Consumer complaint received 2019-08-22
Company: LoanCare, LLC
State: MD
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
LOANCARE, INC. TERRIBLE CUSTOMER SERVICE VIOLATION OF HOMEOWNERS PROTECTION ACT. 

Our loan recently got transferred to Loancare. We are attempting to reamortize the loan and/or to put cash down to get rid of PMI. We have attempted numerous times to contact the company to discuss our options, but are unable to reach anyone who will assist us. As this has been going on for 2 months ( about to be 3 ), we are about to make our 3rd payment where we will be unnecessarily paying PMI. We believe that Loancare 's terrible customer service is preventing us from getting our rights in the Homeowner 's Protection Act. 

DETAILS OF WHAT HAPPENED : Our loan was transferred from one lender to Loancare , LLC. around or before mid-XX/XX/XXXX of XXXX, very shortly after we closed on a house. 
During that time, we were attempting to put cash down on our loan and have the loan reamortized/recast as we had additional money to put down. This would avoid PMI and make our monthly payments lower. Shortly after it was transferred, we attempted to reach Loancare, but did not have our account number at that time ( as our loan had just been transferred to them ). They indicated it may take several weeks to get the documentation in the mail ... .but we would not be responsible for paying our first payment for 90 days ; as the loan was sold. 

Around XX/XX/XXXX, we received our first statement and attempted to call Loancare, but we were placed on hold for ~1 hour. 

On XX/XX/XXXX, we called loancare again, and explained the situation to them. ( Phone reference numbers can be provided if needed ). They requested that we send the request via email which we did. 

Between XX/XX/XXXX and XX/XX/XXXX ( 48DAYS ) ... .we attempted to follow-up with loan care several times. Most of these times after navigating through the multi-layerd automated system, we were either placed on hold ; or our account number was not recognized, and we had to start the automated process over again. 

An XX/XX/XXXX, I reached " XXXX '' and was on the phone with her from XXXX ( 1 hour and 35 minutes ). During this time period, XX/XX/XXXX was able to look up our previous call ( from 48 days earlier ), and indicated that we needed to include the dollar amount we wanted to include with our payment in another email. I sent this request via email, and received what appeared to be an automated email confirmation. ( ie : the same email I received 48 days earlier ). I asked to speak to someone who could help me with this request, and was told that they are working on it, and will reply by XX/XX/XXXX ( 56 days after the initial request ). 

This 56 day wait ; plus the wait it took before LoanCare would give us an account number ; has forced us to pay PMI for 3 months. We believe that under the Homeowner 's Protection Act ( HPA ), we have the right to eliminate PMI ... ..but are unable to due to Loancare 's terrible customer Service. 

I am afraid that on XX/XX/XXXX, the issue will not be resolved ... and based on this company 's pattern of customer service, we will either be placed on hold and/or only receive an automated email ; and not have the issue resolved ; resulting us not being allowed the rights that are spelled out in the HPA. 

After the phone call on XX/XX/XXXX, I asked to speak with a supervisor to discuss other options. I was placed on hold where there was an automated message saying " All the managers***To have them call back press**** ''. This automated message was muffled, so I was unable to make out what it said. I then automatically got disconnected. 

I attempted to call back, ( at XXXX ) but as of now ( XXXX ) ... I am still on hold. 

I am hoping that Loancare , LLC. can assist us with this reamoratizing/recasting/PMI issue.

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