Consumer complaint received 2022-05-04
Company: LoanCare, LLC
State: FL
Product: Mortgage
Sub-product: FHA mortgage
Issue: Trouble during payment process

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 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