Date Received: 2022-05-13
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: The mortgage company is LoanCare. XX/XX/XXXX - I paid {$50000.00} towards the principal. XX/XX/XXXX - I paid {$50000.00} more towards the principal. XX/XX/XXXX - I tried to pay the remaining balance of {$48000.00} and I either accidentally applied it as a mortgage payment or it forced me to make it as a mortgage payment because that was the remaining balance on the loan. XX/XX/XXXX - I called customer service to let them know that I accidentally made my payment as a mortgage payment instead of a principal only payment. The lady on the phone said that she would move the payment from a mortgage payment to the principal. She said that it would be moved over in 7 to 10 business days. She also asked if I was trying to pay off the loan and I said yes. She said that I need to request a payoff statement so I did that after the call had ended. XX/XX/XXXX - I received the payoff statement in an email. The total amount to pay in full was {$450.00} cents. It says that you can wire the money or send a cashiers check. It says that the total amount is good until XX/XX/XXXX. XX/XX/XXXX - I called customer service again because I was concerned that they were going to charge me a late fee since the normal payment date on my loan is on the first of every month. Customer support said that I have nothing to worry about as long as they receive the money by XX/XX/XXXX for the payoff amount of {$450.00}. I explained that I had accidentally made the payment of {$48000.00} as a mortgage payment instead of a principal only payment and that the last person that I talked with on XX/XX/XXXX said that they were going to move it over the principal for me. I told her that I was going to go to the bank on XX/XX/XXXX and that I would try to wire the money for the payoff payment. XX/XX/XXXX - I went to the bank and they would not wire the money for me without making an appointment first. I showed them the paperwork and they said that they could do a cashiers check and we could send it that way. I did the cashiers check for the amount of {$450.00} to the payoff department. XX/XX/XXXX - I sent the check to : Attn : XXXX Department XXXX XXXX XXXX XXXX XXXX XXXX, VA XXXX XX/XX/XXXX - Called customer service because the principal was showing that {$48000.00} was still due. I told customer support what was going on and that I had accidentally made the payment for a mortgage payment instead of a principal payment. I told them that the lady was supposed to move it over for me when I called them on XX/XX/XXXX. I told them that she told me to request a payoff request and the total was for {$450.00}. I told him that I sent a cashiers check in the mail on XX/XX/XXXX. He said that once they receive the check that they will move the {$48000.00} to the principal balance. XX/XX/XXXX - Called customer service again because the balance on the principal was still showing {$48000.00}. Customer support said that they never moved the money over from the mortgage payment to the principal only payment. She said that she was going to move the money over for me. She said that it would be moved over by Friday XX/XX/XXXX. She also said that they never got the check for the payoff. She said that I would have to go to the bank and get them to give me a picture of the front and the back with the endorsement as proof that they had received the check for the loan payoff. She said that I need to send that to XXXX. She said if I can not show proof that they got the check that I would need a new payoff statement and she sent that to me in an email on XX/XX/XXXX and I am not paying that because they got the check. XX/XX/XXXX - Went to the bank to get a picture of the front and the back of the check with the endorsement. They told me that the check was cashed on XX/XX/XXXX and that was before the due date of XX/XX/XXXX. I sent an email to XXXX and I have that email printed out and on file on gmail.com. I attached the pictures of the front and back of the check with the payoff statement. XX/XX/XXXX - They sent me an email back saying, Thank you for contacting us! Your inquiry has been forwarded to the team of specialists experienced in resolving your request. XX/XX/XXXX - Called customer support again because it is still showing that I owe {$48000.00} on the principal. Customer support said that it will be moved over by Monday XX/XX/XXXX. I explained my situation and told him that I have sent the proof of payment to XXXX. He was trying to explain to me that I did the payoff payment wrong by sending the cashiers check and that I should have wired the money. The documentation clearly says that I can send a cashiers check. He mentioned the new payoff statement that the previous customer service representative sent me on Friday XX/XX/XXXX and he was trying to say that I have to pay that now and I said no because you received the check on XX/XX/XXXX and he said it takes time to get the check processed. He reassured me that the payment of {$48000.00} would be moved over to the principal balance on Monday XX/XX/XXXX. XX/XX/XXXX - Principal balance still shows that I owe {$48000.00} and it now shows that I am a delinquent and that my loan is currently 30 days or more past due. XX/XX/XXXX - I have not received any other emails from them after XX/XX/XXXX where they said that they are forwarding the email to the team of specialists experienced in resolving your request. I feel like the mortgage company has my {$48000.00} sitting in limbo and that they are trying to get me to pay another loan payoff. Every time I call they tell me something different. They either say we will move the money or we wont until we get the payoff payment. They have the payoff payment as of XX/XX/XXXX. I feel like I have given them enough time to respond to the email that I have sent them on XX/XX/XXXX. It has been 8 days. XX/XX/XXXX - Called customer service again and they said that the loan has been paid off and they got the payoff payment of {$450.00} and it was payed to a different loan on accident according to them. At the moment, I dont have to pay anything. And they said that the {$450.00} is being transferred to my account. They said that they will close the account within the next 5 days. XX/XX/XXXX - I kept getting calls about being late on my mortgage and the automated messaging system told me that I needed to call in about it. I called customer support and they were questioning me on why I was late on my loan. I told them that I was not late on the loan and that they used my payoff payment on someone else 's loan. I told them that that when I called customer support on XX/XX/XXXX that the money for the payoff payment would be moved into my account by Wednesday, XX/XX/XXXX. They escalated it and someone else took the call. I explained everything to them once again. She said that she does see where they used my payoff payment on someone elses loan and she told me that the money would be in by Friday, XX/XX/XXXX. I asked her if my credit is going to drop since they think that I owe money on this loan and she told me that I have nothing to worry about. I asked her if I can get this in writing where it says that the payoff payment is going to be in my account by Friday and that I do not owe anything on the loan and she said that she would send me an email with the transcript. I never got the email. XX/XX/XXXX - It still shows that I owe {$48000.00} and I don't see anywhere where it shows that the payoff payment of {$450.00} was applied to my loan. The money has still not been moved over. I do not understand how they used my payoff payment on someone else 's loan and why it is taking so long to get the payment moved over to my account. I have done everything that they have asked.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NV
Zip: 89128
Submitted Via: Web
Date Sent: 2022-05-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-05-13
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: I paid off my mortgage. I am requesting that the company mark my Credit report as Paid in Full. I had filed Bankruptcy XXXX but the mortgage was not included. That was discharged in 2017. I have attached documentation from the mortgage servicer that is was paid in full and also the wire transfer document.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: PA
Zip: 184XX
Submitted Via: Web
Date Sent: 2022-05-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-05-13
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I have been making additional escrow payments for 2 years now. I have been sending separate checks from the actual monthly mortgage and was told to put in the memo field " additional escrow ''. Per my Credit Union ( XXXX XXXX ) they confirmed that all payments that went out for {$50.00} to LOANCARE did indeed have in the memo field that it was for additional escrow. When I received my escrow statement stating it was short I immediately called. I spoke to XXXX who was very apologetic and said he would have those payments applied properly. He also said I should be getting a refund. He said he viewed the checks and verified the memo. When I called 2 days later, I was told by a rep, and then her, superior XXXX XXXX escalation agent ) that they can only adjust the account for 6 months but they misapplied the payments for 12 months. I was also denied an audit on my account from XXXX ( escalations agent ). I am refusing to pay the increase mortgage amount i XX/XX/2022 when I overpaid the escrow. Per my insurance company, my insurance increased {$41.00} from the prior year and my taxes increased a total of {$200.00} from the prior year. I need this resolved. When I continue to make the same mortgage payment due to their error I DO NOT want my credit report to reflect a past due. My current credit score is clean with a XXXX score of over XXXX.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 945XX
Submitted Via: Web
Date Sent: 2022-05-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-05-05
Issue: Trouble during payment process
Subissue:
Consumer Complaint: On XX/XX/2022 my home was destroyed by a XXXX. The insurance company paid me for the limit of the coverage and made out a check to me and the mortgage company- LoanCare. I called LoanCare and followed their instructions exactly to send the check by regular mail and unendorsed to their insurance claim check processing center and that they would send it back to me endorsed. As instructed, I included a letter stating that I wanted to pay off the mortgage with the check and with the remainder being returned to me. I mailed the check on XX/XX/2022, and on XX/XX/2022, I called the processing center to get an update on the status of my check. I was told that they did not have any record of the check and blamed me for not calling the processing center and setting up an " account '' with them before I mailed the check- a process that I was not informed about during the instructions I received. I asked the processing center to search for the check and on XX/XX/2022, I received a call back asking me for more details on when I sent the check and to what address- which I was informed I did send it to the correct address. I do not believe for a minute that there is anything wrong with the postal delivery and after XXXX hours from our last conversation, they still do not have a record of my check. This is either a deliberate stalling process to change the status of my loan or incompetence on a level that I have never seen before in a business environment.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TN
Zip: 37862
Submitted Via: Web
Date Sent: 2022-05-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-05-05
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I have been working with my mortgage servicing company, LoanCare, for the past 7 weeks to address a few mistakes they've made in processing my loan payments. In XXXX, XXXX, and XX/XX/2022, I made 3 on time payments. Each monthly payment included an additional amount of principal paid ( which LoanCare refers to as curtailment ). These payments culminated in an unpaid principal balance of {$350000.00} as of XX/XX/2022. According to LoanCare, they incorrectly posted the Principal and Interest payments {$0.00} less than the contractual principal and interest for these 3 payments. So on XX/XX/2022, LoanCare attempted to correct these discrepancies by reversing the 3 payments ( including the curtailment amounts and escrow payments ) and reposting them with the correct amount. Unfortunately, they incorrectly reposted the payments which has resulted in a new {$0.00} discrepancy. After the reversals and repayment transactions were posted the unpaid principal balance grew to {$350000.00} which is {$0.00} more than what the balance was ( {$350000.00} ) on XX/XX/2022. There are 2 main issues contributing to the {$0.00} discrepancy. First, LoanCare reapplied the 3 original curtailment payments in one lump sum of {$210.00} on XX/XX/2022 after the 3 repayments were applied. Doing so, LoanCare did not properly reduce the principal balance between each monthly payment which affects the amount of interest and principal deducted. Secondly, LoanCare did not reapply the same principal and interest amounts as the original XXXX and XXXX payments. It is unclear what calculation they used for these transactions and they have not provided any insight into it. To properly reapply these payments, LoanCare should have reapplied the payments in the following order using the same number of days between payments to calculate the same interest as the original payment. 1. XXXX principal and interest 2. XXXX curtailment amount 3. XXXX payment 4. XXXX curtailment amount 5. XXXX payment 6. XXXX curtailment amount Doing so ensures that the unpaid principal balance is reduced as expected before each subsequent payment is applied. I have shared this information in several calls with LoanCare, in a written letter, and with the XXXX XXXX XXXX. Since this issue was discovered, I have continued to make my payments on time ; however, each subsequent payment is now affected by this discrepancy. I have not received any indication to date that LoanCare intends to address this fix or that they even understand what they did wrong. It has been a frustrating 7 weeks.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MI
Zip: 48103
Submitted Via: Web
Date Sent: 2022-05-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-05-04
Issue: Trouble during payment process
Subissue:
Consumer Complaint: In XX/XX/2020 we called the mortgage holder regarding covid concerns in regards to the possibility of one of us being furloughed with loss of wages due to the pandemic. We were advised that could apply for some kind of financial assistance/forebearance plan. We were told by the person on the phone that he would submit a form and we should hear back within a month. We were also advised that if we needed to do a lesser payment at that point in time that it wouldn't be a problem. A month went by and we had not received any communication so we called the mortgage company again. This person informed us that no application had been filed but that they would do it now. So we went through the process again for 20 minutes. Another month went by and the same result, we demanded to have a manager call us up to get going on they issue that they now created. After speaking with a manager we waited for another month... Again nothing, this time we got a callback from their escalation team, the lady name was XXXX XXXX. We have the email correspondence from her. After much back and forth we were told that we would have to refinance with them to get the now 2 payments of {$1500.00} in forbearance. This was not what we were looking for and the sneaky way they went about it was not professional. We all of a sudden got an email from another person from the mortgage company telling us that they needed our SSN and income, pretty much the same information you give to start a new mortgage application. So I asked what was going on? While they didn't want to answer the question at first they told us that they were putting information together for a new loan without our consent. Of course then they denied us the forbearance plan and they all of a sudden they told us that our payments were overdue - two ( 2 ) {$1500.00} payments-. They told us that this had to be brought up to date so we wouldn't get penalized and they started to tell us that we originally had 24 months to bring the balance up to date but because we had spent time on the application that was now down to only a few months. At that time I felt bamboozled by this company. No one knows anything or gives you really bad advice. So to put latest problem with them. Our home value has gone from the original value of $ XXXX to over $ XXXX giving us the option to remove our mortgage insurance in accordance to their own guidelines. When we called and asked for the process to start and pay for an evaluation no one gave us any useful information as usual. We then got a letter and a check ( attached ) that we had been denied since the loan to value ratio was less than 80 % from the original appraisal. This was exactly why we were paying for the appraisal in the first place. I have since called several times and got different answers as to why we were denied yet the only thing that haven't addressed is the loan to value? We have complied with this company for over 2 years back and forth and there is a lack of knowledge and misguidance. We are current on our payments and our loan to value is above the 80 % they are requiring. Thank you XXXX and XXXX XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33458
Submitted Via: Web
Date Sent: 2022-05-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-05-04
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: LoanCare, a mortgage company that held the mortgage on a property I used to own reported a late payment to the credit agencies for the month of XX/XX/XXXX. I sold my property that LoanCare held the mortgage to in XXXX of XXXX so there was nothing to be delinquent in XXXX. I contacted the company to have them correct it but almost 5 months later they still show it as a dispute by consumer on my credit report and this is affecting my ability to qualify for a new loan for a new mortgage.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CO
Zip: 80013
Submitted Via: Web
Date Sent: 2022-05-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-05-04
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I have a 30 year fixed rate mortgage serviced by Loancare, XXXX XXXX, XXXX. I live in XXXX and I am trying to get a XXXX XXXX XXXX. The lender I am working with stated that our deed shows Loancare as servicing a XXXX XXXX XXXX instead of a 30 year fixed mortgage. I have called Loancare three times to get this corrected and I received a different answer every time, although they have admitted their error. I am unable to get them to document this information back to me in writing. If this is not corrected soon, I will loose a favorable loan interest rate on my XXXX XXXX XXXX. This is the only outstanding issue.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 787XX
Submitted Via: Web
Date Sent: 2022-05-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-05-03
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: We have been trying to get a Loan forbearance, to wave loan payments for 4 months to move those payments to the end of the loan. W we are able to pay escrow payments of {$700.00} a month for 4 months. My wife has been injured at home and she is not able to work for 4 months. We put in an application for the loan forbearance loan Care keeps requesting copies of documents they have or have miss read the documents. We have not missed payments in the past. It seems they are dragging this out so they can for close on us we have letters from Loan stating they are ready. We are now almost two payments behind. We feel that they are not trying to work with us from their own rules we fit in for a Loan Forbearance.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 93060
Submitted Via: Web
Date Sent: 2022-05-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-05-02
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I have had issues with loan care mortgage where they will not remove a name from deed/title due to the fact that I have a gifted deed instead of a quick claim deed. I have went into foreclosure because I was unable to sign the loss mitigation documents they sent me with both names on it. I have told the company multiple times over the last 8 months that I can continue with the process if they just update there side of the documents that are updated with state and county courts but they won't except it.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: VA
Zip: 242XX
Submitted Via: Web
Date Sent: 2022-05-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A