO
Zip: 80005
Submitted Via: Web
Date Sent: 2022-08-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-08
Issue: Trouble during payment process
Subissue:
Consumer Complaint: This is a continuation from case number : XXXX and case number : XXXX. The issue : My account is showing as past due. My credit report is now showing 30 days past due - causing my credit score to drop and I have a late charge on my account. Situation : XX/XX/XXXX - XXXX XXXX- Received a call from XXXX, she let me know XXXX is no longer with the company. She is reviewing my calls. She hopes to have the issue resolved by this XXXX XX/XX/XXXX. XXXX XXXX XXXX- I called XXXX and left a vm asking for her to return my call. I checked my account online and it's not updated. I let her know this is the 3rd call I've made to her without a response. XX/XX/XXXX XXXX - XXXX called me and let me know a credit was placed on my account for {$1300.00}. XXXX said is going to advocate for a full monthly payment to be credited to the account. She will follow up with me on Wednesday XX/XX/XXXX or Thursday XX/XX/XXXX the following week. She also let me know she would remove the late fee on the account ( XXXX, XXXX, XXXX ) Please review ALL calls. XXXX and I spoke multiple time on XX/XX/XXXX because we were not in agreement with how the money was lining up on the account. XXXX never followed up with me to confirm if the full payment would be credited, it wasn't until I received a note on my door on XX/XX/XXXX and called in that I found out nothing was done. Since then, I've called XXXX three times left a voicemail each time and I have not received a follow up call yet. A field inspector came to my house and left a note on my door to call Loan Care - That is unacceptable considering all the back and forth communication I've had with the company. That tells me there are not clear notes on the account.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 34744
Submitted Via: Web
Date Sent: 2022-08-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-08
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: In XXXX I needed a loan modification and HUD agreed, and gave me a partial claim loan for XXXX. I purchased the house for XXXX in XXXX and currently owe XXXX. I was only behind XXXX. That leaves XXXX that I owe HUD and XXXX to the mortgage company. If I was only behind XXXX why do I owe so much to HUD on top of my mortgage. My payments monthly are XXXX and wasn't lowered that much. I'm asking the company for a break down to better understand how I'm behind XXXX. It's like I'm paying for money I didn't receive and where have my monthly payments been going since I owe more than what I bought the house for.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: RI
Zip: 02909
Submitted Via: Web
Date Sent: 2022-08-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-06
Issue: Trouble during payment process
Subissue:
Consumer Complaint: My husband and I refinanced our home in XXXX with XXXX XXXX XXXXXXXX XXXX. The bank, falling under the XXXX umbrella, who obtain our refinanced loan, was XXXX. In the summer of XXXX, our loan was sold from XXXX Bank to Loancare, another bank falling under the XXXX umbrella. We received a notice on or about XX/XX/XXXX, stating we did not have homeowners insurance when we in fact had insurance with XXXX XXXX XXXX XXXX through XXXX XX/XX/XXXX. On or about XXXX XX/XX/XXXX we received another notice stating to disregard the previous notice as we had insurance. We did not hear anything from Loancare until XXXX of XXXX, nearly a year later, stating we do not have insurance and that we were erroneously being placed on forced protection from XXXX XX/XX/XXXX to XXXX XX/XX/XXXX, even though we had a valid insurance policy with XXXX XXXX XXXX XXXX through XXXX XX/XX/XXXX. Within a week, we received two other notifications about being uninsured, and forced placed protection. At that time, we contacted the bank for clarification and contacted our previous homeowners insurance company ( XXXX XXXX XXXX XXXX ). We had homeowners insurance through XXXX XX/XX/XXXX at which time XXXX XXXX XXXX XXXX never received an insurance payment from Loancare. After 90 days, our policy was cancelled due to nonpayment. All the while, we had been paying our mortgage which included the escrow amount to cover our insurance, and never received any correspondence from the bank stating we were uninsured or that there was an issue with our current policy. We have contacted the company nearly 20 times within the past couple of weeks with no resolve. Each person we speak to asks to hear the story over and states someone will get back to us in 3-5 business days after they have time to review our account. We hear back in 3-5 days, but it hasn't been with resolve, rather, asking what our issue is AGAIN. In the meantime, we have had to find a new homeowners insurance company to cover our home. Due to the lack of coverage ( unbeknownst to us ), the only insurance we can obtain is state insurance through XXXX. We had to have a wind mitigation and 4-point inspection done costing {$300.00}. Something we would not have needed had there not been a lapse in coverage. We have never missed a mortgage payment, nor have we ever made a claim against our insurance. Additionally, our new insurance premium is approximately {$2500.00} more than our previous policy with XXXX XXXX XXXX XXXX which includes a {$850.00} surcharge for high risk due to lack of coverage. Also, due to the lack in coverage, the soonest our new policy could start is 30 days from the time of phone call, meaning our beautiful home, valued at over $ XXXX is unprotected during the peak hurricane season. There were a couple of representatives from Loancare who took the time to try to help figure out what happened. They read through all the notes and dates notifications were sent and what they were. Both realized our account was not handled properly but had no " power '' to really do anything to help. One did contact XXXX XXXX XXXX XXXX to attempt to reinstate our old policy, but too much time had lapsed on our old policy, and they no longer write new policies in the state of Florida. She also attempted to have any negative repercussions towards us removed with our new company ; however, she was not successful, and we were forced to wait the 30 days and pay the {$850.00} surcharge fee. Another representative opened an audit of our account, stating the audit team had 3-5 days to review the account and get back to us. This was at least two weeks ago, and we still have not heard what the audit team discovered, if an audit was even done. All the time spent on the phone, no coverage on our home, and extra expenses, all without resolve has resulted in lost hours at work, frustration, made to look like consumers who do not pay their bills, and severe XXXX for both my husband and me. Due to the seemingly gross mishandling of our account and the additional run around the past 3 weeks, we are highly disappointed with the company and request a prompt resolve to the issues at hand.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33647
Submitted Via: Web
Date Sent: 2022-08-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-06
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I have filled out a lost mitigation application numerous times since XXXX of 2021 when I was ready to re start payments on my home after forbearance period. Every time I send in information Im told Im missing something or my information is outdated. I call weekly to find out information or what is needed and always get a different answer. Finally I receive a letter via mail that my application is complete allow 30 to 45 days for approval. When I called back my house was in foreclosure so yo missing paper work but I have a letter stating my application was complete confusing and frustrating none the least. I have spoke. With supervisors multiple times but nobody has been able to process my application correctly. Just need assistance so I can continue paying my mortgage and not lose my home. Please
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: GA
Zip: 300XX
Submitted Via: Web
Date Sent: 2022-08-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-05
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: I have contacted LoanCare regarding XXXX late payments theyre reporting on my credit. When the Pandemic first happened and I was financially impacted, I notified them and they told me my payments were suppose to be in forbearance. They assured me that they werent reporting late payments at all because of the Natural Disaster of C19. Upon me checking my credit report the ending of last year, I seen they have reported as late payments. I have been contacting them via Mail and also over the phone. This is hindering me tremendously! Those two years was very tough for me. Not only did I loose more than 50 % of my income but I lost my mother at the same time. I had to pay for her funeral expenses. I also told LoanCare the same. They assured me that I wasnt going to be affected. But I am. I have improved my payment history since the world opened back up.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 11203
Submitted Via: Web
Date Sent: 2022-08-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-05
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I have been dealing with Loancare on a payment issue for 6 months now and 2 cases have been filed. The latest case number was XXXX They initially refused to do anything but after the second case I filed, they finally agreed that they had internal issues and said that they would reverse my negative report with the credit bureaus. It remains to be seen when my credit history is fixed since I can not trust Loancare to do the right thing. This complaint is a related one that shows how they constantly send incorrect information resulting in harassment and mental torture. I just received the attached mortgage statement which included a DELIQUENCY NOTICE stating that I risk FORECLOSURE. After the issues I have had with their inefficient payment receipt system and the cases filed earlier on this same mortgage, I started paying online through their website so that there is no third-party bank involved and so that they can not hide behind another process anymore. The attached online log from their website shows all payments made and the statement I just received in the mail shows a different picture. I have complained to them multiple times that their systems are misleading and they continue to claim that nothing is wrong. My payments are scheduled by the XXXX of each month but their systems always show a later date since it takes them time to withdraw funds for some reason only known to them. My payment date should reflect when I pay online and not when they get the funds after their internal delays. All banks and mortgage companies follow that process except Loancare. Even the IRS uses the US Postal Service stamped date. This company is internally biased and does not care about the consumer. Getting them on the phone takes over an hour so that is a waste of time as well. Hence am submitting this complaint since someone needs to set them straight. These kinds of inefficiencies cause confusion and ultimately cost the consumer and we end up losing out. It makes no difference to them since they have nothing to lose. If I did not spend 6 months chasing them with multiple complaints they would never have agreed to fix my credit report. Who pays for all the time and energy that I had to spend chasing them for a mistake they made? And now with the delinquency notice, they are increasing my stress level even more. For a customer who pays on time and is very careful about credit this is a huge issue. I am in the middle of buying a home and due to their fault and incorrect credit report it will cost me hours to try and explain this to the new lender and then I will have to provide all the extra paperwork as well. Why do I have to do this for no fault of mine? Such Mortgage companies can not be allowed to operate like this? They have to be held responsible for providing proper service. They just can not charge fines and penalties and hide behind a rule book and have consumers run behind them since we are at the receiving end. They will probably state that their systems are adjusting the balances due to the earlier case as they fix the payment allocation from XX/XX/2021 and generated a statement in error. But that just shows you once again how inaccurate and inefficient their systems are. They just CAN NOT send a delinquency notice if I am not delinquent since foreclosure is no small issue. I can not take this stress anymore and keep chasing them to avoid issues on my end. I AM NOT DELINQUENT AND TAKE OFFENCE THAT THEY SENT ME SUCH A NOTICE AND MENTIONED FORECLOSURE.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 94587
Submitted Via: Web
Date Sent: 2022-08-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-03
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I would like for the CFPB to look at the mortgage assignments. This agency will note that the mortgage documents are fraudulent. The Lender has used court adjudicated Robo-Signers and other unauthorized persons to create a Chain of Title in the mortgage assignments.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33023
Submitted Via: Web
Date Sent: 2022-08-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-03
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: Our USDA loan was in a COVID-19 forbearance for 12 months under the CARES Act. Prior to forbearance ending on XX/XX/22, and on several occasions since then, we have attempted to reach our servicer, LoanCare, to exit forbearance and bring the account current, including by phone, fax, email, and mail ( see enclosed contact log ). We have repeatedly requested to resume our contractual payment and retain the original terms of the loan, deferring the past due balance to the end of the loan. LoanCare has erroneously advised us that USDA loans are not eligible for deferment and that the only option to exit forbearance is a Loan Modification, which would change our interest rate and payment terms. This is incorrect according to USDA, HUD, CFPB, and even literature published by LoanCare. LoanCare has neglected to abide by the guidance of the aforementioned agencies who regulate the implementation of the CARES Act regarding COVID-19 forbearance. The guidelines are clear. Resuming our contractual payment and deferring the past due balance to the end of the loan is one ( of multiple ) options available to us as USDA borrowers. LoanCare has ignored our multiple requests, insisting on Loan Modification only. On XX/XX/22, we received Loan Modification documents from LoanCare in the mail that we did not want or request. LoanCare has failed to provide us with all available repayment options in accordance with the protections provided by the CARES Act, which they are obligated to do.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 92028
Submitted Via: Web
Date Sent: 2022-08-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-01
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: During covid pandemic, I was in forbearance plan and on my credit report show XXXX late payments?? Could you please remove late payments for me please.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MA
Zip: 010XX
Submitted Via: Web
Date Sent: 2022-08-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A