Consumer complaint received 2023-01-08
Company: LoanCare, LLC
State: IA
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account status incorrect

Complaint:
TO WHOM IT MAY CONCERN, DURING THE COVID-19 EPIDEMIC, MY HOME WOUND-UP IN PRE-FORCLOSURE. 
AS I AM ENTIRELY DEPENDANT UPON THE HOSPITALITY INDUSTRY LOCATED IN XXXXXXXX XXXX XXXX I DID NOT HAVE THE FUNDS AVAILABLE TO ME TO PAY THE MORTAGE WITH A COMPANY KNOWN AS XXXX LOANCARE LLC.ORIGINALLY I WAS IF A FOREBARANCE PLAN BUT AS CALIFORNIA WAS THE LAST STATE TO OPEN, I CONTACTED LOANCARE AND APPLIED FOR A SHORTSALE, AS THE HOME WAS ORIGINALLY OVER-VALUED BY THE ORIGINAL APPRAISAL COMPANY. THE HOME HAD SAT ON THE MARKET FOR ( 3 ) YEARS WITH NOT A SINGLE OFFER, REGARDLESS OF THE PRICE DROPS. FINALLY IN XXXX OF 2022 A LOCAL REALTOR BROUGHT AN OFFER TO SELL THE HOME. DURING THAT PERIOD OF TIME, I HAD TO WAIT FOR XXXX LOANCARE AND THEIR TIMELINE, AS THE SLOW PROCESS BEGAN TO APPLY FOR A SHORTSALE OF THE HOME. 

I MET EVERY TIME SENSITIVE DEMAND OF LOAN CARE ON TIME. THE WHOLE PROCESS LASTED THAT OF ( 7 ) MONTHS FINALLY CLOSING ON THE PROPERTY XX/XX/2022. DURING THAT TIME, AS IT WAS XXXX LOANCARE THAT WAS IN CONTROL OF THE SALE OF THE HOME ; IN FACT I ALMOST LOST THE BUYER GIVEN THE EXTENDED WAIT TIME THAT LOANCARE TOOK TO UNDERWRITE THE SALE. IF FACT FOR A LENGHTY PERIOD OF TIME, THERE WAS NO INDIVIDUAL IN CHARGE OF THE LOAN, JUST CUSTOMER SERVICE REPRESENTATIVES THAT TTOOK THE CALLS AFTER LONG HOLD TIMES LASTING ONE HOUR OR MORE. 

AFTER I OPENED A SHORTSALE APPLICATION WITH LOANCARE IN XXXX OF 2022, THE COMPANY STARTED REPORTING ME 120 TO 180 DAYS LATE DEPENDING ON THE CREDIT REPORTING BUREAU FOR THE LENGHT OF THE APPLICATION OF THE SHORTSALE. I HAVE WERTTEN THE COMPANY SEVERAL TIMES REGARDING MY CONFUSION OVER THE CREDIT REPORTING PROCESS, TO NO AVAIL. I KINDLY ASK THESE IMPORTANT QUESTIONS TO THE COMPANY IS IT LEGAL, GIVEN THE CONSUMER PROTECTION ACTS THAT WERE PUT INTO LAW BY CONGRESS TO FORCE ME TO SELL MY HOME AFTER COVID -19? AS XXXX LOAN CARE GAVE ME NO CHOICE OR DIRECTION AS TO WHAT TO DO AFTER THE PANDEMIC. FURTHERMORE, WHY SHOULD I BE REPORTED 120 TO 180 DAYS LATE TO ALL ( 3 ) OF THE CREDIT REPORTING AGENCIES WHEN IT WAS LOANCARE AND THEIR TIMELINE THAT I HAD TO ABIDE BY? 

I HAVE ATTEMPTED TO ASK XXXX LOANCARE THESE QUESTIONS AND ALL THAT WAS TOLD TO ME IN RESPONCE WAS TO HIRE AN ATTORNEY. IF I HAD THE MONEY TO HIRE AN ATTORNEY, THEN I WOULD NOT HAVE WOUND UP IN XXXX. I FEEL THAT I HAVE BEEN TAKEN ADVANTAGE OF. I AM AN XXXX XXXX XXXX THAT HAS LOST HIS HOME DUE TO THE BUREAUCRACY OF A CONGLOMERATE. IS THAT LEGAL TO STRIP A XXXX OF HIS ONLY HOME, DURING A PANDEMIC? MORE IMPORTANTLY, I ABIDED BY LOANCARE AND THEIR TIMELINE. WHY THEN AM I SHOWN AS LATE TO THE CREDIT BUREAUS AND SHOWN AS NOT PAID IN FULL? 

THE HOME SOLD FOR AS MUCH AS THE PROPERTY WAS WORTH. XXXX LOANCARE SENT ( 2 ) APPRAISERS TO THE PROPERTY FOR THE VALUATION. IF THEIR UNDERWRITERS HAD PREFORMED CORRECTLY WHEN FUNDING THE PURCHASE OF THE HOME, THEY WOULD HAVE REALIZED THAT THE COMPARISION STUDIES WERE NOT OF THE SAME STYLE, AGE OR CONDIOTION OF THE HOME THAT THEY FUNDED. WHY IS THAT MY FAULT WHEN THEY ARE THE EXPERTS? 

IN CLOSING, I DID ALL THAT XXXX LOANCARE REQUESTED OF ME. WHY THEN DO I HAVE TO CARRY THE BURDEN OF THEIR MISTAKES?

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