Review Time
This company is a complete scam. I wish we were in the position to refinance at a higher rate just so we can work with a different mortgage servicer. We began the process of a loan modification and after completing all their requests on time and without error, we were awarded the modification, only to later call and be told that underwriting was missing a page a from our packet, and they are now planning for foreclose on our residence. Not one time were we ever notified of anything being missing from our packet (via telephone or in writing). We've called countless times and spoke to various reps (who by the way always provide conflicting information) and were always quoted the modification amount when calling to make our mortgage payment. If we weren't approved for the modification and underwriting was missing a page, wouldn't they have told us that when we called to make the payment or at least give us our regular mortgage amount as the payment amount??? However, after reading other reviews, we see that this is their scam; they wait for the 6-month mark and make up lies so they can enter your property into foreclosure. Apparently, from what our attorney says, many unlawful businesses do this as a way to double dip (foreclose on your home and take the equity and whatever thy can get for the sale price and then leave you with a large bill). We are taking immediate action to put an end to this. We've contact the CFPB, HUD, and our state consumer protection office to assist in the matter. We have also reached out to our local media outlets to raise awareness of this injustice. We recommend others do the same.
I paid my mortgage online August 3. The funds were not withdrawn from my account. Whenever I looked online to see payment status, the website was down for maintainance. I mailed a check for the same payment mid August. Despite being in receipt of the front and back of a check, endorsed and cashed by LoanCare, as well as an unadultered pdf from my bank showing a positive running balance before and after the transaction as requested, and a promise from LoanCare that there would be a "decision" Sept 6, my account is marked delinquent, and as such I am unable to make payments online or by phone. I spent $60.00 to western union a third August payment to them on August 30 just to avoid a credit impact. There have been countless telephone calls and emails with no resolution. As of Sept 11, my account has not been credited and there is no indication of how to proceed or when their investigation might be completed. Im struggling to understand why I would mail another payment to a place that still hasnt found the last one. I am also wondering how common is the practice of a debt collector to refuse funds that are being offerred. I sure wish I had read the reviews here, but since I had no input into who bought or serviced my loan, it would not have made a great deal of difference. I am just absolutely fascinated by this process of no control over who handles my largest financial matter or requirement for them to be competent or communicate. Loancare has given no indication of regret or urgency on their part and does not seem to care to resolve this. It is just crazy to me that I made a payment, have the receipt, it is not acknowledged in a timely fashion, but LoanCare gets to unilaterally charge fees, affect credit scores and keep their job. My whole life, I thought a check was a receipt of a transaction. I had no idea that you could cash a check, deny receiving it, and refuse to acknowledge proof of recipt. I feel like if I was the one that was trying to extort an extra payment or requiring payment in a certain way that occurrs large fees, it would be some sort of fraud. I also thought LoanCare had a fiduciary duty to act in my best interest, a responsibility to minimize costs of servicing my mortage and an obligation to provide assistance when requested. Good luck, everyone.
the absolute worst mortgage insurance company out there, too many problems to recount. They will not give us our money to rebuild our house. The insurance company issued the check months ago, but they obviously have stuck that $300k in Loancares account making 5% interest. Now when we call they just put us through the ringer, “the supervisor is unavailable” , nobody can help us.
For the life of me I don’t understand why Loancare is so incompetent. I have a great deal of patience as I have been in the mortgage industry for over a decade and I have seen a lot. This is why I stay on top of my mortgage. I got laid off in March so I had to contact them regarding my different options. I already know how they operate so I made sure I stayed on top of them throughout my moss mitigation proceeds. Customer Service NEVER knows anything and continues to give incorrect information. I asked probing questions and asked for clarification because I knew they were wrong. I asked to speak to Loss Mitigation they advised me that they could never transfer me which was also incorrect because 1 day I finally was transferred and even they probably incorrect info. So now my loan is a month behind and I have paces BBB and CFPB complaints and nothing. Even still calling Customer Service and them still giving incorrect information. I am submitting a complaint with the Attirney General today and will have to spend money I don’t have on a lawyer now for one little payment that they will not correct that they can. With all the FCRA and CFPB violations this company has recently had I don’t understand why they are still in busy and companies are allow them to subservice their loans. It’s ridiculous.
lack of payment options - I was told I could walk in and make a payment at my bank I opened the loan with. False. I was told I can make a payment over the phone. False - I would have to give them my personal backing account information they already have on file all over again. The only other option is to log in online. I don't have internet. I live 40 minets from town where I go to a library if I need internet. First Federal Bank did not warn me before the closing that they use such a customer poor company. Had I known #FirstFederalBank used LoanCare I would not have used them for my home loan.
LoanCare's website and payment center is terrible. It seems they've entrusted the processing to a company called Haven, which seems to be a very amateur tech company. For those who have mortgages with them, they are stuck trying to utilize a system that only works properly half the time, if that. I really wish LoanCare would use a serious platform so their customers can feel secure in making payments to them. It's really unfortunate...
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LoanCare builds innovative solutions that get results. Let us tailor a subservicing program for you. NMLS #2916
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