Consumer complaint received 2016-04-21
Company: LoanCare, LLC
State: TX
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
My name is XXXX XXXX, Account number XXXX, with Loancare ( A XXXX XXXX ) XXXX XXXX XXXX XXXX XXXX, XXXX XXXX. I have been told that XXXX is the financing company. My loan initially originated with XXXX lending, but was sold to XXXX XX/XX/XXXX and has been with XXXX ever since. My address is XXXX XXXX XXXX XXXX XXXX XXXX, Phone : XXXX. I purchased my home brand new/built and closed on XXXX/XXXX/XXXX. I have a fixed rate at 4.375 %. Promise to pay is {$150000.00} at closing. I am a first time home buyer. I have never been late and have paid my mortgage promptly each month for the billed amount of {$900.00}. I have never been advised of any Escrow shortage except on XXXX/XXXX/XXXX when I called in and inquired about the minor change in my mortgage payment ( It increased to {$900.00} ). I was told that I had an Escrow shortage of {$19.00} which resulted in the increase. This was not drastic so, ignorant to Escrow and how it worked, I paid the negative balance in full and resumed my payments as normal. Up until today ( XXXX/XXXX/XXXX ) I have continued to make my normal monthly payments, sometimes adding a few dollars extra to principal or to escrow. To my surprise when I logged in today to make my payment ( early ), I was shocked to know that my mortgage was increased from {$900.00} to a whopping {$1700.00}. As a home owner for less than 2 years. I was frightened and was in tears! I immediately called and spoke to XXXX ( ID XXXX XXXX who told me that my Escrow was {$5800.00} in the negative? I was beyond frightened and in utter disbelief. No one has ever given me any heads up, warning and even when my made my XXXX payment, there was no heads up or update advising me that this over dramatic increase was about to take place. It is my understanding that any increases in property taxes or home owners insurance, would take place between XX/XX/XXXX and XX/XX/XXXX, but never would cause an increase that high on a fixed 4.375 interest rate. Also, I am totally confused as to how a shortage of nearly {$6000.00} could occur in less than XXXX mos since in XXXX/XXXX/XXXX, I was told that my shortage was only {$19.00} ( I do have the statement ). I called and spoke to a Supervisor, XXXX, at XXXX. XXXX was very tentative and appeared to be very knowledgeable. I felt relieved to speak to her, but unfortunately she was unable to help me. She indicated that it appeared to be a major discrepancy in my paperwork. I explained that I absolutely could not pay {$1700.00} ( nearly 2 times my mortgage ) by XXXX XXXX and that my home was not a fancy home even nearly worth that amount in mortgage. My home, while comfortable, is a very base model " XXXX XXXX '' with no upgrades or fancy amenities in a very rural area with no sites. If I were able to afford a mortgage of that XXXX, I most definitely would have purchased a {$300.00} - $ XXXX home with all of the bells and whistles, not a base model. There is something seriously and severely wrong here. I reached out to an attorney who referred me to you for action. I am in desperate need of any help or direction that you can give. I have a strong payment history and I do care about my credit and do want to be adversely affected by errors made on behalf of the lender and/or servicing company. I beg and plea that you please review this matter as promptly and expeditiously as possible. 

Best Regards & Sincerely, XXXX " 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