Consumer complaint received 2020-12-09
Company: LoanCare, LLC
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
This complaint is related to XXXX XXXX/Loan Cares abject failure to handle a simple matter of changing the deeded use on my property from two condominiums to a multi-family, which was confirmed by counsel at XXXX XXXX ( loan owner ), to be a simple matter that could have been handled expeditiously by XXXX  XXXX/Loan Care. 

I formally complained to the Department of Business Regulation, Division of Banking in RI on this issue in XXXX of XXXX, the department is still investigating this complaint. 

In XXXX XXXX ' response to the Department of Business Regulation Division of Banking, RI, dated XX/XX/XXXX, XXXX  XXXX lied to the Department stating that they " ordered '' an appraisal, which had been since been accomplished and XXXX XXXX was " waiting for the results ''. 

To the contrary, although after months of multiple and faceted attempts to get XXXX XXXX/Loan Care to advise on the process and to start the change of deeded use process ( reaching out to the federal government, hiring a lawyer etc., making multiple long telephone calls, filing complaints and sending demand letters etc. XXXX  XXXX/Loan Care finally emailed and spoke to my counsel and I, ( XXXX ) and advised us that to proceed, I needed an appraisal from a XXXX XXXX/Loan Care approved appraiser, and that the change of deeded use could and would be handled on an expedited basis. 

We were told that the appraisal would be ordered, by XXXX XXXX/Loan Care, and that the appraiser would contact me via email to schedule. 

Despite many follow ups on my and my attorney 's part, the process on XXXX XXXX/Loan care had never even began. Counsel and I were told by XXXX XXXX/Loan Care ( XXXX ) and confirmed via subsequent email that the appraisal was ordered, and that the appraiser would contact me via email. 

The property was never actually appraised, since I was not contacted by the appraiser despite repeated follow ups with XXXX, via email, inquiring as to when the appraiser would contact me. 

I doubt that an appraisal was ever ordered, let alone put into the request process que. Certainly I was never advised as much, responses to my many queries on this issue as to when the appraisal would take place, and for a timeline for the change of deeded us to be accomplished, were never responded to by XXXX XXXX/Loan Care. 

In fact, radio silence from XXXX XXXX/Loan Care on the status of the appraisal and the change of deeded use, despite promises that this would be accomplished quickly, caused me to sell the property without the benefit of the change of deeded use for a loss of {$3000.00}, given XXXX XXXX/Loan Care constant delay and obfuscation on this issue. 

What is truly tragic about the personal XXXX loss, is that the woman who offered this amount to me for the home, is of XXXX, and was using FHA as her finance vehicle. 

The fact that the home would not appraise as a two family, meant that I could not accept her offer her, and afford her the opportunity to own the home and become a landlord. This is a disgrace. 

Below is a timeline of the written communications to and with XXXX XXXX/Loan Care on this matter, which in addition to the many calls and attempts to resolve this simple matter, indicate that XXXX XXXX/Loan Care is is a predatory lender. 


Kind regards, XXXX XXXX XXXX XX/XX/XXXX Sent documents ( quit claim deeds ) to XXXX after telephone conversation. 
XX/XX/XXXX Attorney XXXX followed up with XXXX and memorialized all salient point of the telephone conversation, and reiterated that the appraiser should contact me to begin the process. 
XX/XX/XXXX Followed up with XXXX and confirmed that the appraiser was going to email me and that the appraisal request was made by her. 
XX/XX/XXXX Followed up with XXXX, she advised me to continue to look in my email for the appraiser communication. 
XX/XX/XXXX Followed up with XXXX, that I still had not heard from the appraiser, no response sent.

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