Consumer complaint received 2020-02-12
Company: LoanCare, LLC
State: IN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
The company who purchased my loan whom i pay it through LoanCare and the website in which to reach this company is myloancare.com.

A long story short they incorrectly dispersed escrow to pay county taxes when the loan agreement covered when the taxes were to be paid. This happened on XX/XX/2019 in the tune of the amount of {$3700.00}. This sent my escrow account into a negative balance. Shortly after the new year I got a bill showing that my projected payments would be going up from XXXX to over 3k. I was of course stunned and had no idea. I called into myloancare waited through their terrible IVR which has you navigate menus for over 5 minutes and then waited on hold for around 30 minutes. I spoke to a person and they had mentioned nothing was wrong and that the shortage was from an escrow shortage. A week later I get an odd piece of mail from the county treasurer stating that they tried to refund the builder of my home the taxes and the builder stated the taxes were not there's to claim. At this point we had a XXXX XXXX   vacation planned and went to XXXX XXXX. Upon getting back around the XXXX and fully getting my head wrapped around this situation. I called the builder and the builder said the terms of the loan stated that they were to pay the taxes and not my loan servicing company. I called the original mortgage company XXXX XXXX XXXX  and they also stated that the terms of the loan when sold were that the original entity were to pay the taxes on the loan. With this information I called and spoke to the county treasurer and worked out a way to get a refund by driving to the county courthouse to sign for a refund. Before doing this I called and spoke with myloancare waiting an hour and a half to speak with someone. I told them the situation, but the easiest way to take care of the escrow shortage was for me to pay it out of pocket and then claim a refund from the county. I was told that the payment would go back down to the XXXX, but of course you will see that did not happen. I of course went with the county route as I don't want to ever have to call into Myloancare ever again as you wait in queue for 20-30 minutes if you call in the evening. If you need a supervisor you are transferred into another queue with no information saved and you get a new person each time in which you have to explain the situation in which they want to argue with you about the merits of who messed up. 

A long story short I've been in contact with them 3 times since this point in time by calling in and speaking with random supervisors explained above. 

Calls XXXX 2 hour duration -Was told wait 3 business for response. Response should have been by 2-4. I called XXXX twice twice and wasted a little over another 2 hours. All previous calls are on my cell phone and I happy and willing to pull the phone records at this point as I will not stop until this is fixed. 




I requested that they compensate me for the time wasted on a mistake they made and failed to rectify. I requested they compensate me for the loss of revenue from the money i had to forward them to cover the payment. I lastly requested they fix my loan which is still not done yet. The first time I was told a ticket was escalated and I would received a call back within 3 business days. I waited 8 business days and 10 total days without a call back. Yesterday, I called in and waited the 10-20 minutes in queue and then I was transferred to random supervisor 1 who told me to give them a second while they reviewed my issue. After being on hold I was transferred to a random mailbox without mail configured I was disconnected. Another hour to two wasted. The next time I called in I wait another 20 minutes to speak with a call center employee and then another 40 minutes while be transferred to a supervisor. 

I explain the situation to this supervisor and he tells me there is no escalation ticket that I was told about originally when i called on the XX/XX/XXXX. At this point I'm livid and would like to see this company held responsible for their blatant disregard for my time and money. 

Requests : I want all money I'm due via costs of them virtually giving me a loan I didn't request. This includes the 16 hours I have documented and my travel time to the county courthouse as well as expenditures for this.

I would also like to be compensated for the interest lost on when I prepaid the escrow.

Lastly, I want this loan corrected for the payment as it is still screwed up as this company is beyond incompetent. The 3rd supervisor argued with me that I need to contact the county to get a copy of the expected tax due on the loan. I figured out what is wrong with the tax collecting and kindly explained it to them, but it is not may job to calculate escrow payments and pay the tax, so I don't know why I'm asked to do this. In the state of Indiana the maximum county tax on a household is cap 'd at 1 %. Going to the county website the appraisal that my tax is calculated off of is XXXX. Therefor with holdings from my escrow should be XXXX plus the XXXX overage allowed by law for the escrow account. At this point I'm paying a XXXX for county taxes which would be the equivalent of a XXXX home. The reason this is wrong which I explained to them yesterday was due to the reason that this was a model home and taxes are paid in arrears. Instead of correcting this after multiple calls and the company working this out with the county they instructed me to do it. Quite frankly these people should be put out of business and I do not want this to happen to anyone else. Sheer incompetence as far as you can get by calling into them. Ultimately, each time they say we will contact you back in 3 buisness days and this never happens.

If any further information is needed I can get copies of the paperwork the county sent me around the double payment by myloancare and the builder on the taxes. I can get the origianl miscalculated loan payments as well.

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