Consumer complaint received 2021-09-03
Company: LoanCare, LLC
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
We owe a balance on our mortgage of less than {$89000.00}. We have been paying on it for almost 22 years. We are working on a loan modification with Loancare , LLC. They sent us correspondence offering a loan deferment if we had any financial hardship due to the current times. We accepted that and haven't made a payment for approximately 9 months. On XX/XX/XXXX, Loancare sent paperwork that stated " an opportunity to enter into a loan modification trial period plan. '' It showed an incorrect amortization that they had calculated. On XX/XX/XXXX, I called and spoke with XXXX, a team leader who gave me the id XXXX. He stated that he would send an email with the loan modification explanation of the amortization. We never received an email. On XX/XX/XXXX, Loancare called, and I spoke with XXXX and told him I was waiting for an email. He said it was sent on XX/XX/XXXX. He suggested to visit the website and click on COVID19 assistance. I double checked and still no email. I asked to speak with XXXX. XXXX stated he can not put me through to XXXX. I asked to speak with another team leader. XXXX stated that only place he can transfer is to loss mitigation. I was transferred and spoke with XXXX. She said that XXXX can't send an email, because there isn't one. She said to send in a year-to-date paystub and tell them we are not okay with the 480 months of payment. She transferred me to XXXX. XXXX stated she would have someone in underwriting call us. We were on the phone for over two hours at this point. On XX/XX/XXXX, Loancare called ; I didn't answer quick enough, so I called right back. I spoke with XXXX who stated that it was logged that they called and that I hung up. She put in a request for whoever called me to call me back. I stated that we are still waiting for the underwriter to call. On XX/XX/XXXX, we spoke with XXXX and explained again that there was not accurate amortization for the term length of 40 years. He transferred us to a supervisor line and we waited on hold for 45 minutes until it sent us to a voicemail. We left a message explaining what had happened and requesting to have a supervisor call us back. 
We would like to file a complaint against Loancare , LLC stating that they are not following the truth in lending act by not spelling out the terms of an amortized loan showing principal and interest details for a modification. We have followed their process exactly, and they have not returned our phone calls from their underwriting department to help answer. We owe less than {$89000.00} and have an interest proposed of 5.5 % at 480 months. They are proposing the new payment be {$790.00} per month at the same interest rate of 5.5 % which would be them doubling our principal. We have asked how this is possible, and they will not provide the term detail that is producing this high of a workout payment.

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