Consumer complaint received 2019-11-26
Company: LoanCare, LLC
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
I own a co-op apartment that I am trying to sell. On XXXX XXXX, 2019, I put my apartment on the market. That same week, I got a notification that my mortgage had been sold to XXXX and would be serviced by LoanCare. I accepted an offer on the co-op and went into contract on XXXX XXXX. The same day, I notified LoanCare via conference call with my attorney that I was selling the property and we requested the stock and lease and followed all of their instructions. I received two notices in the mail that my request had been received and acknowledged ( dated XXXX XXXX and XXXX XXXX ). Since then, no action has been taken on the part of LoanCare to produce the stock and lease and they have refused to coordinate with my attorney to set a closing date. Both myself and my attorney have called them many times ( every business day for the past several weeks ) and every time are told that there is no update. They have said that they would " escalate '' the request, but still nothing has been done. On Friday XXXX XXXX, I spoke with a supervisor who told me that she could see digital copies of all of the documents XXXX received when they purchased the loan and that the stock and lease were not among those documents. I asked if that meant they were lost, and explained ( as I have done multiple times now ) that the documents themselves can be replaced if that is the problem. She informed me that it appeared they were lost and made a note in my file that the documents were missing and that we would like to close without them. On Mon. XXXX XXXX and today ( the XXXX ) my attorney contacted them to have see if we can proceed without the physical documents, request them to complete an affidavit of lost stock and lease ( needed to replace them at closing ) and move ahead with scheduling a closing date. Their response, once again, was that they don't have an answer yet. They refuse to cooperate with myself or my attorney, refuse to schedule a closing date and refuse to communicate at all. This request was made XX/XX/XXXX and in the two and a half months since, no action has been taken on their part to complete it. My estimated closing date was XXXX XXXX. My buyers ' interest rate lock expired yesterday ( I do not know if they paid to extend it ). We are not able to close before XXXX XXXX and as of this weekend we will be in breach of the contract. My buyers are threatening to walk away and very soon they will be able to. We have been ready to close since the end of XXXX and LoanCare will not let us. They are quite literally holding my property hostage and my sale is about to fall through because they will not allow us to complete it for unknown reasons. Meanwhile I am forced to continue to pay them interest on a mortgage which should have been closed out weeks ago. I can not afford to indefinitely continue paying my mortgage and maintenance on an apartment in which I no longer reside while also paying for my current home.

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