Consumer complaint received 2020-08-09
Company: LoanCare, LLC
State: MI
Product: Debt collection
Sub-product: Mortgage debt
Issue: Took or threatened to take negative or legal action
Sub-issue: Seized or attempted to seize your property

Complaint:
MY MOrtgage company ( XXXX XXXX ) transferred my mortage to a different lender ( LOANCARE ) XX/XX/2017 without notifying me. My last payment of XXXX was XX/XX/2017 to XXXX I WAS NEVER NOTIFIED THAT MY LOAN WAS TRANSFERRED TO A DIFFERENT LENDER Either thru email communication, phone call, Portal communication ( which i used to pay mortgage ) or mail ( i lived out of state at time ) I found out that it was transfered to a different lender when OLD servicer provider ( XXXX ) notifies me that it's no longer servicing my mortgage. ( Caller at time had no idea where i should send my payments to ) I had no idea where to send my payments OR what was going on with my mortgage. XXXX provided me with some phone numbers and address END of XX/XX/2017. They did not have access to my new Loan # # I called this new lender and was unable to get anyone to help me. I did not have a Loan # # to reference and they did not have my Social Security in their system either. The NEW LENDER reported me to the CREDIT BUREAU 60 DAYS BEHIND XX/XX/2017 FOR THE AMOUNT OF XXXX THIS IS HOW I RECEIVED THEIR CONTACT INFORMATION. I think XXXX XXXX did not provide me with a loan ownership transfer notice when mortgage was sold. The New Owner did not notify me within 30 days of the effective date of transfer I did not have the the new owner 's name, address and telephone number ( and if different, the person who can resolve issues concerning your loan payments or any right to rescind the loan ), the date of transfer, and whether the transfer of ownership is recorded in public records. The new Lender also was to blame because when i called i couldn't get personnel to assist me and provide me with my new loan info # I called new lender and they had no records of me or my loan # # to explain if everything stayed the same during transfer??! My Loan went into default with New Lender OLD Lender and New Lender could not help provide information in a timely manner. After 6months of going back and forth i got a lawyer since they reported me to creditors and i was getting credit collection calls. I was so frustrated by this miscommunication and lack of knowledge of what was going on with my file. Lawyer adviced Died in Lieu and Short Sale as best options to just get rid of property. I didn't want to deal with stress so i said lets give the bank the property back. New lender refused Died in Lieu/ Short Sale after multiple offers, hiring a realtor, photographer, and trying to sale house for them. I feel like I was Collateral Damage during their mortgage transfer process. If i had been notified of process my loan payments wouldn't have fallen behind creating this snow ball effect. A huge snow ball affect that affected me personally for the next 7 years. Now i have a FORECLOSURE ON my credit for 7 years. I can not remove this FORECLOSURE on my credit. I need it removed. How can bank not tell me it's selling my mortgage!!?? I don't care if Bank has their property. They took it and it's over. They can keep it.. but i shouldn't have to suffer for their negligence and poor communication efforts I HAVE TRIED EVERYTHING on my side even selling house myself. I have all lawyer info and communication trail with banks Please help me. I can't imagine going 7 years with this on my credit report. I understand the process of transferring servicing rights is challenging logistically ... it might involve moving thousands of loan documents .. i think this is what caused this lack of communication and transperancy but why iam I as the consumer the collateral damage? I think XXXX XXXX did not provide me with a loan ownership transfer notice when mortgage was sold. The New Owner did not notify me within 30 days of the effective date of transfer I did not have the the new owner 's name, address and telephone number ( and if different, the person who can resolve issues concerning your loan payments or any right to rescind the loan ), the date of transfer, and whether the transfer of ownership is recorded in public records. The new Lender also was to blame because when i called i couldn't get personnel to assist me and provide me with my new loan info #

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation