Date Received: 2022-03-04
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: We are filing a complaint about Loancare, our newest mortgage loan servicer, for violating CARES Act guidelines, and running two failed underwriting processes ( one inconclusive, delaying access to lower interest rates ) resulting in a loan repayment offer, rather than loan modification we are entitled to under the guidelines. Background : Our mortgage loan is Federally-Backed and was sold by XXXX to XXXX XXXX XXXX who in turn sold it to a mortgage loan servicer that is also a collection agency ( Loancare ). That last sale was during our COVID-19 forbearance relief application period. Contrary to published CFPB guidance on COVID-19 Relief Programs XXXX Loancare : 1. Violated the regulatory guidelines by requiring detailed proof of hardship to process our forbearance application 2. Delayed processing our forbearance application ( turning 1 application into XXXX ) upto 24 months- denying us access to lower interest rates widely available during XXXX 3. Conducted a failed underwriting process for our 2nd application, with hard credit inquiry ( XXXX ) and no resulting associated loan modification offer 4. After a 2nd underwriting process also violating the guidelines above - did not offer any of the recommended loan deferral, partial claim or modification options as per CARES Act guidelines 5. Only offered a repayment plan including 11.5 % higher monthly payments, knowing full well from our detailed proof of hardship disclosure ( including XXXX & XXXX IRS tax returns ) that we could not afford such an increase in payments 6. Misstated the repayment plan as a " modified mortgage '' plan 7. Dismissed our detailed proof of unemployment provided As per the CARES Act, we are requesting the minimum 25 % reduction in payments we qualify for under the COVID-19 Advance Loan Modification Program ( COVID-19 ALM ). Detailed Timeline with full paper & email trail available on demand : ========= XX/XX/XXXX Federally-Backed Mortgage Loan ( from XXXX ) and Deed closed as California Single-Family XXXX XXXX XXXX Uniform Instrument with XXXX XX/XX/XXXX The loan is sold to XXXX XXXX XXXX XXXX XXXX XXXX - a company we cant find anymore. XXXX is still managing the loan XX/XX/XXXX XXXX informs us of loan sale to XXXX XXXX, with loan transferred over XX/XX/XXXX XXXX offers COVID forbearance relief to customers, and we apply using their XXXX XXXX XXXX form XXXX XX/XX/XXXX Updated to XXXX Streamlined COVID19 Mortgage Assistance Application XX/XX/XXXX My requests for forbearance extensions are received and approved XX/XX/XXXX Last requests for forbearance extensions are received by XXXX XX/XX/XXXX XXXX informs us theyve sold the loan to Loancare ( Mortgage Servicer + Collection Agency ) XX/XX/XXXX I reapply for forbearance with Loancare Summer XXXX From XXXX to XXXX, we provide more financial documents as requested. We spend many hours on the phone with their call center where they finally inform me our forbearance is about to go to underwriting for new loan options XX/XX/XXXX Loancare runs a Hard Pull of our Credit Score XX/XX/XXXX Loancare extends forbearance via letter to XX/XX/XXXX XX/XX/XXXX Loancare sends a letter from our assigned Mortgage Resolution Advocate to discuss the current status of our account. They are impossible to reach via phone, Email or Fax XX/XX/XXXX Loancare Email informs me documents are still missing for our latest forbearance application??/??/?? Something falls through the cracks here, because no new mortgage loan offer or forbearance exit letter is sent - as expected via the underwriting Hard Credit Pull XX/XX/XXXX Instead of a proposed new loan, we receive a letter from Loancare about reapplying ( yet again ) for forbearance XXXX I reapply and provide updated documents as requested via several back and forth Emails XX/XX/XXXX Loancare sends a letter saying they are unable to approve our application because of Failure to supply required documentation in a timely manner XX/XX/XXXX Loancare call center agent advises me to re-apply yet again for loss mitigation assistance in order to maintain forbearance protection. She informs me that our loan as sold by XXXX is not registered with Loancare as eligible for Federally-Backed XXXX XXXX XXXX COVID Advance Loan Modification Options XX/XX/XXXX I reapply and provide updated documents as requested via several back and forth Emails XX/XX/XXXX Loancare sends another letter from a newly assigned Mortgage Resolution Advocate to discuss the current status of our account. Once again - They are impossible to reach via phone, Email or Fax XX/XX/XXXX Loancare sends a letter confirming our latest application is complete XX/XX/XXXX Loancare runs a Hard Pull of our Credit Score - again XX/XX/XXXX Loancare finally sends a letter with revised loan offer Mortgage Modification Program that requires 11.5 % higher monthly payments vs the Federally-Backed XXXX XXXX XXXX COVID Advance Loan Modification Options requiring a minimum 25 % reduction in mortgage payments XX/XX/XXXX New 11.5 % higher monthly loan payment due XX/XX/XXXX Deadline to appeal Loancare decision - in writing
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 94550
Submitted Via: Web
Date Sent: 2022-03-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-03-02
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I was in forbearance during COVID and entered into a loan modification agreement with my lender. I was given a payment schedule of three payment to make of approx ~ {$2900.00}. They do not have automated payment methods. I called in to make the first payment in XX/XX/2021 ( the phone call was recorded ) and the person told me that I had {$2700.00} in suspension ( I made a partial payment during the forbearance period ) and that I could apply it towards my first payment. I asked her at least three times if that was true and she said yes, so i authorized an ACH payment of {$250.00} ( which combined with the {$2700.00} was more than enough for the initial payment ). I called in XXXX and made a full payment of ~ {$2900.00} and it was processed from my bank account. In XXXX when I called to make the third and final payment they told me that the agreement was breached for a missed payment on my part and that the agreement was cancelled. I explained what the lady told me and they researched it and got back to me acknowledging the mistake and informed me that she was wrong that a payment in suspension could NOT be used towards a payment. I explained that I was prepared to make a full payment when I called in and would have done so had she not directed me in this manner. At this point I have been on the phone with them three times for over three hours and each time they tel me it is reinstated and then I get letters to the contrary. I have escalated to no avail and at this point they are telling me tht I have to reapply for a loan modification and start all over. The big issue with that is that my current interest rate is 4>65 % and I have a lender that is willing to refinance it down to 2.24 % which will reduce my payment by ~ $ XXXX but this cant be done until I am officially out of forbearance and it is reported as such. Please help as this company seems to be hamstrung by systemic issues and are not willing to fix their mistake.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NJ
Zip: 070XX
Submitted Via: Web
Date Sent: 2022-03-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-03-02
Issue: Trouble during payment process
Subissue:
Consumer Complaint: My loan servicing company is Loancare and I have been reaching out to the company since XXXX of last year to request that my account be put on bi-weekly payments. I want the option to pay my mortgage in two payments. I received an email on XX/XX/XXXX stating that they do allow it and all I have to is submit a request in writing. So I sent an email back requesting it ( XX/XX/XXXX ) and no response. I sent another request on XX/XX/XXXX and again I was told that it could be done and that I would need to send back a request. I sent another request XX/XX/XXXX and they responded that I would have to send a separate request. That request was sent and here we are in XXXX and I still don't have the option to pay biweekly. Ive contacted the Customer Service number and a young lady told me that the company doesn't allow biweekly payments. That was on XX/XX/XXXX. I then hung up and emailed the company again requesting to be put on a biweekly scheduled and here we are XX/XX/XXXX and they have yet to respond to me. I don't like that this company is keeping me from being able to save on interest and make an extra payment a year by doing biweekly payments.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: DE
Zip: 19977
Submitted Via: Web
Date Sent: 2022-03-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-03-01
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I own a small plumbing business and have been struggling to make ends meet since the beginning of XXXX due to COVID. I was approved for a forbearance plan in XX/XX/XXXX by LoanCare, my mortgage servicer. In XXXX, XXXX I was forced to transition off of the forbearance plan and do not have the funds available to pay the back amount. LoanCare approved me for a Deferral Plan on XX/XX/XXXX but indicated i needed to pay a contractual payment of {$400.00}. I mailed the payment in XXXX and on XX/XX/XXXX I accepted the agreement via email. LoanCare cashed the payment and put it towards a regular monthly payment as a suspended " Unapplied balance '' then failed to update my mortgage payment terms and due date as outlined in the deferment agreement. I tried to make a payment under the deferment and they applied it incorrectly. It was applied to a past due amount that was supposed to be deferred. Since then they sent a letter that refer to my acceptance of a " repayment plan '' which would extend my mortgage term for 40 years! Then days later, I will receive another letter talking about about " missed payments '' or an ACT 91 packet. Most disturbing is the way they are trying to mislead me by removing any mention of Deferral Plan as an option for me even though that option should be available to me as a XXXX XXXXowned mortgage. I have called numerous times starting in XXXX for an update on the deferment agreement paperwork and when my account will be updated. Each time, I need to re-explain the situation, confirm again that I accepted the deferral plan and do not want the repayment plan. I am told they updated the system to reinstate the deferment update and the paperwork will be sent out. To date, LoanCare/XXXX has not updated my mortgage account with the deferment and I am extremely stressed and concerned I will lose my home. In addition to struggling to save my business, I suffered the devastating loss of both my parents last XXXX and XXXX so am trying to take care of their affairs on top of everything else. I have pleaded with this company to process the deferral agreement since i don't have the funds for a repayment and need it done immediately. Since my previous attempts to resolve the issue with LoanCare have failed, I have submitted the attached " Qualifed written request '' to LoanCare. I would appreciate your help to ensure they correct the errors made immediately and freeze any further foreclosure communications or proceedings until this is resolved.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: PA
Zip: 18974
Submitted Via: Web
Date Sent: 2022-03-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-03-02
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: I had my mortgage with XXXX XXXX. I went into covid Forbearance in XXXX of XXXX. I was current with my loan prior to the forbearance. In XXXX of XXXX, I did not extend my forbearance and was ready to continue my payments. at that time, XXXXXXXX XXXX was going to do a loan modification to add the lost payments to the back end of my loan. During that period ( XX/XX/XXXX ) my mortgage was then going to be transferred to LoanCare. XXXXXXXX XXXX was unable to complete the loan modification prior to Loancare taking over the loan. Loancare then started the modification on their end and stated that until my modification was complete and all documents signed, I would not make a payment. I received all the modification paperwork and sent it back and resumed my payments as stated in the modification ( XX/XX/XXXX ). Loancare has reported my 180 days late for XXXX, which was a period i was still waiting for the modification to be complete, XXXX and XXXX. I will attach documentation to show I have made these payments. The home that this loan is for will be sold next week ( XX/XX/XXXX ). Loancare has not been able to provide information to when this will be corrected and had caused my family to become homeless as i can not get a new mortgage until the negligent reporting errors are corrected.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: IL
Zip: 610XX
Submitted Via: Web
Date Sent: 2022-03-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-03-01
Issue: Trouble during payment process
Subissue:
Consumer Complaint: In XX/XX/2021 XXXX XXXX did not apply my payment. I have a letter from XXXX showing the money sent and XXXX XXXX failed to apply. I spoke with a XXXX XXXX employee in XXXX, XXXX, XXXX and XXXX to try to get this corrected. Each employee had diffrent responses to the issue. The one said I see we received your payment however you have a new loan number, i asked when did my loan number change, she was unable to tell me this and hung up on me. When i called back i was told the loan number did not change, that my late fees would be waived and XXXX would be applied. On XX/XX/XXXX i received a statement saying i was 45 days late on 2 payments, XXXX bank shows the XXXX payment was cashed XX/XX/XXXX, however it was not applied. Also for XXXX was not recorded. I have my payments go out automatically every month through XXXX bill pay, they send the payment by the 4th of the month every month, i have never missed a mortgage payment ever. Late fees are continuing to accrue, i pay {$1600.00} a month on a regular payment of XXXX, my funds are not being applied correctly to the additional principal payment. In addition i submitted a credit reporting error in which the servicing company rejected, now creating damage to my credit score. The bottom line of the issue is they never applied the XXXX payment which the representive confirmed that she saw it but was applied to a different loan number!
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: PA
Zip: 19053
Submitted Via: Web
Date Sent: 2022-03-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-03-01
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I submitted a Qualified Written Request ( RESPA ) to XXXX XXXX XXXX XXXX on XX/XX/XXXX via registered mail. Their Loan servicer, LOANCARE LLC acknowledged receipt of the request with a letter dated XX/XX/XXXX well after 5 days of receipt ( 1st violation ). They assured that they take these matters seriously and a detailed written response will be sent no later than 30 days from receipt excluding weekends and public holidays. Per XXXX XXXX XXXX if they are not obligated to respond to my RESPA request, they are supposed to notify me within XXXX business days from their decision not to respond. I have not received any correspondence from XXXX or XXXX since the acknowledgement letter dated on XX/XX/XXXX ( 2nd violation ). It has now been XXXX business days without a response to my RESPA request ( 3rd violation ). This is well past the 30 days required by 12 CFR 1024. As well, I have not been notified of any15 day extension to respond to the qualified written request. I called in to LOANCARE today XX/XX/XXXX @ XXXX central time. The call lasted XXXX XXXX with XXXX , I.D . XXXX. I was calling to make inquiries and was informed that my Home is already in foreclosure status as of XX/XX/XXXX ( XXXX business days after my qualified written request RESPA with no response to or about it ). I was informed that I should call their foreclosure attorney XXXX XXXX XXXX XXXX and their phone number was provided. This is the first time I'm hearing about a foreclosure. I have not been notified by any attorney, XXXX nor LOANCARE. This is also out of line with the FDCPA. Legal action will be taken
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: LA
Zip: 70056
Submitted Via: Web
Date Sent: 2022-03-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-02-28
Issue: Trouble during payment process
Subissue:
Consumer Complaint: LoanCare is my lender that I was forced into using after my previous lender sold my mortgage to them. They have been beyond difficult to work with even when you can get connected with them. This time, their website is not allowing password resets, no matter which way you try ( email, phone, SMS ). I have no way to reset my password to retrieve my tax document on the day I set aside for taxes. I tried calling, and their IVR recognized my account based on my phone number, so I know they have correct account information for me. Their sites password reset just does not work, and there is no communication posted about updates or system interruptions. This company is not open on Sundays when working people are trying to catch up on important things like finances and taxes. LoanCare does not have a way to contact them for tech support outside of their business hours. If this company is legally allowed to go around collecting money from people as a collections agency, they should provide support 24/7 since people may end up defaulting on their mortgages on a Sunday. We are all stuck waiting for LoanCare to open for business Monday morning. This is unacceptable. Accountability should go both ways, and they should be held accountable for not providing support around the clock if people can not login to pay on time.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: WA
Zip: 98407
Submitted Via: Web
Date Sent: 2022-02-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-02-27
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: My mortgage is through XXXX bank serviced by Loancare. In XXXX I used 180 days covid Forbearance due to covid related income loss. I requested to end it after 90 days but they somehow had it continue and end after 180. I resumed payments, have never made a late payment. In XX/XX/XXXX I lost my job for having covid. I was out for XXXX days, XXXX of which I had 102+ temps, was out on oxygen, etc. I returned to work on XX/XX/XXXX, and on XX/XX/XXXX the owner of the company told me covid was fake, that sick days werent for the sniffles, that I wasnt allowed to use my sick days for it, and after saying thats not legal in Nj, I was told he makes the rules, not the government, and was told to return my laptop and badge. I paid my XXXX mortgage, but researched and found that lenders are required to extend an additional 180 days of forbearance for covid related loss if the applicant requests. On XX/XX/XXXX I applied to extend my forbearance and received email confirmation that it was received and would be reviewed in 3 business days. On XX/XX/XXXX I called to follow up and they couldnt find the application. They had me reapply while on the phone and completed the interview. On XX/XX/XXXX I called to follow up again, and was now told that Both applications were missing, even though the notes from the XX/XX/XXXX call stated it was reapplied for. I applied a XXXX time, and emailed XXXX loancare through their help portal. On XX/XX/XXXX I received a call in response to my help request and was told they are not required to extend beyond 180 days. I submitted a XXXX application and called back. I was sent to loss mitigation, who confirmed they ARE required to extend an additional 180 days if requested, but when she tried to do it, she now found none of All XXXX applications, just the notes stating they were submitted. Again, I have email confirmation from Every application. She had no idea why they were deleted and told me to call back on Friday XX/XX/XXXX. On XX/XX/XXXX I call and theres still no record, and no one could tell me what to do. I applied a FIFTH time and I asked who I talk to about it because Ive been trying to apply now for over a month, and no one knew an answer. How are they not required to have their act together for this?? I guarantee this is going to Tank my credit score Tuesday even though I have done Everything I am supposed to do to request the forbearance that Im legally entitled to. I am hoping this will force someone that can actually do something about it, to help and correct the situation.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NJ
Zip: 088XX
Submitted Via: Web
Date Sent: 2022-02-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-02-26
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I keep having trouble with this lender, my track record of complaints with CFPB proves that. I thought we were on the same page once again, requesting my monthly payment be lowered, modification approved and monthly mortgage payment lowered, thank you. Please see the following : new modification first payment due XX/XX/XXXX of {$2200.00}. in which I paid attachments will prove that, XX/XX/XXXX payment scheduled of {$2200.00}. notation : I had 2 XXXX in XXXX of XXXX easily proven, loosing approximately {$3800.00} in rent from my XXXX XXXX, never ever did I let the lender know that as I paid my XX/XX/XXXX, it wasn't necessary. Now the lender is telling me that it wasn't applied at all because of an escrow advnce balance, that they refusing to tell me the breakdown, not in my contract, also if it is taxes and homeowners insurance I could have paid that seperately, besides that is included in my monthly mortgage payments, and extra funds that go in my escrow account. threats have been made and put me in default and I am not Before I meet my demise, I am turning at least 300 pages, to include emails to an attorney to move forward with this company. I certainly see how 3,000 plus complaints have been made on this lender. I have attached copies recently received. Thank you.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 95330
Submitted Via: Web
Date Sent: 2022-02-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A