Consumer complaint received 2019-05-08
Company: LoanCare, LLC
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Our previous loan company was XXXX. They sold out to Loancare , LLC. We received a letter from XXXX on XX/XX/XXXX that our new mortgage company would be Loancare as of XX/XX/XXXX ( this is also when our loan is due- XXXX of each month ) and it gave the address to which our payment should be made. We have a Third Party payor that sends our mortgage payment out for us so that our loan should be paid off early. This company is called XXXX XXXX. I called them to notify them of the change then I faxed them the letter we received from XXXX. They sent the payment electronically on XX/XX/XXXX, we verified the amount and trace number with Loancare because we received a bill saying out XX/XX/XXXX payment was not made. That prompted me to call Loancare. The first time I spoke with a man named XXXX. He asked for our loan number I told him I only had the loan number from XXXX. He said that was fine because they had both that number and our new loan number with Loancare but said no payment had been made. So with XXXX XXXX   on the line and with Loancare on the other line ( conference call ) the loancare rep researched and found out that yes they received the money but they thought it went to another customer because of the loan number used ( the only one we had at the time ). She said the problem is that customer was no longer a customer of Loancare 's so Loancare sent our money to the other person 's new financial institution. She said she would put in a request to get it back but our account would show over due until Loancare received the money back. I have called several times and spent hours on the phone on hold and I spoke with two Managers. The first Manager told me our account would be credited within two business days. A week later I called only to find out he lied. I spoke with another Manager and he said the money would not be credited to our account until Loancare received it back. I told him that was not our problem our payment was made and we want it credited to our account. We received over due phone calls and letters in the mail. He told me that was just automatic and to disregard them I said that is not the point- the point is we made our payment and it should be credited to our account as of XX/XX/XXXX. I told him I wanted to speak with someone higher than him He said he would put the request in. We never heard back. I called again asking to speak to the highest person in authority and was told I could only speak to an immediate supervisor. I said fine put them on and then I will ask to speak to someone higher. I was put on hold for 28 mins. Finally she came back and said no one was available but she would have them call. No one ever called. I have spent HOURS on the phone with Loancare trying to get this resolved and they keep telling me the same thing that they will not credit our account until they receive the money back from the other institution. I asked what happens if they never send it back? I got no answer.HELP.

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