Consumer complaint received 2023-10-23
Company: LoanCare, LLC
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage
Sub-issue: Trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure

Complaint:
Good morning, below is the letter I sent to LoanCare requesting the removal of late payment history. My mortgage has been current since the start of XXXX. LoanCare granted me a forbearance due to XXXX and accepted the late payments in arrears ( 3 ) while in forbearance to make the account current. However, they reported all payments while in a 2 year plus forbearance as late. This has ruined my credit. The missed payments should not have been reported. Since sending the letter below, they are reporting additional payments as late from XXXX that were marked as current prior to sending the letter. Something is not right with this company. I am requesting the help of CFPB to resolve this issue. 
-- - Account XXXX. : XXXX XXXX XXXX XXXX XXXX. 
XXXXi FL. XXXX LoanCare Attention : Credit Department XXXX XXXX XXXX XXXX XXXX XXXX XXXX Subject : Request Removal of Late Payments During Covid Forbearance Dear LoanCare, I am writing to request the removal of late payments from my account during the Covid forbearance period, specifically after XX/XX/XXXX. I would like to clarify that the past due payments for XX/XX/XXXX through XX/XX/XXXX, prior to entering forbearance, have already been accepted and applied to my account. 

During the early stages of the XXXX pandemic, I faced financial and medical hardships, resulting in a three-month arrears on my account from XX/XX/XXXX through XX/XX/XXXX. In XX/XX/XXXX, my forbearance request was officially approved due to the impact of XXXX. While under forbearance, I diligently made payments to account for the missed payments prior to entering forbearance. The following payments were made and accepted : - XXXX : Payment made on XX/XX/XXXX - XXXX : Payment made on XX/XX/XXXX - XXXX : Payment made on XX/XX/XXXX Once these payments were posted to my account, LoanCare representatives assured me that my account would be considered current and within the forbearance period, and that the missed payments after XX/XX/XXXX would not be reported as late. However, I have noticed that the late payments between XX/XX/XXXX and the end of the forbearance are still reflected on my account. 

I kindly request that you update my account to reflect the removal of late payments during the forbearance period. Furthermore, I urge you to report this update to the credit bureaus, as the current reporting is significantly impacting my credit rating and creating financial burdens by increasing my interest rates. Additionally, this situation XXXX also have implications for my future employment opportunities. 

It is important to note that LoanCare is the only company on my credit record that is adversely affecting me due to late payments during a forbearance period. In comparison, a similar scenario occurred with another property I own, and none of the missed payments were reported as late to the credit bureau. Therefore, I kindly request a thorough review of my account and the removal of late payments while under forbearance. 

Thank you for your attention to this matter. I appreciate your prompt assistance in resolving this issue. Please feel free to contact me at your earliest convenience to discuss this further. I have worked diligently to maintain timely payments to all my creditors in order to rebuild my credit score after the significant challenges faced during the XXXX pandemic. 

I look forward to a positive resolution and the rectification of my credit record with LoanCare. 

Sincerely, XXXX XXXX XXXX

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