Consumer complaint received 2022-05-02
Company: LoanCare, LLC
State: MN
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Struggling to pay mortgage

Complaint:
I purchased my home in XX/XX/XXXX utilizing USDA financing as I was a newly divorced, single mom with XXXX children ( Purchase amount {$140000.00} ). In XX/XX/XXXX my employer sent everyone to work from home. The bills increased as all three of us were now home and I was struggling to make my mortgage payments. I asked to take part in the XXXX XXXX mortgage forbearance option in XX/XX/XXXX and was approved. I did not make payments from XX/XX/XXXX to XX/XX/XXXX. In XX/XX/XXXX I applied for a loan modification. By this time my loan was sold from XXXX Loan Servicing to LOANCARE LLC ( Balance of {$140000.00}, but LAONCARE tacked on what they claim was accrued interest during forbearance of {$4000.00} bringing it to {$140000.00} ). I resumed making monthly mortgage payments in XX/XX/XXXX until XX/XX/XXXX. I stopped making payments at this point because I had decided to sell my home and trying to work with LOANCARE had become impossible. 

From XX/XX/XXXX until now dealing with LOANCARE has been an absolute NIGHTMARE!!!!!! I submitted a complete loan mod packet as required in XX/XX/XXXX. I received confirmation from LOANCARE that this was in effect. I alos received a letter describing that I had been assigned a loan modification advocate which was a complete lie. I tried reaching out to this person and was told there is no such person working there by that name or extension ... ... .go figure. In XX/XX/XXXX LOANCARE contacted me saying I needed to submit everything all over again because it expired, so I did. I received ANOTHER loan mod packet in the mail XX/XX/XXXX. This is going on almost a year of dealing with a company who WILL NOT explain the insane additional charges they tacked onto the loan now totaling well into {$7000.00}. Not to mention NO ONE can answer any question with any consistency. One person tells me my paperwork is being processed, but then I get a packet the mail. One person tells me I have no payments due until XXXX because I am in the middle of a loan mod and the next thing I know I am getting passed due notifications and my payoff amount increased another {$1000.00}. 

I am at my wits end with this company and I truly believe it is their sole purpose is to bankrupt taxpaying mortgagees into foreclosure by giving them absolutely no way to navigate a loan modification. This company has tacked on so many charges to my loan that I don't even know what is interest, what is principal, or what the actual balance of the loan is anymore. 

I certainly hope there is SOME SORT of help out there for taxpayers in this similar situation. I have researched this company several times and there is no shortage of complaints, class action lawsuits and litigation against them. I can not believe they have not been held accountable yet for, what seems to me, to be a multitude of consumers crying for help with the very same issue I am experiencing.

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