Consumer complaint received 2020-05-06
Company: LoanCare, LLC
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
Suspense account monies from my mortgage were misappropriated without my permission or notice for over a years. The funds are STILL misappropriated.. Recently, Loancare told me Suspense money could be transferred to " unapplied funds '' and then used to pay what the company needed. In my case, the Suspense funds were taken out of Suspense and put in escrow without my knowledge or consent.. If there is a shortfall in escrow, the company is required to notify me and provide the option of paying the shortage or having it added to monthly billing statements. I was not told there was a shortfall. The monthly statements showed a positive funding. No mortgage company is permitted to simply " take '' thousands of dollars and pay what they want in order to " look better '' in the sale of my loan to loan ( because that is what they were doing ) .. I tried for OVER A YEAR to straighten this out. XXXX never responded. Loan care only responded in an XXXX letter. LOANCARE and XXXX lied to me over and over on the phone. XXXX : " We are still researching what became of that payment ... you should contact your new service provided, Loancare. XXXX never reported a delinquency to Loancare or to the credit bureaus. '' Then, Loancare, after lying since XX/XX/XXXX and saying " we're still researching '' in XXXX, XXXX during a phone call ( so much wasted time ) they admitted the suplus money was taken a day after it was put into Surplus. The representative told me " that's XXXX '' ; you got ta call XXXX. These people are compulsive liars, professional bullies and TOLD ME THEY WERE ALLOWED TO DO THAT. FALSE. NEITHER THE MORTGAGECONTRACT, XXXX NOR LOANCARE HAS EVER PRODUCED A DOCUMENT TO SUPPORT THIS. There is no " unassigned funds '' account. It doesn't exist. Every document from XXXX XXXX, XXXX and Loancare only provides for partial payments to be kept in a separate " suspense account. '' PLEASE read the attached letter. Only recently I found out about the absolute distuction of my credit. I can't co-sign my kids college loans, I can't get a personal loan -- -because these companies misappropriated money and lied about it..Why are you allowing this to happen -- to just accept at face value the lies they tell " we can send money to Suspense or Unassigned funds or use it however me need without noticing you or getting permission. '' They have violated the language of their own rules and assurances. If you add up what these companies have BILLED me over 2 1/2 years and add up what I have paid over the time, I HAVE PAID MORE THAN WHAT HAS BEEN BILLED. " Unassigned funds '' is NOT an account and has never been mentioned in the mortgage contract nor any communications with me by any loan company. I have paid every dime I was billed for. There is no legal authority for them to seize a partial payment from Suspense and drop it in escrow so they " look '' better.

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