Consumer complaint received 2021-04-01
Company: LoanCare, LLC
State: GA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
What happened? : Please find the below complaint I sent to my mortgage company. 
It has been almost 18 months. I have been struggling to lower my interest rate to make an affordable payment and my mortgage company didn't help and did not advise me properly. Every time I talked with them, they misguided me and misled me. Whenever I asked them if I wanted to reduce my interest rate they always misguided me. They neve told me that in order to get the low interest rate I should apply for refinance. They always misguided me and told me to apply for the loan modification. They never told me that loan modification will not reduce the interest rate, only refinance will lower your interest rate. Based on the misguiding and misleading I have a strong feeling that I have been discriminated against based on my XXXX, XXXX and XXXX XXXX. 
All I want to do is lower my interest rate by refinancing and moving on. 
I will really need your help in this matter as they have misguided me twice. 

Best Regards. 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX  ( 2 hours ago ) to LC-LossMitigation Mr. XXXX XXXX ( Mortgage XXXX Advocate ) I have called many times, tried talking to you but unfortunately I was never got in touch with anyone who could assist me or advise me with the situation I am going through. Whenever I called the Loancare customer service department, explained my situation and asked for assistance, I was always misguided and misled by LoanCare.

1. In XXXX XXXX, I called LoanCare and explained my hardship situation, I indicated my Interest rate is 4.375 % and it is very high. I want to lower my interest rate so it will reduce my monthly mortgage payment {$200.00} to {$300.00} a month and it will make an affordable payment for me and I was advised that I need to apply for the loan modification. This was misleading and misguiding. 
They should advise me that loan modification will not reduce the interest rate, I should be advised to apply for the refinance. 
I applied for the loan modification. I was put on 3 months trial payment XX/XX/XXXX, XX/XX/XXXX and XXXX XXXX respectively. I made the 3 monthly trial payments and got the loan modification contract indicating interest the same 4.375 % and length of the loan is 40 years. I refused this and contacted Hud approved housing counselor Home Safe Georgia.

2. During this period Covid 19 started which ruined everyone 's loss of jobs and loss of income and I am facing the same situation. I contacted LoanCare again, explained the situation and I was again misguided and advised to apply for the loan modification. Why did they not again advise me that I should apply for refinancing not for loan modification to reduce the interest rate. They send me the 3 months trial payment notice dated XXXX XXXX and I received on XX/XX/XXXX. I called them and asked why this notice is so late and XXXX XXXX is over now. I also asked what would be my interest rate? and I was told your interest is the same 4.375 %. 
3. I am shocked to hear this again. Two wrongs can not make one right. There is something wrong at LoanCare. Why don't they understand how to assist the customer and help properly? 
Having this problem and misleading it again and again is making me feel that I am being misled, misguided and XXXX based on XXXX, XXXX and XXXX XXXX. 

4. I am not asking any charity or anything free. All I am asking to refinance my loan and reduce the interest rate as per the Federal Government announced under the Covid 19 situation. I will make my late payment to bring the loan current and waive whatever the late fee is so I can make an affordable payment and live my life. Your cooperation in this matter will be highly appreciated. If you have any questions, Please call me at your convenience.

Best Regards. 
XXXX XXXX XXXX XXXX XXXX Why do you believe you are being discriminated against? : 1. In XX/XX/XXXX, I called LoanCare and explained my hardship situation, I indicated my Interest rate is 4.375 % and it is very high. I want to lower my interest rate so it will reduce my monthly mortgage payment {$200.00} to {$300.00} a month and it will make an affordable payment for me and I was advised that I need to apply for the loan modification. This was misleading and misguiding. 
They should advise me that loan modification will not reduce the interest rate, I should be advised to apply for the refinance. 
I applied for the loan modification. I was put on 3 months trial payment XX/XX/XXXX, XX/XX/XXXX and XXXX XXXX respectively. I made the 3 monthly trial payments and got the loan modification contract indicating interest the same 4.375 % and length of the loan is 40 years. I refused this and contacted Hud approved housing counselor Home Safe Georgia.

2. During this period Covid 19 started which ruined everyone 's loss of jobs and loss of income and I am facing the same situation. I contacted LoanCare again, explained the situation and I was again misguided and advised to apply for the loan modification. Why did they not again advise me that I should apply for refinancing not for loan modification to reduce the interest rate. They send me the 3 months trial payment notice dated XXXX XXXX and I received on XX/XX/XXXX. I called them and asked why this notice is so late and XXXX XXXX is over now. I also asked what would be my interest rate? and I was told your interest is the same 4.375 %.

3. I am shocked to hear this again. Two wrongs can not make one right. There is something wrong at LoanCare. Why don't they understand how to assist the customer and help properly? 
Having this problem and misleading it again and again is making me feel that I am being misled, misguided and XXXX based on XXXX, XXXX and XXXX XXXX. 


Who do you believe discriminated against you? : First Name : Last Name : Organization : LoanCare Address : Where did the alleged act of discrimination occur? : Address : XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXXXXXX XXXX : VA XXXX : XXXX When did the last act of discrimination occur? : XX/XX/XXXX Is the alleged discrimination continuous or on going? : Yes

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