Consumer complaint received 2021-03-05
Company: LoanCare, LLC
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
This is a complaint against Loan Care and XXXX XXXX mortgage servicing company. 
Loan # XXXX Subject Property Address XXXX XXXX XXXX # XXXX XXXX, RI XXXX This is a predatory loan that originated in XX/XX/XXXX where the neighborhood in which the subject property was targeted by lenders that resulted in massive foreclosures and ruined lives from XXXX through XXXX. 

Subject property appraised and qualified for a loan as a " condominium '', in XXXX, said condominium was one of two units in a flipped two family home. 

Subsequently, the owner of the second unit was foreclosed upon by their bank and I purchased the unit out of foreclosure, thus, becoming the owner of the entire property. 

Over the years, due to the collapse of the real estate market due to the foreclosures, I was unable to sell either " condominium '' property because of the deeded use. I had requested from XXXX XXXX/Loan Care to change the deeded use from condominium to multi family to enable me to sell the property. 

The original loans for one condominium meant that I was stuck due to the acceleration clause in the mortgage document, with no way to effectively change this. The change of deeded use would have benefited both the owner/assignees of the mortgage loan, as well as me, the borrower. 

XX/XX/XXXX/Loancare failed to fulfil my request, but rather, clearly as a course of normal business, spent months intentionally creating difficulty for me to proceed with the selling of the home for the highest and best use ; which would be a two family home. 

I complained to the Division of RI Banking about the issue. XXXX XXXX/Loancare responded to the complain on two occasions, and on both occasions lied, claiming that they had ordered an appraisal and were waiting for it. 

I requested the appraisal from XXXX XXXX/Loancare via their website. The appraisal that was sent to via email attachment was from XXXX, not the appraisal that XXXX XXXX/Loancare claims to have ordered last year. Copy attached with screen shot of the email from XXXX XXXX/Loancare to which the document was sent to me. 

I also requested the HUD 1 settlement. The HUD 1 settlement that was sent to me via email attachment, was from a property whose owner is called XXXX XXXX, address - XXXX XXXX XXXX, XXXX XXXX  FL XXXX attached with scree shot of the email from XXXX XXXX/Loancare to which the document was sent to me. 

I attempted to log into the XXXX XXXX/Loancare website to request the documents again, and found that I have been locked out. 

I was damaged by {$30000.00} because of the loan servicing company operators that Fannie Mae chooses to use over the years, who fail to invest sufficient revenue into their servicing operations which result in lying, making mistakes and intentionally created roadblocks and difficulties for consumers. 

This failure, caused me to sell the property at {$30000.00} less than market value, by taking a cash offer that would not require an appraisal and therefore, the deeded use of two   condominiums was not a factor.

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